Success

Case Studies

Construction Group

£13m turnover, 5 company group in varying construction related activities
Strong Chairman semi retired mid 2009 but returned full time in 2010 to make sweeping cuts and inject cash
The Board believed that the business was successful in 2008 and only started to suffer losses in 2009
Deteriorating banking relationship (in Business Support) not helped by inexperienced finance function

initial business review

FDYL provide Interim FD 2 days a week
4 initial focus areas:
- Review balance sheets to see what surplus cash can be freed. During this review it became apparent that the 2008 results were significantly overstated.
- Provide support for a good, but largely ignored, credit controller
Improve and share cash forecasting
Manage a rejected HMRC TTP agreement

behaviour change and facility renewal

Introduce more transparent reporting, especially around cash and especially to second tier management team:
- Allocate specific accountabilities for cash collection
- “By when” targets and follow up meetings
Redesign reporting pack
Persuade management team to adopt more honest approach to facility renewal:
- More realistic forecasts and assumptions
- Manage management team’s expectations of cost and availability of likely facilities
Start to rebuild confidence with HMRC to enable TTP renegotiations

return to profitability

Negotiate terms of return to mainstream banking
Focus management teams on delivery of cash and profitability targets to meet objective above.

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E:info@fdyl.co.uk

Premier House, Bradford Road, Cleckheaton, BD19 3TT T: 01274 876822 E: info@fdyl.co.uk