G Ltd - INTERIM/PART TIME FD
G is a global supplier of broadcast technology, who invested in a new business venture.
The combination of the investment required for this venture and the ‘distraction’ of senior management from the core business led to a cash flow problem and the company being moved to RBS Restructuring Division. I was brought in by the Board on an interim basis to stabilize the financial position, negotiate with RBS and help move the company back to a profitable & cash generative position.
Once this had been completed I was asked by the Board to continue as their FD on a 2 day a week basis.
S LTD – RESTRUCTURING/PART TIME FD AUG 09 to Date
S is a 10m turnover company importing building materials from Argentina (where it owns a quarry), Spain (where it has excusive & non exclusive agreements with several quarries) and Brazil. It sells the materials in the UK, Europe, US and Australia.
Due to the loss of a major client and the downturn in the economy the company required refinancing, and as part of the deal RBS Restructuring Division introduced me as Interim FD.
My first priority was to take control of the cash position & re establish financial relationships with suppliers & customers. The next priority was a major review & reconciliation of the ledgers to ensure accurate management accounts were prepared for management & the bank. I then negotiated a further increase in the financing with RBS to enable the company to resume its sales growth.
Once the financial structure had been stabilized the Boards asked me to continue as their FD on a 2 day a week basis, which will shortly reduce to 1 day a week
C C LTD – TURNAROUND FD NOV 08 to DEC 08
C C is a 20m turnover loss making printing company, which was bought from the Pindar Group by a Turnaround team with ‘arms length’ financing.
I was brought in as Interim FD by the Turnround CEO immediately after the deal was completed & identified that the financing was ‘inadequate’.
Worked with the Directors to try to raise additional finance & also utilized Insolvency Advisor to ensure the Directors were not trading whilst insolvent.
The inadequate financing, the current market conditions & the loss of a major contract forced the company into Administration.
F S LTD - CORPORATE FINANCE SUPPORT JAN 08 to OCT 08
Company has a turnover of £18m in the remediation & groundworks business.
Brought in by owner to improve systems and raise Venture Capital to enable the business to expand on a national basis.
Obtained an offer of 1.5m of Development Capital, which was withdrawn as the problems in the construction industry worsened. Company has now retrenched to ‘weather the storm’.
N MI - FINANCIAL MODELLING MAY 08 to JULY 08
Developed financial model for major refurbishment programme to enable Finance Committee to run ‘what if’ scenarios to decide whether to proceed with work, together with model for bank negotiations.
TVC LTD-TURNAROUND SUPPORT NOV 07 to FEB 08
TVC is a major wholesaler of vending machines.
Was brought in by VC backer (Beringea) to identify problems occurring after MBO in July 07.
Found that the financial controller had not forecast the new highly geared situation correctly, and that reduced sales meant the company had an imminent cash crisis.
Produced integrated forecasts, helped Chairman negotiate an agreement from the financial backers to support the company, and handed over to full time successor once Company was stable.
CILTD – INTERIM PART TIME FD/NON EXEC JUL07 to NOV08
Appointed interim FD on a one day a week basis, after Company had raised Venture Capital for expansion. Also acted as Non Exec for the VC (The Capital Fund).
Company provides customer retention software for the mobile phone industry and I implemented financial and commercial systems to support anticipated growth & handed over when company reached ‘steady state’
IN – INTERIM FD FEB 07 to OCT 07
IN acts like an Investment bank for small innovative companies for which it raises finance.
I was brought in to set up the company’s financial & admin systems to support the organisations growth, and also to implement controls over the companies in which Invensco invested.
E LTD-INTERIM FD-MBO SUPPORT SEP 06 to DEC 06
Brought in to E by KPMG ( the reporting accountants on National Accident Helpline) to assist the Directors in completing an £11m MBO (backed by Aberdeen Asset Management).
E is a £15m turnover company specializing in remediating major contaminated sites to enable residential & commercial development to take place.
Worked on all aspects of the deal including production of integrated forecasting model to support VC & bank finance. Also recruited and trained a company accountant and implemented financial systems from scratch as the company’s financial systems had previously been run from the parent company.
