Wholesaler of Branded Kitchen Appliances

Wholesaler of Branded Kitchen Appliances

Situation faced:

Company had expanded rapidly but had been forced to close its European operations as a result of which the Company was experiencing significant working capital pressures.

Outcome achieved:

Engaged to support management extend its STCF to 13 weeks and improve robustness of forecasting model. Identified significant excess borrowing requirement. Introduced company to potential investors and identified £500K of achievable annualised savings.

Duration: 1 month

End date: September 2013

Design & supply of plant for oils & Fats and oleo chemicals.

Design & supply of plant for oils & Fats and oleo chemicals

Situation faced:

Company owned by a PE Funds and Management under an LBO structure. Due to 2008 / 2009 crisis investment in this market decreased drastically. Refinancing and renegotiation of the debt was necessary.

Outcome achieved:

Complete review of the cost structure, change in the Management and executive reorganization. This has enabled the Group to renew with good profit (from 0 to 7%) and positive cash flow (+ 50 M€).

Duration: 2 years

End date: October 2011

Glass maker for high premium bottles of wine & spirits

Glass maker for high premium bottles of wine & spirits

Situation faced:

Company owned by two PE Funds and Management under an LBO structure. Needs to improve productivity and competitiveness in preparation for a secondary LBO.

Outcome achieved:

Optimisation of the financial and operational organisation of the Group and implemented new cost control processes. Despite the 2008 / 2009 crisis the level of profitability was maintained and covenants were achieved.

Duration: 14 months

End date: September 2009

Multi-technical services - Electrical and HVAC

Multi-technical services - Electrical and HVAC

Situation faced:

Desired change of shareholder. From an UK Engineering company to a Private Equity funds.

Outcome achieved:

Successfully managed to be acquired by the desired Private Equity funds at a satisfactory price for the previous shareholder (2x in 3 years) without endangering the future LBO. In the year following the acquisition, working capital has been improved by more than €100M

Duration: 2 years

End date: July 2007

Marketing of Levi branded retail clothing

Marketing of Levi branded retail clothing

Situation faced:

Sales administration costs had grown within Levis Europe much faster than business growth and operational requirements desired. A target savings of £10M (12% of current costs) was estimated.

Outcome achieved:

A small task force was formed to review the sales admin operations throughout tall the European subsidiaries. A benchmarking exercise was conducted to assess each operation. The targeted savings were met in their entirety through a mixture of staff reductions and process improvements. A further benefit was gained in forming a process transferring sales admin's best practices throughout the organisation.

Duration: 3 months

End date: June 2006

Secure logistics and cash management

Secure logistics and cash management

Situation faced:

Start up and integration of three separate and culturally disparate security companies from German Administration. Previous management had committed large scale fraud and theft, over £500M.

Outcome achieved:

Company successfully started within stringent government regulations around the security industry. 61 Cash-handling locations , were combined to provide operational and manpower efficiencies (reduction of 50% in staffing and location) and logistic and operating processes. Oversaw integration of new acquisition and new route planning softwarewhich was to reduce total operating costs by 10%.

Duration: 13 months

End date: May 2008

Global manufacture and distribution of parquet flooring

Global manufacture and distribution of parquet flooring

Situation faced:

The Group, based in Zurich, Switzerland had breached its banking covenants and was loss-making. Main markets of Europe and the US were hit by the recession as house building starts and consumer confidence fell. Manufacturing operations in Sweden, France and Switzerland were high- cost and subject to intense competition from Chinese suppliers. 

Outcome achieved:

Manufacturing costs and staffing levels were reviewed and process improvements made where required. Other cost reduction programs were agreed and implemented. Reporting improvements were made and cash management processes implemented. A new 3 year Budget was created to support the necessary financial restructuring. The restructuring was agreed and implemented on time, including obtaining all Swiss tax approvals. Overall debt was reduced from £560M to £280M allowing the company time to ride the recession.

Duration: 11 Months

End date: May 2009

Freight forwarder - global subsidiaries

Freight forwarder - global subsidiaries

Situation faced:

The European group wanted to improve the Accounting & Finance function in Ireland, as there were significant shortcomings in accuracy, reporting & governance. The Department was badly led, untrained and its staff were generally insufficiently qualified, using antiquated accounting methods.

Outcome achieved:

Accounting & admin procedures and practices were overhauled extensively, and two, new computer systems were prepared, tested and implemented (one job costing and one accounting). Staff job descriptions were prepared and training was given in new procedures and practices to improve quality and reporting timetables (reduced from 4 weeks to 5 days). Finance operations were improved to produce £150k pa savings. also found and investigated an accounting discrepancy of over £1million.  Subsequently asked to conduct a similar review in the Danish operations, with similar problems and eventual results.

Duration: 8 months

End date: November 2002