Our USP

Having worked with under-performing companies we understand the dynamics of business failure and how best to respond to a financial crisis or impending difficulty. We have worked with lenders and investors in situations of under-performance where a business is significantly off-plan and consequently understand the approach needed by a company to maintain stakeholder support.

We are aware that many companies do not have the skills that are necessary to respond to under-performance and to plan a turnaround. We recognise that many organisations have been unable to access the leading best practice methodologies that they need and have been unable to afford the fees demanded by much bigger firms. Similarly our experience of interim accountants is that few have the focus and experience necessary to effectively assist an under-performing company.

Although most of our work is in connection with under-performing companies and we consider ourselves to be turnaround specialists, our skills have broader application especially in an uncertain economic climate. Specifically our first hand understanding of what drives failure means that we are well-qualified to provide hands-on and advisory solutions to manage risk and safeguard value. Accordingly we also work with many ‘healthier’ companies and provide bespoke due diligence review services for lenders and investors.

In each situation we ask the right questions to improve the financial clarity, control and planning in a business and we have a practical approach with the objective of delivering clear opinions, recommendations and improvements.

There are a number of key advantages to be derived from working with us

• We offer considerable hands-on experience derived from a large number of assignments of different size and complexity across a broad range of industry sectors.

• Our Big Four training and background allows us to deliver best practice solutions with corresponding standards of delivery.

• We can provide considerable cost advantages and the fact that we are used to working to tight deadlines means that we are time efficient.

• Between us we can provide a tailored solution matching key skills to a specific need.

• We provide a flexible and responsive service

• Unlike larger firms we do not rely upon more junior staff to undertake fieldwork.

• We have a defined approach to quality control with peer review of all reports and recommendations.

• We do not have a conflict of interest to sell other services or seek insolvency appointments.

• We do not seek equity participation and our fees are entirely time based.

• Last but not least we have pride in our work – it is our reputations that are at stake and we are only as good as our last project.
  

Although based in the north of England we undertake assignments across the UK and western Europe. We work closely with a selected number of Big Four trained accountants across the country who have a similar background to ourselves. This enhances our resource offering and means that we have greater capability to respond to more complex or time critical situations where necessary.

We can help you optimise financial management

We have had considerable experience working with a wide variety of businesses of different size and in different sectors. We have seen first hand how weaknesses in financial management can compromise business performance. Some examples of what we have heard and seen:

Financial Times 19 January 2011
Luke Johnson 19 January, 2011

Beware: everyone is a turnaround ‘expert’ these days

Every week we receive CVs from people wanting to get involved with turnaround work. Many have limited or questionable turnaround experience and the majority can be described as accidental turnaround managers. The following is an extract from an email received in March, 2009:

I recently attended a conference to understand how I can enter the Turnaround sector in order to extend my interim services… I appreciate in the current climate that Turnaround work is a fashionable choice to be making…

We are painfully aware that there is an enormous range in ability among interim managers and an even greater gulf among those who seek to describe themselves as turnaround managers. Whilst we are sympathetic with people who have had an involuntary change in circumstances we need to be objective. Our response to those who consider turnaround to be a topical option is that with so much at stake in a turnaround process no stakeholder can afford a novice to be involved. Put simply, an effective response to situations of under-performance requires specialist skills and support.

Of course someone can attend a conference or a seminar about turnaround issues but that doesn’t mean that they will have practical experience of what is needed to maintain stakeholder confidence and to drive a successful turnaround.

If your company needs external support to achieve a turnaround then you need someone who will hit the ground running. An under-performing company cannot afford its turnaround programme to be a dress rehearsal. Above all, you can’t afford to take a chance by providing someone with a learning opportunity.

In a turnaround situation, time is critical. So too is the quality of your support.

NB The only organisation in the UK that has a formal accreditation process for people wishing to get involved in turnaround, or indeed to describe themselves as turnaround managers, is the Institute for Turnaround. The IfT is supported by the major clearing banks and private equity investors as well as the Big Four accountancy firms which we would consider to be a notable quality endorsement in itself. Membership of the IfT is not based simply upon writing a cheque or attending a day course and members are required to demonstrate practical experience of turnaround and comply with standards of conduct. Not surprisingly it isn’t a mass membership organisation.