Our professionals have a wealth of experience in manufacturing companies, with many of the team having held management positions in a range of engineering and manufacturing companies. Positions held range from shop floor management, manufacturing control and systems to marketing, strategic development, M&A and CEO roles. There are many professional consultancies that have financial expertise, but having “been there and done it” gives our team the edge in gaining the confidence of client personnel and the experience to drive solutions in distressed and underperforming businesses.
From the moment of engagement, we analyse problems and start improving performance. We consult, identify and act. We do not write voluminous reports. We seek quick wins in distress for immediate impact on liquidity but are mindful of the overriding objectives. From a position of stability, we help plot a strategy and business plan and work with client management to execute. We do not overstay our welcome. Once the turnaround and restructuring has been set, we withdraw at a pace commensurate with continued success. We may stay as part-time advisors as in TSL Group, where, following the turnaround, we continued to advise in integration and growth. Or as in BioTek, where, following the initial achievement of positive EBITDA, we continued as advisors whilst a more permanent management team was appointed. Or in Clark Material Handling Europe, where, having brought production and cash flow under control, we stayed to advise whilst the parent company was sold.
There are times when a viable company is struggling to achieve clarity in a troubled group. In Interfas a French printer of labels and speciality documents,. opportunities were being missed due to lack of support, direction and understanding from the parent company. What was an orphan in a troubled company was given a new lease of life through strategic clarity and is today a market leader. Sometimes a company just needs release from a troubled parent, as in Cambridge Lee, a stockholder of copper tubes. Arranging an MBO to management relieved the parent company of a perceived problem and allowed the local management to realise the business potential.
Our experience in manufacturing is complementary to a client’s team skills. We bring a knowledge of improvement and turnaround skills and our experience in manufacturing industries to our clients’ product knowledge and customer relationships. Working together, we have avoided distress, preserved value and set a course for recovery in many manufacturing businesses.
Notes, insights and reflections from Matthew, one of our directors and turnaround experts, as he works with companies during Lockdown.