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

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