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

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

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

Multi-disciplinary global service provider to the renewables industry

Multi-disciplinary global service provider to the renewables industry

Situation faced:

Significant losses over a 4-5 year period, £0.75m of HMRC arrears, a cost base geared to expansion, little or no financial information, disparate and fragmented management and an overly complex group structure.

Outcome achieved:

Time to pay arrangement agreed with HMRC and £2.8M of cost savings delivered within 4 months.  In collaboration with management a 3 year recovery plan was built which sees the business reduce its cost base, focus upon its core strengths and generate regular profits.  Succession planning and fundraising to deliver this plan in the long term continue. Exited at the point where managementand shareholders believed they had sufficient funding to deliver the recovery plan.

Duration: 7 months

End date: February 2014