A Sheffield-based insolvency and business turnaround firm has launched a new division to deal with its increasing sole trader and partnership business.
Wilson Field, based in Ecclesall Road South, has launched its new sole trader division after a trial period revealed the significant impact this sector has been making from business passed on from accountants and solicitors.
In response to the trial, which revealed businesses from various sectors required help in this area, Wilson Field has now dedicated an entire division to sourcing sole trader Individual Arrangements (IVAs) and Partnership Voluntary Arrangements (PVAs).
Phil Meekin, head of marketing at Wilson Field, said: “There are some fairly large businesses out there that are still sole traders. I met somebody a couple of months ago who was involved in property and the figures he was dealing with stunned me.
“His portfolio equalled about £20m and he was a sole trader and before the property crash I came across a partnership with a portfolio of £32m. There was a time when there were some hefty traditional partnerships before LLPs but this market is often overlooked.”
The new revenue stream has enabled the company to diversify its income portfolio and increase staff numbers.