Development and manufacture of yarns for the automotive sector

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

Manufacturer of wide screen print for retail, events & construction sectors

Manufacturer of wide screen print for retail, events & construction sectors

Situation faced:

TAIGA was introduced to an under-performing Private Equity owned business currently implementing a turnaround plan. The situation was complicated by poor stakeholder management and relations.

Outcome achieved:

TAIGA supported the Directors in refinancing the position with another asset based lender which resulted in 100% recovery for the pre-existing bank. TAIGA also undertook an in depth review of the turnaround plan for Private Equity owners with suggested modifications based on real time information.

Duration: 4 Months

End: 2019

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

Development of CHP plants for industrial markets

Development of CHP plants for industrial markets

Situation faced:

A £15m equity fund raised to identify, develop and operate CHP plants for blue-chip industrial users.

Outcome achieved:

Jeff Holder has operated as Non-Executive Chairman since the funds inception. All the SPVs are profitable, cash generative and successful.

Duration: 3 years +

End: Ongoing

Luxury fashion retail chain

Luxury fashion retail chain

Situation faced:

TAIGA was introduced to a loss-making UK wide retailer with a challenging cash position and poor quality financial and operational reporting.

Outcome achieved:

Introduced cash management and strengthened the team with interim FD appointment. TAIGA supported the Directors in development of turnaround plan based on cost reduction strategies and secured ongoing funding support from the bank to implement the turnaround.

Advisory support and cash management continues.

Duration: 12 months +

End: Ongoing

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

Textile dyeing and processing

Dyeing and processing of textiles

Situation faced:

TAIGA was introduced to a loss-making business that was asset rich but faced a short term cash challenge.

Outcome achieved:

TAIGA undertook to support the Directors in a forming and implementing a restructuring plan and the closure of certain loss-making business segments. The group has now recovered to profitability and has ongoing support from it’s funders.

Advisory support continues.

Duration: 10 months +

End: Ongoing

Engineering Group

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

Small scale, rapid response, gas power plants

Small scale, rapid response, gas power plants

Situation faced:

TAIGA was introduced as a temporary market change had led to a rapid drop in profitability and subsequent cash pressure. The cash issues unveiled deeper corporate governance issues within the Group.

Outcome achieved:

TAIGA introduced a cash management team in support of the existing accounts team and in collaboration with Directors constructed a plan for recovery that facilitated a financial restructuring of banking facilities. The Company remains EBITDA positive.

Duration: 3 months

End: Feb 2019

Durable Household Products

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.

Duration: 4 Months

End: 2019