Henry Wells and Philip Dakin Discuss COVID-19 Contingency Planning with Travel Weekly

Henry Wells, Managing Director and Head of UK M&A Advisory and Phil Dakin, Managing Director, Restructuring Advisory, recently spoke to Travel Weekly, discussing practical steps travel firms can take to help stay afloat during the coronavirus (COVID-19) pandemic.

Henry and Phil highlighted that the travel industry is going through unprecedented times and the global reaction to COVID-19 is having an untold impact on the industry. They further added that travel is at the apex of this storm and is hurting the most now, but it should hopefully recover more quickly than other sectors.

In light of the above, they discussed that a number of travel businesses could close down or go into administration during the next six months. However, there are things that can be done to avoid this. There are several cash conservation techniques that companies can and should use. Many companies are currently going through extensive scenario planning. Working capital management and planning, while communicating with customers and suppliers will be a critical part of this process. For companies whose scenarios predict that the business will run out of cash at a certain point over the next few months, despite exhausting a number of the cash saving and conserving mechanisms, there are several things to consider.

Read the full article here.