Manufacturer of modular buildings using old Portakabin buildings acquired from the market

Manufacturer of modular buildings using old Portakabin buildings acquired from the market

Situation faced:

TAIGA was introduced to a loss-making subsidiary of a large limited company under interim management.

Outcome achieved:

TAIGA was engaged to lead a business review and implement it’s recommendations. This has subsequently seen the development of the team, an operational refocus and restructuring of the business with a focus on anticipated performance improvements.

Advisory support is ongoing.

Duration: 6 months +

End: Ongoing

Group of Care Homes

Group of Care Homes

Situation faced:

TAIGA was introduced to an EBITDA positive care home Group that was under-performing and over-leveraged with poor quality management information.

Outcome achieved:

As a priority TAIGA introduced cash forecasting and management support and enhanced financial and operating reporting to stakeholders. Working in collaboration with the Directors the team developed long term financial and operational plans and secured ongoing banking support.

Advisory support and cash management continues.

Duration: 5 months +

End: Ongoing

Development and manufacture of yarns for the automotive sector

Development and manufacture of yarns for the automotive sector

Situation faced:

TAIGA was introduced to a profitable business but one that enjoyed a dysfunctional relationship between the senior management team and overseas corporate that owned the Company.

Outcome achieved:

As a priority TAIGA strengthened the Board and worked to rebuild the relationship between stakeholders. To drive improved operational and financial performance TAIGA also undertook a review of the cost base and led the relocation and restructuring of certain support operations (partially to continental Europe and partially within the UK). As Chairman Jeff Holder also led UK refinancing before then moving into an ongoing non-exec Chairman role.

Duration: 3 years +

End: Ongoing

Manufacturer of wide screen print for retail, events & construction sectors

Manufacturer of wide screen print for retail, events & construction sectors

Situation faced:

TAIGA was introduced to an under-performing Private Equity owned business currently implementing a turnaround plan. The situation was complicated by poor stakeholder management and relations.

Outcome achieved:

TAIGA supported the Directors in refinancing the position with another asset based lender which resulted in 100% recovery for the pre-existing bank. TAIGA also undertook an in depth review of the turnaround plan for Private Equity owners with suggested modifications based on real time information.

Duration: 4 Months

End: 2019

Heavy Construction

Heavy Construction

Situation faced:

TAIGA was introduced to a long standing Construction Group that had lost approximately £9m over an 18 month period and had an inherited Pension deficit of c£50m. The business had suffered from poor order intake and a dysfunctional management team which exacerbated the situation.

Outcome achieved:

TAIGA worked with the existing management to understand the position and develop appropriate recovery plans. Operational, financial and sales processes were highlighted and prioritised and the plan was implemented by the incumbent team.

Duration: 5 Months

End: 2019

Development of CHP plants for industrial markets

Development of CHP plants for industrial markets

Situation faced:

A £15m equity fund raised to identify, develop and operate CHP plants for blue-chip industrial users.

Outcome achieved:

Jeff Holder has operated as Non-Executive Chairman since the funds inception. All the SPVs are profitable, cash generative and successful.

Duration: 3 years +

End: Ongoing

Luxury fashion retail chain

Luxury fashion retail chain

Situation faced:

TAIGA was introduced to a loss-making UK wide retailer with a challenging cash position and poor quality financial and operational reporting.

Outcome achieved:

Introduced cash management and strengthened the team with interim FD appointment. TAIGA supported the Directors in development of turnaround plan based on cost reduction strategies and secured ongoing funding support from the bank to implement the turnaround.

Advisory support and cash management continues.

Duration: 12 months +

End: Ongoing

A Ground-working business focused upon the house building sector

A Ground-working business focused upon the house building sector

Situation faced:

TAIGA was introduced to a loss making group of businesses where trust had broken down between family owners and management.

Outcome achieved:

Working with the owners and Directors TAIGA strengthened the Board and established a turnaround plan that owners funded in 2018. As part of this plan TAIGA initially introduced a small team to build out a long term financial model and introduce robust cash forecasting and management.

As the turnaround progressed an experienced construction chairman was recruited and Jeff Holder moved from an Executive role into non-executive capacity in mid 2019.

Duration: 2 years +

End: Ongoing

Textile dyeing and processing

Dyeing and processing of textiles

Situation faced:

TAIGA was introduced to a loss-making business that was asset rich but faced a short term cash challenge.

Outcome achieved:

TAIGA undertook to support the Directors in a forming and implementing a restructuring plan and the closure of certain loss-making business segments. The group has now recovered to profitability and has ongoing support from it’s funders.

Advisory support continues.

Duration: 10 months +

End: Ongoing

Engineering Group

Engineering Group

Situation faced:

TAIGA was introduces to a distressed PLC that had failed to take action to address some fundamental operational, financial and performance issues leading to significant losses and cash pressure.

Outcome achieved:

The cash pressures could not be alleviated through a ‘trade out’ approach so working in collaboration with Advisers, Directors and Funders the team supported an accelerated M&A process where 3 of the 4 trading subsidiaries were successfully sold - 2 to Private Equity and 1 to another PLC. The final subsidiary where losses were greatest was wound down.

Duration: 3 Months

End: 2019

Small scale, rapid response, gas power plants

Small scale, rapid response, gas power plants

Situation faced:

TAIGA was introduced as a temporary market change had led to a rapid drop in profitability and subsequent cash pressure. The cash issues unveiled deeper corporate governance issues within the Group.

