Case study
Case study: Strategic recovery for Sheffield-based digital agency
Background:
• Digital agency based in Sheffield
• Reduced demand as a result of COVID-19, lead to significant loss of key accounts
• £323k HMRC liability
This Sheffield-based agency, experienced a significant downturn as a result of the COVID-19 pandemic. The pandemic caused a steep decline in demand, triggering the loss of several contracts and creating financial strain due to existing liabilities.
By 2023, the Company was facing fluctuating levels of income and a reduction in turnover of approximately £350,000. Despite efforts to recover major accounts, the business remained in a precarious position.
Our approach:
Leonard Curtis was engaged in February 2025. Upon engagement, we acted swiftly to stabilise the situation and identify a viable path forward. A comprehensive assessment of the Company’s financial position was conducted, including a detailed review of the working capital challenges and the overall financial viability. A Time to Pay (TTP) arrangement with HMRC was identified as a possible solution to the cash constraints.
The Leonard Curtis team successfully negotiated a 64-month TTP arrangement totalling £323,000, commencing April 2025. As part of the agreement, the first payment was deferred by one month to alleviate immediate cashflow pressures and allow the company to trade out of the position.
The Leonard Curtis team worked closely with the Company to tailor and deliver a solution that ensured the business was able to move forward with purpose.
Although such extended TTP arrangements are rare and subject to HMRC discretion on a case-by-case basis, we were able to demonstrate the commercial and fiscal viability of a longer-term plan. The agreed structure gave the Company much-needed breathing space to stabilise and focus on recovery.
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.