experience statement

Turnaround Roles 1990-2010

2010
Confidential
£20m Property Developer Finance Director Ongoing, p/t

Poor data management and incomplete financial control were endemic in this property development business resulting in the suspension of bank support. Engaged at the lender’s insistence, directed the implementation of the new control environment as part of the bank’s workout plan, providing the interface between company and bank. As a result of assuring financial control, the bank re-commenced draw-downs and build out is ongoing through 2010.

2009-10
Skelton Group
Civil engineering services Solvency Review

Bank concerns about several excess loan positions and general business viability led to a quick review of cash flow, sales pipeline and what immediate improvement actions could be taken to reassure the bank as it considered its decision on future funding. A detailed piece of work specified future cash flows and identified underlying control issues, which management then set about addressing. Retained in an advisory capacity.

2009
CJ Wildbird Foods
£18m t/o animal food producer

Bank concerns about an increasing overdraft and low profitability led to an appointment to report on working capital management and overall management direction. Concluding that their focus was primarily oriented to bird welfare, a series of recommendations were made to increase technical competence, cash control and commercial focus.

2009
Confidential
£65m t/o food processor
Duration: 1 month

Deteriorating customer service prompted this highly complex, branded food processing site to seek external help to stabilise operations. Given a brief to find the root causes of multiple, chronic failures, a back to basics approach culminated in the critical areas being identified and used as the basis of the business’s self-implemented improvement programme.

2009
TFC
£12m t/o European fasteners distributor
Duration: 2 months

Falling sales caused this leveraged, PE-backed company to breach banking covenants on debt servicing, prompting intervention from the lender (Clydesdale). Carried out review of sales forecasts, working capital, exposure to exchange rate fluctuations and solvency risk. Actions subsequently put in place to tighten the sales forecasting process, reduce stock values and improve the business’s data literacy. Bank support was extended with revised covenants.

2008-10
Stylus Sports Ltd
£14m t/o leisure industry operator
Duration: 6 months

Appointed Turnaround Director in cash-strapped, multi-site leisure operator with a brief to avert insolvency. Reduced operating costs (including staff) and closed six loss-making units. Negotiated rescheduling of debt with bank, HMRC and trade creditors based on new cash flow forecasts. Subsequently agreed 4-year CVA and new bank facility. Continuing involvement as non-executive Director.

2008
Speed Ferries
£12m t/o ferry operator
Duration: 2 weeks

Heavily indebted to its bank (HBOS) and creditors, and acutely short of cash, worked with MD to manage the stakeholder relationships while finding an operating and funding solution. Maritime asset seizure by major creditor resulted in change of strategy; a deal was struck to recover the security and the business put into administration as the best way of minimising the bank’s exposure.

2007
Stonewood Electronics
High security encrypted hard-drive assembler
Duration: 6 months p/t

Worked with CEO of recently acquired ”X-list” hard drive assembler to overcome cash shortages, lack of financial control and poor service levels. Guided stock and service strategy; shop-floor productivity improvements; and re-commissioning of MRP system. Results included improving lead-times from 2 months to “from stock”.

2007
LSM
£15m t/o property management company

Advised troubled property management company on negotiating their way through a life-threatening cash crisis. Working with external solicitors and accountants, advised on necessary actions and potential risks as customer defections and legal action threatened to bring the company down.

2005
Locks
<£2m t/o Beauty business
Duration: 3 months, p/t

Poor management led this celebrity hair and beauty business into a cash crisis. An extremely profitable client base was saved but loss making spin-off operations in product promotion, salons and supply chain were dropped as part of the recovery programme.

2004
Gift Registry
£3-4m t/o wedding gift supplier
Duration: 2 months

Start-up company with strong sales but poor inventory controls and service levels. Provided operational support to improve on-time delivery and reduce cost.

2004
Confidential
£5m t/o car hire fleet operator
Duration: 8 months, p/t

Initially commissioned to advise on flotation, uncovered systematic weaknesses in underlying business model. Subsequently engaged to resolve life-threatening cash control, customer service levels, and operational management.

2004
Circatex
£28m t/o printed circuit board fabricator
Duration: 6 weeks

A deteriorating cash position prompted the shareholders to bring in an external team to devise a turnaround strategy. Work comprised assessing the robustness of the sales forecast; quantifying how costs could be aligned with revenues; and seeking new funding on the basis of subsequent business plan.

2004
Aventi
£8m t/o European electrical and electronic goods distributor
Duration: 2 months, p/t

With two distinct businesses, one highly profitable, the other loss-making, and a fractious Board, this company needed strategic focus in order to survive. With tighter control structure over new UK markets and products, the separate French video and media distribution business prospered.

2004
Harrow Borough FC
Football club

Advised cash-strapped football club how to avert collapse. Rescheduled creditor payments (including VAT and Inland Revenue), negotiated new bank facility and repayments. Introduced cash controls and basic revenue forecasting.

2002-03
Logicom
£90m t/o IT logistics service provider
Duration: 9 months

Transition Programme Director for VC-backed, IT “break-fix” business, heading up its multi-functional transition management group. Responsible for delivery of a stalled, business-wide performance improvement programme; and directing the migration of new customers into the existing business.