Outcome achieved:

TAIGA introduced a cash management team in support of the existing accounts team and in collaboration with Directors constructed a plan for recovery that facilitated a financial restructuring of banking facilities. The Company remains EBITDA positive.

Duration: 3 months

End: Feb 2019

Durable Household Products

Durable Household Products

Situation faced:

TAIGA was introduced to a loss-making business where the existing turnaround plan had stalled despite the injection of c. £100m in cash over a number of years.

Outcome achieved:

TAIGA supported the Directors in re-evaluating the established plan and led the redesign and refresh of a turnaround pathway. The plan provided clarity and direction to potential investors and an accelerated M&A process was undertaken and ultimately the insolvent sale maximizing investor returns.

Duration: 4 Months

End: 2019

Engineering services to the Oil & Gas Markets

Engineering services to the Oil & Gas Markets

Situation faced:

TAIGA was introduced to a loss-making Company suffering with a dysfunctional Board and loss of trust with key stakeholders. The situation had worsened to the point where there was a cash runway of no more than 3 months.

Outcome achieved:

TAIGA introduced cash management support as a priority to stabilise the position. Using the time gained by active cash management a recovery plan was developed leading to a competitive sales process. TAIGA supported the pre-pack sale of the business to Endless LLP with all jobs retained and optimal returns for the funders.

Duration: 3 Months

End: 2018

Install and maintenance of fire, security and healthcare systems

Install and maintenance of fire, security and healthcare systems

Situation faced:

A loss-making Private Equity owned Group that was in crisis with an emergency funding requirement. Ultimately a £10m balance sheet / cash hole was identified as a source problem.

Outcome achieved:

TAIGA led a pre-pack restructuring and refinancing with Jeff Holder becoming interim CEO on behalf of the funders - with 100% of trade creditors paid and the bank achieving a 100% recovery.

Post pre-pack the business exited it’s loss-making contracts, undertook a rationalisation of Group and stabilised. TAIGA supported investors in their introduction of a sector focused team whilst transitioning out the need for specific restructuring / turnaround support before exiting.

Duration: 10 Months

End: 2017

Renewable Energy Facility

Renewable Energy Facility

Situation faced:

TAIGA was introduced to a loss-making Renewable Energy Facility operating with a wider Group. It was a highly complex situation with multiple stakeholders and funders. Funding requirements had developed for multiple reasons across the Group.

Outcome achieved:

TAIGA Led a de-merger of the facility from the Group at a substantial discount to cost. As part of the de-merger the business established a new trading relationship with previous owners and secured a substantial investment from new investors.

In addition, the business secured a multi-million R&D tax reclaim. Post de-merger Jeff Holder operated as interim CEO to allow investors to consider if existing the facility could become profitable. Ultimately it was concluded that this was not possible and TAIGA led a subsequent mothball process and sale to developers. Bank recovery was significant against original position on entry.

Duration: 15 Months

End: 2016

General construction business

General construction business

Situation faced:

TAIGA was introduced to a business facing significant contract losses in addition to a dispute with a large customer. The business was in a critical cash position.

Outcome achieved:

TAIGA worked with the incumbent management team and quickly introduced cash management support to manage the short-term business need. A robust business plan was co-created with the management team and advice provided to manage a challenging situation for Directors.

Duration: 2 Months

End: 2016

Plastics Re processor

Plastics Re processor

Situation faced:

The business was over-leveraged and suffered with a dysfunctional management team. The resulting cash call meant a funding requirement for the Private Equity owners.

Outcome achieved:

TAIGA reviewed business for the Private Equity owners. A jointly developed plan was implemented and supported through to a solvent sale to new owners. 100% recovery for bank and return for Private Equity owners.

Duration: 4 Months

End: 2015

Manufacturer of voltage optimisation equipment

Manufacturer of voltage optimisation equipment

Situation faced:

TAIGA was introduced to a loss making business with low volumes, high costs and a dysfunctional board with cash pressure as a consequence.

Outcome achieved:

A small TAIGA team Introduced cash management support whilst established a plan for turnaround. This incorporated strengthening sales & CRM, reducing overhead costs and developing new products. Supported the sale of the Company to an investor.

Duration: 8 Months

End: 2015

Restructuring a House Builder

Restructuring a House Builder

Situation faced:

TAIGA was engaged with the a remit to restructure and turn around a loss making business. Additional losses quickly appeared from WIP & loss-making contracts creating a corresponding cash hole.

Outcome achieved:

TAIGA delivered a detailed Diagnostic review followed by creation of recovery plan incorporating exit of loss-making businesses, downsizing and increased control. Utilising plan the Company was sold to Kier plc. Secured lender recovered 100% of funds.

Duration: 6 months

End: 2015

Project management & labour supply into the UK rail markets

Project management & labour supply into the UK rail markets

Situation faced:

Loss making business operating with one large underperfoming contract, limited financial information, a range of corporate governance issues, no plan and an ever-worsening funding position which had seen debt rise substantially over the recent past.

Outcome achieved:

Provide a diagnostic review to the business and then work with management to improve cash management techniques, build a 3 year recovery plan including significant financial restructuring, improve corporate governance and management information systems whilst also increasing accountability, targets and responsibilities to the wider team.  Operational improvements and management team strengthening will form a key component of the plan.

Duration: 2 years

End: 2017