Lucas Ross are specialists in the restructuring and insolvency of Third Sector Organisations covering the entire UK.
We are proud members of many professional organisations including the Turnaround Management Association and the Association of Business Recovery Professionals. Our Licensed Insolvency Practitioners are also qualified Chartered or Certified Accountants and are licensed to act as Insolvency Practitioners by the Institute of Chartered Accountants in England and Wales.
Many people believe Insolvency Practitioners simply close down businesses and Third Sector organisations. This is often true, very few have the appetite or skills to see such organisations survive. We are one of the very few niche firms with staff experienced in fundraising, mergers, acquisitions and disposals from working at national accountancy firms, turnarounds, rescues and also closing businesses. We are able to deal with any organisation that finds itself on the decline curve, whether it be at the start of that journey or towards the end, whether it be due to legacy debts, pension deficit, loss of grants, fraud, or any number of factors.
A charity, not for profit, arts venue, community project, any Third Sector organisation must be viewed as business to survive in today's world. Where this is not possible, the closure of a charity or not for profit is unique in that its closure affects significant parts of society, often affecting vulnerable individuals. Kevin Lucas has significant experience in dealing with and running commercial and not-for-profit organisations. This experience is essential for any charity or not for profit organisation in today’s economy. It is not possible to avoid treating a charity or not for profit organisation like a traditional business given the amount of competition for every pound of funding, surplus disposable income and even legacies.
Unfortunately the sad reality is that there are too many charities and not for profit organisations chasing a pot of funds that does not keep pace with the rising numbers of organisations seeking them. Social Investment Banks have much needed resources in this sector, but the funds are finite.
Accepting that a charity has to close, even where it is solvent, can sometimes be the best outcome because another charity can benefit from the surplus available or from the additional funding where costs are lower and the return to users is greater.
If you want an advisor that understands the Third Sector, understands how difficult it is to be in your position, and will do what they can to ease your worry and treat all your stakeholders with the care they deserve then call and speak to Kevin Lucas today.