NA LTD –INTERIM FD-MBO SUPPORT DEC 05 to AUG 06
Brought in to NA (by KMC Interim) to assist the Directors with £12m MBO (backed by Lloyds Development Capital) of a £15m turnover company specialising in marketing legal services, when it was found that the incumbent FCA did not have the experience to cope with the deal.
Worked on all aspects of the MBO, particularly the financial model & sensitivities.
Rationalized the companies reporting & accounting system and assisted with recruitment of full time FD
FS PLC – ACQUISITION SUPPORT OCT 05 to NOV 05
Provided interim support (via Russam-GMS) for the FD of FS in the acquisition of G G Ltd.
Work involved financial modeling, sensitivity analysis, due diligence, liaison with Merchant Bank & Reporting Accountants and document review including Class 1 Circular.
DR LTD - INTERIM PART TIME FD/NON EXEC JUNE 05 to FEB06
Appointed interim FD on a one day a week basis by Venture Capitalist after their investment in DR, a financial services recruitment company.
Implemented financial & reporting systems, & handed over to new Financial Controller.
KM LTD - INTERIM PART TIME FD/NON EXEC FEB 05 to AUG 05
Appointed interim FD on a one day a week basis by Venture Capitalist as part of their investment in KM, a company that deals in mobile advertising.
Implemented financial & reporting systems, including cash flow model to control factoring facility, & handed over to new Financial Controller.
LL - INTERIM CORPORATE DIRECTOR OCT 04 to JULY05
LL is a new Sector Skill Council, which started operation on 1.1.05, and has responsibility for standards in all areas of the Education Field apart from schools i.e. HE, FE, Work Based, Community based & Libraries.
Joined as Interim Corporate Director (via Praxis) to assist the Chairman & CEO with the accreditation process, & to set up the infrastructure of the new company.
Involved with all aspects of the Company formation, including negotiating funding with the Sector Skills Development Agency and the Dept of Education. Recruited a full time Corporate Director, and supported the transition.
VC Ltd - INTERIM PART TIME FD/NON EXEC MARCH 04 to FEB 08
Completed business review of company, which provides routing services for video conferencing worldwide, prior to second round financing by MMC Ventures & Yorkshire Fund Managers.
Appointed interim FD, on a one day a week basis, to provide high-level support to the MD & the Board.
Led company through 2 refinancings & handed over to full time FD when company got to £6m turnover.
OX -INTERIM BUSINESS MANAGER FEB-AUG 04
OX is a college for law graduates completing a one-year training course before going into practice.
It was set up in 1994 ago as a joint venture by Oxford University & Oxford Brookes University, and had been run by ‘academics,’ which had resulted in business & cash flow problems.
Appointed Interim Business Manager via Archer Mathieson to review and improve the business & financial operations, help define a business strategy for the Institute & recruit a full time replacement.
SS LTD - INTERIM MD/FD JULY03-DEC 03
SS had a £5m+ turnover in the sports goods industry, & was subject to a marketing led MBI in May 03.
Went in ‘to bed the deal down’ on behalf of the Venture Capitalist as the change caused problems with the infrastructure, systems and cash flow.
Sorted out the immediate accounting and operational problems, produced an integrated forecasting model and satisfied the VC and the bank that the initial teething problems had been resolved.
Stayed on as Interim FD to ensure the company’s infrastructure was capable of supporting the planned future growth. Concern grew as to the capability of the MD.
Took over as interim MD whilst the MD was suspended & conducted an investigation into his performance, which led to his dismissal.
Worked with VC to bring in another buy-in team.
CA LTD TURNAROUND SUPPORT FEB03-JUNE 03
Turnaround support on behalf of bank for CA a 20m-turnover construction company
CR LTD - INTERIM FINANCIAL PLANNING NOV 02-JAN 03
Contract with CR Ltd, a £10m turnover company in the retail trade, via Brooklands Executives.
Responsible for full business planning exercise, including production of integrated financial model incorporating divisional & product costing.
Assisted company in identifying future strategic direction based on outcome of planning process,
which resulted in a decision to make an offer for a complimentary business, which I helped negotiate
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