TSL Group

£45m – Electronic audio equipment

Areas of operation:  

Disorganised and fragmented group of companies with some manufacturing, some services based and a software arm. Effectively being run as one company with centralised treasury, however liquidity pressures meant paying wages in 3 weeks was in doubt. Management unclear on causes or which parts of the group were profitable.  BM&T Principal took control of cash, including closer controls on various large-scale projects across the globe which were loss-making and draining cash. Restructured and simplified the group, enforced management change, modernised the services offering and the methodology for quoting and contracting, diversified customer base to new industries and drove process efficiencies including the roll-out of a new ERP/MRP system. Also acquired a new base for growth in the USA and integrated that business.

Liquidity crisis and group insolvency avoided. Businesses stabilised with loss-making parts wound-down in an orderly manner. Top line and margin improvements realised and product offering revamped to lead the market in new technology adaptation

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