Image Reflection

Success

Care Home Group

Background

  • £9m turnover, 400 bed care home group with 6 properties
  • Profitable with high occupancy – and growing
  • Highly geared, high owners drawings
  • Poor financial control leading to departure of full-time FD in 2007
  • Placed in banking business support team due to gearing levels and management concerns
  • Introduced to FDYL in late 2007

Phase One

initial management
  • Initial project was cash flow / credit control
  • Advisers appointed June 2008 to enact a trade sale – after deal aborted in March due to buyer finances
  • Full overhaul of financial management system
  • Production of monthly management information
  • In 2009 the bank appointed large accounting firm as their adviser & FDYL associate appointed as interim FD to the business
  • FDYL provided restructuring and disposal advice working closely with the banks’ advisers
 

Phase Two

controlled disposal
  • Preparation of disposal plan and management of sale process
  • Offload loss making private business interests
  • Negotiate sale of non-core assets
  • Manage the key stakeholders with banks’ advisers
  • Trade sale of core business
  • Virtual full recovery (£18m) for the bank


T:01274 876822
E:info@fdyl.co.uk

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Interim Finance Directors   |    Management Accounting   |    Acquisition and Disposal   |    Restructure, business support and recovery   |    Independent reviews

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