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.