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Corporate membership – ASM Chartered Accountants

ASM Chartered Accountants joined the Ulster Farmers’ Union (UFU) in 2021 as a corporate member and has been at the heart of local business for over 25 years.

ASM is a leading firm of chartered accountants with offices in Belfast, Dublin, Dundalk, Dungannon, Magherafelt and Newry. With a presence in both Northern Ireland and the Republic of Ireland, ASM have a clear understanding of the issues that impact on businesses in both jurisdictions.

Gareth McGonigle, restructuring and insolvency director at ASM said, “We are delighted to have joined the UFU as a corporate member and are looking forward to developing our relationship further. Being at the heart of local business ensures that we are able to gauge the issues on the ground, in real time, allowing us to deliver tailored advice to clients.

“There is no doubt that the last year and a half has been challenging for many industries and sectors, with agriculture and food production being no exception.

“Whilst commodity prices are on the rise, so too are input costs and unfortunately this does not show any sign of reversal. The impact has been on tightened profit margins and pressures on cash flow.

“Banks and lenders have spent the last year issuing government-backed Bounce Back Loans and Coronavirus Business Interruption Loan Scheme (CBILS) loans; however, these loans will soon become repayable, if not already. In addition, focus will eventually return to pre-pandemic borrowing. All banks and lenders will be fully aware of increased input costs and whilst they may consider extending further liquidity based on security profiles, they will require accurate and up-to-date financial information, including cash flow forecasts, to allow internal credit decisions to be made.

“Whilst stakeholders, including banks and lenders, will hopefully have an appetite to support struggling businesses, my advice to any UFU member who may be facing such pressure is to take advice as early as possible to increase the options available to them.”

Gareth McGonigle is restructuring and insolvency director at ASM Chartered Accountants. He is a licensed insolvency practitioner with a wealth of experience in both restructuring and formal insolvency assignments. Should UFU members wish to have a free, confidential discussion to discuss their options, Gareth can be contacted at gareth.mcgonigle@asmbelfast.com or at 028 9024 9222.

Pictured: Gareth McGonigle, Restructuring and Insolvency Director.