Some of South Wales’ most successful companies have donated £400,000 of advice time to loss-making South Wales businesses and charitable trusts over the next 9 months.
The Timebank Initiative is aimed at providing free advice and services to those businesses that require help in order to survive. The hope is that through good advice and services, these businesses will be placed into a position that could see them survive, reducing redundancies and providing a boost to the local economy.
Contributors include Golley Slater, Morgan Cole, Grant Thornton UK, Thornbury Collections, Bright Oak and DebtWizard.com. The initiative is founded by Ryan Patey, Director at HR Consultant Services Ltd.
Mr Patey explained “In the past, we have been asked by insolvency practitioners to provide help and assistance to businesses closing down. This is obviously too late for the company, and more importantly, the employees affected, especially with job opportunities difficult to find.
“Although the economy seems to be improving, we know from our research that many are still suffering “Mr Patey continued. “We therefore contacted local businesses that we have worked with before and asked them to contribute to an initiative designed to help. We were overwhelmed with the response and feel that we now have a viable option available to help turn the tide of many South Wales companies.”
Loss-making organisations and charitable trusts will be able to call a local rate number and ask to meet with a specialist in many fields of business expertise. The time, advice and services provided will be without charge subject to a limit set by the contributory businesses.
Alongside this initiative will be a personal debt advisory service that will provide advice and services to individuals struggling with secured and unsecured debt problems.
If you want to contribute towards or find out more about this initiative, there is a launch event on September 22nd at the Millennium Stadium followed by a business networking opportunity.