I agree with most of what Porridge wrote but do believe that one of the key issues was the management style of the late George Ward. Whilst Jo and Peter got on with their own areas of responsibility there was a distinct lack of co-ordination with Bonus Engineering and no effective experienced Managing Director keeping his/her overall eye on day to day activities of all of the 'company' and importantly the cash flow.
Jo was there from dawn to dusk with no thanks from GW. Peter came in about 3 days a week, the flight school was full of stale and recent cigarette smoke and this would offend many potential customers.
The hangar was full of aircraft in long term storage or owned by 'friends' who didn't pay for occupying the space. Aircraft were released back to customers without bills being paid, try that at your local garage. Bonus were late payers to their suppliers so many would not deal with them.
Much the same happened at Rogers in that engineering did not talk to the flight school, sales were remote in London and Neville Rogers never held a collective management meeting with all of the key managers.
In flying training and in engineering you're in the retail business just as you are in the high street, it is all to do with footfall and cash flow. But if you want to charge top rates then you need to provide a quality service and the aircraft were of poor quality.