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.

Icknield's services focus on the stabilisation and restructuring phases of corporate recovery projects. 

About us

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

Icknield's services often make the difference between survival and failure so it is essential to work inside the client organisation alongside existing company personnel. The Icknield team assume executive responsibilities within the company for the duration of the project. Engagements are with the client organisation but Icknield works closely with all stakeholders and their advisors.

The Team

Led by Steve Smith, the Icknield team comprises qualified accountants and other professionals whose experience has been gained in executive roles in industrial/commercial organisations. Currently there are 6 professionals in the Icknield team.

Icknield is a trading name of Stephen R Smith Associates Limited
Registered in England Registration number 3056495
Registered office - Lake House, Market Hill, Royston, Herts SG8 9JN

Services

Specialised Cash Flow Management

All aspects of cash flow management services are provided including:-

• Implementing cash forecasting systems and procedures

• Hands on management of cash flow crises

• Negotiations with banks, shareholders, customers, suppliers and other stakeholders

• Identifying 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 covering day-to-day matters as well as negotiations and documentation issues.

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

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

In order to perform cash flow management and corporate recovery roles one or more of the Icknield team usually assume temporary executive positions. 

When companies hit problems, management gaps can appear that need to be filled quickly. In addition, urgent corporate and operational action is often necessary for survival and recovery. Icknield can 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.

Recent Projects

Private UK retail chain

Ongoing project since 2005 with CRO and cash management responsibility in a £160m turnover 300 store retail chain facing rapidly reducing profits.

Key achievements to date:

• Business Plan developed
• Financial restructuring completed
• Cash management systems installed

Private UK based international manufacturing group

14 month project in 2004 AND 2005 acting as CRO with a board position and responsibility for finance in a £100m turnover loss making group with substantial negative equity.

Key achievements:-

• Cash managed "flat" over an extended period until a refinancing was possible
• Financial restructuring negotiated and implemented

Current status - generating cash flow from improved trading.

10 month project in 2003 and 2004 with interim executive roles in restructuring and finance for a loss making, negative equity group undergoing an operational turnaround. The £100m turnover private equity backed group has four factories in the UK and South Africa.

Key achievements:-

• Restructuring completed, simplifying a complex capital structure
• Introduced cash management systems and avoided new money requirements until complete
• Reshaped the finance function

Current status - trading profitably despite difficult sector conditions.

Quoted International manufacturing group headquartered in Switzerland

17 month project ending mid 2003 with executive responsibility for lender liaison and cash flow management for a loss making CHF400m turnover group of 35 companies spread throughout Europe, North America and Asia. The group was financed by US noteholders, a syndicate of 20 banks and bi-lateral bank facilities.

Key achievements:-

• Installed cash management systems and trained existing personnel to operate them.
• Stabilised cash flow and gained lender confidence.
• Led working capital reduction and other cash generative programmes resulting in a 2002 CHF15m cash inflow despite a CHF142m loss.
• Led negotiations for initial debt restructuring and managed all lender documentation issues. The final restructuring stage involved CHF100m of equity from new investers, partial debt repayment and a large debt for equity swap.
• Ensured the group did not run out of cash.

Current status - group restructured and trading profitably with positive cash flow.

Private Swiss group with international manufacturing and distribution facilities

Cash management project in 2002 with a CHF1bn turnover private Switzerland based group with manufacturing and sales operations spread throughout the world. The group forecast a significant funding gap arising within 3 to 4 months.

Key achievements:-

• Installed cash management systems and trained existing personnel to use these.
• Led receivables reduction and other cash generative programmes
• Avoided running out of cash by beating the forecast year end cash position by CHF35m

Current status - Cash crisis over, trading profitably.

UK based TMT joint venture (with international interests) 50% owned by UK FTSE100 company

Appointed interim CEO in 2001 to close down a JV which was burning USD1m of cash per month.

Key achievements:-

• Achieved substantial cost reductions.
• Going concern sale completed within 4 month total project timeframe.
• Substantial savings versus closure route.

Current status - Company continues to trade in difficult sector/market conditions.

A selection of other projects:

Private UK based pharmaceutical business with European operations - appointed interim COO following loss of lender confidence.

Private Scandinavian TMT company - supplier and equity finance arranged to enable survival until cash breakeven.

Private UK cash and carry operation - led cash management programme during restructuring negotiations.

Links

Here are some websites on topics which may be useful to companies seeking turnaround/corporate recovery services. Click the company names below to visit their websites.

Contacts

Please contact us on the numbers below.

© Stephen R Smith Associates Limited 2007