Business In Difficulty?

SparklySparkly Well-KnownRegistered Posts: 139
Hi All,

Just wondering . . . isthere a way of finding out if a business is in financial difficulty?

Someone told us last night that the hotel where we are boked to have our wedding reception is in financial difficulty. They had heard it and weren't sure whether to tell us. My finace called the hotel manager who assured him that they are 'going from strength to strength' and there are no problems at all. Obviously it could just be a rumour, on the other hand I can't help worrying there is some truth in it and that the hotel may be trying to keep it quiet and under wraps. My finacee has told me not to worry, but I can't help it!

Comments

  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    Must be people here that can do credit checks?! :)
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,427
    Hi,

    I notice you are in Gloucestershire. I've not heard anything locally regarding any hotels. If they are in serious trouble it will most likely be in the Citizen or other local press.

    What was your source and how would they know info that isn't necessarily in the public domain?! If they work there or know someone who does then it may carry some truth.

    Maybe if you are really worried it would be worth taking out wedding insurance?! Great if you don't need to claim but thats probably most of the cost of the wedding on the hotel so may be worth it if you think the rumours carry any weight.

    Sorry to hear of your difficulties.
    Regards,

    Burg
  • PrimblePrimble Experienced Mentor Registered Posts: 734
    creditsafe them- although it can change quickly so you'd have to keep an eye on it
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    burg wrote: »
    What was your source and how would they know info that isn't necessarily in the public domain?! If they work there or know someone who does then it may carry some truth.

    It could also be simple vindictiveness from a disgruntled or former employee. Having said that, I agree with Burg in that there are often elements of truth within such claims.

    If your wedding is for a serious amount - and this is subjective but anything upwards of a couple of grand - treat it as a pure business deal, say you're an accountant not just a client and ask to see their up to date management accounts having voiced your concerns. They can only say "No" but if they were to say this to you or any other future client, would you still go ahead and deal with them? You may have already paid a deposit but I'd still wish to know before pumping more money into what could be a failing business.
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