Image Reflection

Success

Engineering Components Manufacturer

Background

  • £4m turnover manufacturer of specialist components for the power and engineering sectors
  • Profitable and fast growing
  • Working capital strained because of growth of work in progress in line with sales growth
  • Financial management systems poor and no forecasting model

Phase One

financial management
  • Set up forecasting model to cover working capital requirements for each large customer
  • Improved format and timeliness of management accounts
  • Reorganised accounts department to improve efficiencies
  • Presented business plan for additional working capital to the bank
  • New loan credit approved for drawdown September 2010
 

Phase Two

ongoing advice and role
  • Interim FD appointed from FDYL to oversee financial management
  • Commercial input to directors in negotiating contracts and costings
  • Management accounts process further streamlined to meet bank covenants
  • FD involvement going forward agreed at 3 days per month.


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

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

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