BBML have had the opportunity to work with a large variety of clients over the years, working on projects as diverse as refinancing to the selection of a new managing director for a client. Below are a sample of some of the projects that have been worked on and the contribution that BBML has made to those clients.
BBML were brought in to support the Chief Executive in an environment where controls, governance, planning, budgeting and forecasting had broken down.
The project was initially to review business strategy, in order to secure a long term future for the organisation and to reintroduce a governance framework to provide a firm base for taking the business forward. A business plan was put in place and regular management information was produced to replace what had been a haphazard finance and reporting regime. Regular reviews with business managers and directors were implemented.As part of the strategic review a need to rebase the business was identified, leading to a search for a collaboration partner. After an intensive search a number of options were assessed leading to the successful merger with another like minded but larger organisation. Through the implementation of a robust controlled business framework and detailed negotiations the long term future of this business was secured.
Vehicle leasing business
This business had suffered a major accounting error leading to the qualification of their statutory accounts. Linked with significant control issues, a lack of understanding of the profitability of various business streams, and a greater than 50% error rate in the asset information the sale of this business by its parent company was floundering.
The first task was to use the BBML business survey tool to carry out a review of the business and build an action plan to address the fundamental issues facing the business. Controls were established, the asset data integrity and systems weaknesses addressed to provide the platform to make decisions on the future of the company.Debtors were significantly reduced through addressing customer issues, data and invoicing problems and a profitability review of the business streams was carried out, showing that areas of the business previously thought profitable were actually loss makers.
Working closely with the legal advisers and Merchant Bank, intensive negotiations brought the sale process back on track, leading to the successful sale of the business and BBML’s involvement reduced potential warranty claims to the minimum.
After too many years of being run as a lifestyle business, not facing the fact that the major customer would no longer tolerate high prices, the business was loss making, facing the impact of a major pension fund deficit and it was in need of a significant cash injection.
Working with the lead Turnaround adviser BBML produced revised forecasts and management information to reflect the restructuring plan for the business in order to secure the continued support of the business bankers. In addition new backers injected £6.5m into the business and the defined benefit pension scheme was moved to the pension protection fund.Educating the finance and management teams and producing reliable information showing the performance of the various business streams, this assignment shows the value of reliable, robust and fit for the purpose management information. Like so many privately owned business there needs to be a cascade of information and building of management teams that can work successfully together once they are given the right tools for the job.
Garment importer and manufacturer
This traditional M&S supplier was experiencing severe cashflow difficulties and was in the process of a business review with the objective of raising new sources of finance.
As support to the Turnaround Managing Director, BBML were brought in to quickly review the true state of the business.
Immediately it became obvious that the business was beyond saving in its existing form, and working with a top four corporate finance team parts of the business were sold prior to the business going into administration.Using BBML’s proven approach we were able to manage the existing finance team and drill into the true extent of the business losses which had been hidden by the management of the business from shareholders and other stakeholders. Having to communicate the message to customers, suppliers, the workforce and trade unions, BBML again proved its strength in dealing with businesses in a critical state.
Utility connections provider
This company was facing potential losses amounting to 45% of its turnover due to changes in the pricing mechanism with its major customer.
Using their business survey approach, BBML carried out a complete review of the operation of the business, concentrating on four main areas – Finance, IT, the multitude of projects being undertaken and the business in general. A plan was established to reduce senior management by 60% and staff by 30% to help redress the profitability shortfall. Linked with pricing negotiations, establishment of controls and business processing guidelines, plans to plug the majority of the profit were put in place.