Development and manufacture of yarns for the automotive sector

December 25, 2019 Aaron Reeves

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

Engineering Group

June 15, 2019 Aaron Reeves

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

Durable Household Products

January 19, 2019 Aaron Reeves

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.