About Lloyds

Lloyds Banking Group has approximately 1 million business customers, of all shapes and sizes; from start-ups and small owner-managed businesses; through to large, multinational and quoted corporations. The Group’s purpose is to help Britain prosper and we want to help all our business customers to grow and fulfil their ambitions.

We recognise, however, that a business’s trajectory is rarely if ever uninterrupted growth and at different points in its life cycle there might be tougher periods that can test a business’s resilience or which might even place its very future in peril. In those moments, it is perhaps even more important that we are by the side of our business customers and our specialist Business Support Unit is on hand to support the turnaround of all viable businesses for the benefit of our customers, stakeholders and the wider community.

The Business Support Unit works closely with customers in financial difficulty to establish clear and timely turnaround strategies with the aim of returning customers to financial health. Our approach is clearly defined and we supported the development of the IFT Statement of Principles.

Our approach is empathetic and consensual, and we take each customer’s individual circumstances into account and deploy strategies that are bespoke to the individual business’s needs. Our team provide national and regional coverage, reflective of the businesses and communities we support. Our experienced team have built up sector expertise and we have also dedicated teams focused on particular sectors, such as Agriculture. We continually review and enhance our approach to supporting all our customers, to ensure we provide the optimum support for those in financial difficulty.

Where a turnaround is not possible, our team work with customers to explore alternative options and solutions. Insolvency is always considered only as the last resort. Where a business is not viable or an insolvency event occurs, our independent Recoveries team works with customers to agree repayment plans and a way forward.

We take pride and satisfaction in helping customers back onto a sounder financial footing and we have a strong record of supporting business turnaround, with 80% of businesses that come into the Business Support Unit either returning to the mainstream coverage team or refinancing elsewhere. At the heart of our ethos is the knowledge that when we achieve a successful outcome we are helping to preserve businesses and jobs and that this is in turn helps Britain to prosper.

Website: https://www.lloydsbankinggroup.com/