New division’s sole ventures

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Insolvency and business turnaround specialist Wilson Field has launched a new division to cater for an increasing number of sole traders and partnerships who are seeking its services.

Wilson Field’s Sheffield-based head of marketing, Phil Meekin, 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 £20 million and he was a sole trader.

“Before the property crash I came across a partnership with a portfolio of £32 million. There was a time when there were some hefty traditional partnerships before LLPs but this market is often overlooked.”

Wilson Field’s new division centres on securing Individual Voluntary Arrangements (IVAs) for sole traders and Partnership Voluntary Arrangements (PVAs), for partnerships.

The firm launched the division after a trial , which revealed businesses from various sectors required help in this area.