Construction and Property
Select one of the case studies below:
Construction - €220m turnover
Combined Interim CEO & CFO Team - UK
Business Issue
The owner manager of a distressed construction company approached a number of private equity buyers with a considerable issue: the company had run out of cash, had reported a significant loss for the last 3 years and needed €9m to continue trading. Our client was one of five potential buyers however they felt that their own network did not hold the best CEO or CFO candidates to secure the bid.
AshtonPenney Interim Solution
A shortlist was compiled and delivered within 1 day consisting of one CEO and one CFO candidate with a track record of successful construction turnaround assignments, with a particular focus on contract management. Both candidates were accepted and engaged on assignment.
During the assignment our Interim Managers:
- Provided operational due diligence which ensured deal completion
- Compiled a robust turnaround plan
- Reviewed, changed & implemented a new commercial strategy
- Rebuilt failing relationships with customers
- Refinanced the business, easing cash flow and tension with suppliers/customers
- Initial loss stated as €3m by the owner manager later identified as €22m within two weeks of the assignment
- Reduced costs by €3m
- Recovered €1.5m from debtors
- Implemented new technology and operational systems to support all functions
- Provided Leadership to the existing management team and disillusioned staff
- Recommended the administration of a non-performing division with a view to trading as a Newco
- Gave confidence to both stakeholders and financial institutions
- Company forecast to be profitable within 6 months
Top ^^