"McDonald Vague's specialised skills, contacts and understanding of the hospitality industry achieve excellent results for creditors."
Hospitality is a 24 hour, seven day a week highly competitive business. You need an insolvency specialist who has the hospitality knowledge and experience to appreciate the challenges you face, and to ensure that you obtain the best possible returns.
Our hospitality experience
We have acted in an advisory role for hospitality business owners and their lenders on numerous occasions. The 'behind the scenes' nature of this work means that our role is usually only known about by the company and/or its lender. Please visit our Restructuring and turnaround page for more information on the services we can provide in this area.
We have also acted as receivers of boutique hotels and luxury lodges. Often these businesses have spectacular locations, but are isolated, and as a result occupancy is low and overheads high. The property boom and easy credit conditions resulted in an over supply of these types of property scattered around the country. Since the credit crunch it has become a buyer's market and these businesses have become almost impossible to sell.
We have assisted secured creditors by focusing on profitability rather than an immediate exit in a depressed market. This allows the asset to be held until the market improves. This requires the secured creditor to wrest control from the borrower by appointing a receiver. In this situation McDonald Vague appoints an experienced manager and implements strategies to make the operation profitable and at the same time looks for potential buyers.
We have a network of trouble-shooting managers who we can place in a business. It is important that they are incentivised correctly to stay focused by remunerating them based on the bottom line. This will increase turnover and at the same time reduce wastage and pilfering.
McDonald Vague's specialised skills, contacts and understanding of the industry achieve excellent results for creditors.
Our strengths and hospitality experience
- We have the ability to quickly take control of a situation and deploy resources as necessary
- Our team can manage both the operational and financial aspects
- We are able to quickly identify risks and implement the appropriate controls
-We have an innate understanding of the lender's needs
- We have extensive knowledge, expertise and technical skills relating to the hospitality sector
- We understand how to work with the media to protect reputation and brand value
Our team has extensive experience managing projects involving:-
- Serviced apartments
- Boutique hotels and luxury lodges
- Camping grounds
Our network of contacts
We have a nationwide network of contacts to call on, including:-
- Real estate agents and resort brokers
- Experienced hotel managers
- International hotel marketing organisations
National resources and capabilities
We have around 16 full-time people on our staff. This includes two Directors and many senior and highly qualified professionals. We also have a number of experienced consultants that we can call upon as and when required. Our offices are located in Auckland and Hamilton.
As a medium-sized firm which only undertakes business recovery and insolvency work, we can operate independently and seldom have conflicts of interest compared to larger, multi-disciplinary firms.
McDonald Vague is a member firm of Chartered Accountants Australia and New Zealand (CAANZ), INSOL (international body of insolvency specialists) and the Forensic Accountants' Special Interest Group. We adhere to the guidelines, rules, regulations and ethics of these bodies and these associations provide an assurance of independence, service and integrity. Our Directors and staff have a varied background, with many having trained at major international firms such as PwC, KPMG and Deloitte.
We are also members of NZCA (an association of independent Chartered Accountants). We are able to undertake assignments anywhere in New Zealand and can align with a local NZCA firm for assistance. McDonald Vague will still control the assignment and ensure the same high level of expertise and service is maintained. Our clients benefit from the associated firm's local experience, as well as more cost effective fees as our travel expenses are reduced.
Contact us to discuss your situation
With our in-depth industry experience, our specialist team can swiftly assess the financial and other challenges facing a hospitality business, and make clear recommendations for action. These recommendations do not always involve a formal insolvency process. We recognise that lenders often prefer to avoid being associated with appointing receivers if at all possible, and also that receivership may not always be the best option.
Where a formal insolvency appointment is required, we can deploy resources without delay, taking control of management and finances and, most importantly, delivering fast, tailored results to the maximum benefit of all parties.
Please contact us for more information or visit our staff profile page for contact details of our Directors. Our advice is provided on a confidential basis and does not commit you to appointing us in any formal capacity.