Case Studies

Read about some of our work that we have recently completed.

Business Transformation


A long-established security printing company with a high-profile brand in the UK print industry. With annual revenues around £60m and located across 3 UK sites, the business had market leading positions in various markets. Unfortunately, the sales and EBITDA growth forecast in the original Information Memorandum had not been achieved. The business suffered from a highly seasonal demand and an associated high cost base in its largest site. Failure to deal with its cost issues had accelerated the decline in sales and profitability due to a general lack of competitiveness in its declining markets.

Further, the decline in equity valuations had significantly increased the deficit of the company pension scheme.

The Solution

Management and personnel changes

  • A new senior management team was recruited to bring in skills to drive a change programme covering operations cost reduction, outsourcing and financial planning including mitigation of pension liabilities.

Cost Reduction Programme

  • Reduced the workforce by100 and simultaneously renegotiated purchase pricing to deliver a cost reduction of £4m in year 1.

Strategy and Business Planning

  • Developed and presented a re-structuring programme to the main board in USA which included site rationalisation to reduce overhead cost and an outsourcing strategy to eliminate seasonality and its associated direct cost. The plan was forecast to increase EBIT from £2.6m in 2006 to £10m in 2010 with a cash neutral project cost.

Cash Flow Management

  • Negotiated a revised payment plan with pension trustees to give a 14-year repayment period which was accepted by the Regulator.
  • Negotiated asset-based funding to provide adequate working capital, pension contributions and headroom to implement the transformation project.

Because of the above programme, we successfully worked with existing shareholders and professional advisers to sell the business to a private equity house leaving the business in better suited ownership.

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