Icknield is a UK based team that has been providing practical hands-on support to troubled and under performing companies on an international basis since 1995.

Our services focus on the stabilisation and restructuring phases of corporate recovery projects.

Icknield is based in the UK near Cambridge and was formed in 1995 by Steve Smith to provide both advisory and hands-on practical help for troubled companies focusing initially on cash flow management. 

The way we work

Our services are often the difference between the survival and the failure of an organisation, so it is essential for us to work inside the client organisation alongside the existing company personnel. Consequently, for the duration of projects, members of the Icknield team usually assume some executive responsibilities. Engagements are with the client organisation, but the Icknield team works closely with all stakeholders and their advisors.

Led by Steve Smith, the Icknield team are qualified accountants and other professionals whose experience has been gained in executive roles in industrial/commercial organisations. Currently there are 8 professionals in the Icknield team who all operate as independent executives.

Steve Smith (chartered management accountant, fellow of the Association of Corporate Treasurers and member of the Institute for Turnaround) works with medium and large sized UK/European international groups assuming executive roles during stabilisation and restructuring phases of turnaround projects in public and private companies.

Peter Crawley (qualified accountant and experienced businessman) has worked on a variety of Icknield projects since 1999, generally taking executive responsibility for finance for the duration of assignments, managing cash flow in difficult circumstances and contributing to all aspects of the stabilisation/ restructuring projects.

Bryan Atkinson (chartered management accountant) has extensive experience of interim FD/controller positions and advising SMEs. Bryan specialises in management information, financial control and has experience of managing company wind downs.

Dorothy Szulc (chartered management accountant) has group financial experience in a wide range of UK based organisations including FTSE100 companies and SMEs. Dorothy specialises in cash flow management, financial control, management accounting and financial modelling.

David Lightowler (chartered accountant) has significant experience both as a director and consultant in general operations, acquisitions and disposals, cost reduction programmes, cash control, fund raising and turnaround management.

Shahin Gulamali (chartered accountant, member of the Institute for Turnaround) has worked in PWC's Business Regeneration Services and has been an independent executive for 8 years. Shahin has carried out consultancy roles in business planning, operational restructuring, turnaround, cash management and credit control for UK based, private SMEs.

Jaco van Niekerk is now living in the UK but qualified as a Chartered Accountant with PWC in South Africa. After leaving PWC, Jaco held a corporate controller role in Amsterdam and has subsequently spent the past 4 years in a variety of interim and project roles including several cash management positions.

Ran Oren has spent the past 7 years in CFO roles in the UK after qualifying as an accountant with Deloitte & Touche in Israel. Ran’s roles have focused on crisis management, cash management, fund raising, cost control and financial restructuring.

Specialised Cash Flow Management

We provide services covering all aspects of cash flow management, including:-

- Implementing cash forecasting systems and procedures
- Hands on management of cash flow crises
- Negotiations with banks, shareholders, customers, suppliers and other stakeholders
- Identifiying the potential and delivering improvements in working capital
- Creating cash flow plans to ensure survival during stabilisation and restructuring phases of turnaround projects

Cash management projects are often combined with assuming responsibility for managing lender relationships including negotiations and documentation issues.

Projects are undertaken on a team basis alongside existing company personnel so that at the end of the assignment the company has a trained resource as well as cash management systems and reporting.


Corporate Recovery

Icknield has years of experience of the practical aspects of corporate recovery. When a company hits troubled times it needs good professional advice and needs to be able to act on that advice. Frequently a company in these circumstances will not have sufficient experienced resource available internally. Icknield can solve this problem by managing the stabilisation and restructuring phases of the corporate recovery process on the company's behalf.


Interim Management

When companies hit problems, management teams are stretched and often turn to advisors for help. However, this does not help the management team cope with the additional workload. Icknield can cover the extra roles required and if necessary assume senior interim roles at short notice. Typically these roles are CRO, CEO, COO or CFO and last until restructuring is achieved and/or permanent executives are appointed.

Below is a selection of projects since 2008

Listed professional services group

On-going project with £100m turnover group with offices across the UK

Roles:

- Interim FD
- Cash Management

Key Achievements:

- Interim refinancing achieved

Current status: On-going project

Listed UK headquartered manufacturer and distributer of branded healthcare products

On-going project with AIM listed £35m turnover group with UK manufacturing and distribution, plus Italian sales subsidiary. At the start of the project the group's shares were suspended and it forecast a funding gap.

Roles:

- Cash management
- Interim FD

Key achievements:

- Expected additional funding need avoided through active cash management
- Debt reduced through disposal proceeds and working capital reduction
- Share suspension lifted

Current status: On-going project

Listed UK bar and restaurant operator

Two month project with £130m turnover group with bar/restaurant operations in England and Scotland.
At the start of the project, the group was facing a cash crisis within weeks

Roles:

- CRO
- Cash management
- Landlord negotiations

Key achievements:

- Restructuring completed
- Need for new money avoided, pre restructuring
- Total funding requirement reduced


Current status: Restructuring complete; group trading profitably in a difficult sector

Quoted UK based international aggregates group

5 month project with £250m turnover group with operations in the UK, US and Poland. At the start of the project the group's share price had collapsed to minimal levels and it was expected to run out of cash within weeks.

Roles:

- CRO and main board director
- Cash management

Key achievements:

- Cash flow managed to avoid "new money" need for the whole 5 month project
- UK cash flow negative business restructured and now cash positive
- US business separated to a stand alone basis and steered into Chapter 11 to achieve a restructuring

Current status: Continuing NED role in restructured group which is trading profitably in challenging market conditions.

Quoted UK bar/restaurant group

10 month project with £25m turnover group with operations principally based in London. The project started following the unplanned departure of the FD.

Roles:

- FD and director of all group companies
- Interim management in finance function
- Acted in CRO capacity to achieve going concern sale of profitable sites

Key achievements:

- Cash flow managed to minimise new funding requirement
- Revised banking facilities implemented
- Sale of profitable sites achieved

Current status: Core business now trading profitably under new ownership.

Private equity owned UK manufacturer of luxury boats

Nine month project with £150m turnover group. At the start of the project the group was facing a serious decline in sales and had a substantial funding gap.

Roles:

- Cash management

Key achievements:

- Cash forecast developed to minimise the funding gap
- Recovery plan develoiped with stakeholders and advisers
- Cash managed to forecast throughout the project

Current status: Business now trading cash positively following downsizing.

Privately held food manufacturing group

£150m turnover group with food manufacturing facilities in England and Poland.

Roles:

-Cash management

Key achievements:

-Working capital initiatives identified and in process of implementation

Current status: Restructuring complete, group trading profitably.

Listed UK multi-channel retailer

Three month project with £600m turnover group with operations, principally based in northern England.

Roles:

- Cash management

Key achievements:

- Cash management systems installed
- Cash position managed pre equity raising

Current status: Group trading positively in challenging market conditions

Examples of other projects in 2008 and 2009

- Equity fundraising for AIM listed group with European operations
- Interim FD and cash management roles for £40m turnover UK listed services group
- Cash management role in private equity owned £250m turnover hospitals group
- Working capital reduction in listed £250m turnover services group
- Debt terms renegotiation for £80m turnover private equity owned telecoms services group