2001-02
Weidmuller Ltd
£300m t/o electrical components suppliers
Duration: 18 months

Deteriorating service and shrinking margins prompted the need to review and improve all Logistics and Supply Chain functions. Aligned operational strategy with business goals by process improvement; the application of logistics and CRM techniques; and SAP configuration. Reduced cost base. Recruited a high-calibre team capable of delivering higher levels of customer service.

2000
Jarvis Porter
£25m t/o spirits label manufacturers
Duration: 4 months

Customer Service Director, brought in to advise on operational turnaround strategy after the acquisition of their largest competitor. Cyclical nature of industry made it impossible to recover service and it became apparent that trading performance was unsustainable. Eventually recommended closure as the only way to stem shareholder losses.

1998-99
Seton Scholl Healthcare
£300m t/o healthcare products
Duration: 7 months

Director of Inventory Management, charged with establishing the world-wide inventory management function after the merger of Seton Healthcare and Scholl. Integrated systems and procedures. Relocated Scholl and Seton group operations.

1998
API
£250m t/o Paper converter
Duration: 8 months

Head of Manufacturing for newly-invested, metalised paper plant. Led the transition from development project to viable operation, increasing production output to budgeted levels. Introduced the basic disciplines and performance measures of the capital-intensive process.

1997
Baxi Air Management
£8m t/o air control dampers manufacturer
Duration: 6 months

Head of Operations, brought in to review operational efficiency. Implemented a £1.5m cost reduction plan, reduced lead times; developed CapEx programme; reduced product cost; and outsourced distribution.

1994-96
John Dickinson Stationery
£60m t/o stationery products manufacturer
Duration: 2 years

As Operations Director, led the 1,000-strong Operations function through a bank-controlled turnaround in a unionised environment. Operational improvements included; cost reduction; site closure; reduced inventory; improved service; de-layered management team; MRPII implementation. Culminated in the successful execution of the sale of the company.

1991-93
Telecom Security
£12m t/o BT security systems subsidiary
Duration: 2 years (While employed by PwC)

Operations Director, engaged to run 12 field-based branches, and all technical and call-centre activity as part of turnaround precipitated by poor quality. Achieved BS5750 accreditation; reduced systems failures; improved productivity through scheduling; and reduced field service visits by the introduction of customer help desks.

1990
Christie Cosmetics
£5m t/o cosmetics manufacturer
Duration: 9 months (While employed by PwC)

Brought in by the Administrator as Production Director, to stabilise performance after insolvency. Kept on by new owners to lead a period of sustained operational improvement and merge with other group production functions.

NHS Turnaround roles and other public sector work

2008-09
NHS
£160m spend hospital
Duration: 4 month, p/t

Acted as the operational litmus-test in support of a major management consultancy’s Turnaround Plan in chronically underperforming general hospital. Subsequently asked to undertake Board Performance review alongside same consultancy, recommending changes of scope and structure and delivering the report to both CEO and Chairman.

2007-08
NHS
£540m spend teaching hospital
Duration: 6 months

Turnaround Director in large teaching hospital, tasked with delivering the 07-08 financial outturn. Worked with incumbent Directors to improve cost control, performance improvement activity and income initiatives. Projected financial outturn at month 6 had improved by £14.7m by month 12, delivering a substantial year end surplus to the Trust.

2006
NHS
£400m spend PCT
Duration: 3 months

Turnaround Director in troubled northern cluster of newly amalgamated Hampshire PCT. Constructed turnaround plan, implemented programme controls and worked with local Directors to increase scale and pace of change.

2006
NHS
£420m spend hospital
Duration: 6 months

Turnaround Director in large teaching hospital. Working with the Chief Exec and other Directors, developed £28m turnaround plan to deal with in-year deficit.

2004-06
Tate
£65m t/o public art galleries
Duration: 24 months

Tate needed to realign their cost base to match forecasted financial constraints across their 5 UK sites. Led the most problematic division and operated from within the organisation’s business strategy function. Efficiency improvement programme included cost reductions, negotiating a compulsory redundancy programme with three Unions and the contracting out of non-core functions.

2000
Financial Ombudsman Service
FSA-controlled arbitration service
Duration: 6 months

Conducted a wide-ranging review of the customer facing and call-centre operations following the amalgamation of 8 independent Ombudsman services. Implemented subsequent plans for improved efficiency, performance focus and management effectiveness.

Temporary Executive roles

2005-07
Magic Taxi
Search engine provider – start up
Duration: 2 years, p/t

Appointed part-time, non-exec Chairman of search engine business and associated IT services company. Negotiated with household-name charities, sold novel concept to large corporate clients, schools, universities and local authorities to deliver advertising revenue to partners. Oversaw initial angel investor fund-raising and subsequent rights issue.

2003-04
Allied Bakeries
£400m t/o bakery
Duration: 8 months

Advised Tesco and Allied’s Account Management team in their determination of improvements in bread merchandising, on-shelf availability and in-store operations. Reassessed customer objectives and synthesised them with current bakery and retailer practices, customer preferences, and industry-wide constraints.

2001
One2One/T-Mobile
Mobile phones
Duration: 3 months

Led the UK organisation’s initiative to evaluate the Finance function’s performance during a period of transition and systems implementation.

1999
Quaker Oats
Food processing
Duration: 6 months

As Site General Manager, was given a brief to stabilise and then improve the performance of all operational aspects of the company’s largest and most important site. Directed improvements in manufacturing efficiency and overhead costs.