To put it shortly ROXPAL Ltd is a construction business specialised in full internal refurbishments, mostly HMO's, that I started from scratch at the end of 2017.
In just more than two years I managed to grow the business to a turnover of about £350k for the past tax year and with an estimated turnover of 900k for the 2020-2021 tax year.
To get to that point , with no investors and only relying on the money the business was making , of course the business had to go through some financial difficulties but that was always manageable and I got very close to the point where the business could become debt free by June 2020.
Unfortunately , due to the coronavirus crisis and the direct impact it had both on my supply chains and my customers which all of them decided to cancel or suspend the existing contracts, at the moment we face a more than 90% drop in income than last month.
In order to keep my employees working I already started to contract whatever jobs available that we can actually do, even if they are to a certain extend outside our area of expertise(at the moment we are assembling a 96sqm mobile park home ) but those jobs are barely enough to keep us afloat.
Of course a bank loan was the first option to save the business but to say it frankly, a desperate for cash business is automatically a not eligible for loan business.
A lot has been learnt in the past weeks and I am confident that if I manage to survive this crisis the business will be able to fully recover within 10 to 14 months but for that to happen a quick cash injection is urgently needed to cover a mix of subcontractors and HMRC debts.