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TAIGA was introduced to a loss making business with low volumes, high costs and a dysfunctional board with cash pressure as a consequence.
A small TAIGA team Introduced cash management support whilst established a plan for turnaround. This incorporated strengthening sales & CRM, reducing overhead costs and developing new products. Supported the sale of the Company to an investor.
TAIGA was engaged with the a remit to restructure and turn around a loss making business. Additional losses quickly appeared from WIP & loss-making contracts creating a corresponding cash hole.
TAIGA delivered a detailed Diagnostic review followed by creation of recovery plan incorporating exit of loss-making businesses, downsizing and increased control. Utilising plan the Company was sold to Kier plc. Secured lender recovered 100% of funds.
Loss making business operating with one large underperfoming contract, limited financial information, a range of corporate governance issues, no plan and an ever-worsening funding position which had seen debt rise substantially over the recent past.
Provide a diagnostic review to the business and then work with management to improve cash management techniques, build a 3 year recovery plan including significant financial restructuring, improve corporate governance and management information systems whilst also increasing accountability, targets and responsibilities to the wider team. Operational improvements and management team strengthening will form a key component of the plan.
Loss making operations after supplier failiure in 2013 with very tight cash management required . overtrading for last couple of years. Company had lost key funder (Barclays) support and needed refunding. Company had also focused on front office only and finance/operations needed restructuring
Developed cash forecast for business as well as bringing finance department back up to date and sufficiently resourced. Addressed management communication and short term planning. Developped presentation for potential funders and met with 7 banks. funding reviewed and new lender brought in to support business into next stage of development and key autumn trading period