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Specialist cash flow management and corporate restructuring services
We provide practical, hands-on support to troubled and under performing companies both in the UK and throughout Europe.
We work to stabilise and restructure businesses, developing and implementing solutions to ensure their survival through difficult times and their journey to a profitable future.
Icknield's origins, and your path to success
The name "Icknield" originates from the Icknield Way, a prehistoric pathway stretching from Ivinghoe Beacon in Buckinghamshire to Knettishall Heath in Norfolk and passing through Royston, where the company began. It is one of the oldest roads in Britain, and was considered ancient even when the Romans began using it.
Icknield can be your path to success as we work with you initially on cash flow management and recovery plans, then on restructuring and turnaround leading to an improving and profitable future.
About us
Icknield operates from its London office, 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 team has subsequently grown to four partners, and a number of associates
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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 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, and our primary duty of care is to our clients, but we work closely with all stakeholders and their advisors to develop solutions that will deliver a better future for the client.
News
January 2012 Newsletter
2012 was a busy and exciting year for Icknield and we are looking forward to helping even more businesses in 2012.
Some of the highlights of 20122 included:
- During the year, the Icknield team worked on a total of 12 different projects, with total turnovers of £600m. The sectors included restaurants, hotels, manufacturing, financial services, oil and gas. Seven of these projects continue into 2012.
- Steve Smith and Shahin Gulamali both became Institute for Turnaround practicing certificate holders
- In August the Icknield team were joined by a new Associate, Mike Simpson, who is a qualified accountant and experienced SME troubleshooter.
- Shahin was a finalist at the Insolvency & Rescue Awards 2011 in the category 'Turnaround Practitioner of the Year'.
- In November we celebrated the 1st anniversary of the opening of our London office in Hatton Garden. This has become a great base for the team.
For further news from the January newsletter please click the link on the right.
Some of the Projects we worked on in 2011
Successful sale of a Restaurant portfolio
Steve Smith became a non-executive director of a bank owned, loss making and heavily indebted restaurant group earlier this year, taking on the chairman role from late July. A twin strategy was implemented to explore teh sale of the group and a cost reduction programme to create a viable on-going business. In November the sale of the majority of the restaurants was agreed securing the jobs of 500 employees.
Turnaround plan for an FSA registered business
David Lightowler is continuing to work through a turnaround plan for a niche property development funder witha continuous need to carefully manage cash flows. This project has involved sensitive negotiations with the FSA to support continued trading.
Other Icknield Projects
Shahin Gulamali has been helping a distressed leisure resort in continental Europe to develop a plan to eliminate losses and achieve a cash breakeven position in 2012. The resort is a long commute from London but a great location when you get there.
Ran has recently been appointed as a director of a construction business and continues to be on the board of a natural healthcare group.
Jaco has worked on several distressed cash and creditor management roles including a large hotel group which has featured in the press. We expect a lot more of these cash and creditor management roles in 2012.
Mike Simpson has been working with a business based in Scotland helping them improve working capital tied up in the business. The project was successfully completed before Christmas with teh Company's UK overdue receivables having been reduced by 50%.
Outlook for 2012
With the current economic climate we expect an increase in the requirement for cash management roles in 2012. We also anticipate that SME's will be an area of increased turnaround for us in the next 12 months.
May 2011 Newsletter
Company news
Started in 1995 by Steve Smith, the Icknield team now comrises four partners and a number of Associates who collectively have a diverse range of skills and expeirence in cash management, corporate restructuring and interim executive and non-executive roles. In November 2010 the company opened its London Office in Hatton Garden.
Current Icknield projects
Since November, Icknield has been busy on eight separate assignments across a range of industry sectors. David Lightowler is working with an FSA regulated group as interim finance manager, Ran Oren is continuing with the restructuring of a branded healthcare products company, Steve Smith has been busy assisting a quoted technology group with fundign issues and has recently taken on a new non-executive role in the hospitality sector. Jaco van Niekerk is providing cash management services to a hotel group. Other projects that the team have been involved with in 2011 are mentioned later in the newsletter.
Successful Icknield cash management and restructuring project of a high street jeweler
In December Icknield was appointed by Gordon Brothers to provide specialist cash management services to a £25 million turnover high street jewellery retailer with 78 stores. Shahin Gulamali quickly identified the potential opportunity for the business to be restructured into a profitable on-going entity. Steve Smith and Shahin Gulamali advised Gordon Brothers on a proposed restructuring plan which was approved, and Jaco van Niekerk and Ran Oren of Icknield produced a business plan and provided transitional business and operational support. Following succesful lease negotiations with landlords and a restructuring process, the Company was restructured in February and is now trading profitably again with 52 stores employg 329 staff.
Malcolm MacAulay Chief Operating Officer of Gordon Brothers:
"We are delighted that we have been able to restructure the business. The new, smaller business is not only finacially viable but will also move forward on a more positive footing."Through landlord support and reduced rent levels we have been able to protect 329 jobs acros the 52 stores that will give the business an opportunity for a brighter commercial future".
Rescue and going concern sale of equipment rental business
Jaco van Niekerk worked with the client Company's management team to significantly improve liquidity headroom, enabling the loss making company to be sold on a going concern basis within three months. This was achieved through Jaco's control and management of working capital to alow the Company to continue trading while sale negotiations took place.
The team
Led by Steve Smith, the Icknield team are qualified accountants and other professionals whose previous experience has been gained in executive roles in industrial/commercial organisations and other senior roles in the accounting profession. Currently there are 9 professionals in the Icknield team who all operate as independent executives.
Partners
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Partner |
Steve (chartered management accountant, fellow of the Association of Corporate Treasurers and member of the Institute for Turnaround) works with medium and large UK companies and international groups assuming executive roles during stabilisation and restructuring phases of turnaround projects in public and private companies. |
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Partner |
Shahin (chartered accountant, member of the Institute for Turnaround) has worked in PWC's Business Regeneration Services and has been an independent executive for 10 years. Shahin's consultancy roles have involved business planning, operational and management restructuring, cash flow management and finance raising. Shahin has worked in the UK and Europe for private SMEs, plcs and not for profit organisations. |
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Partner |
Ran has spent the past 8 years in CFO roles in the UK after qualifying as an accountant with Deloitte & Touche in Israel. Ran's roles have focused on cash management, fund raising, cost control and financial restructuring. |
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Jaco van Niekerk |
Jaco qualified as a CA(SA) with PricewaterhouseCoopers in South Africa, and also qualified as an ACA. Jaco held a Corporate Controllers role in Amsterdam and spent the past 5 years in the UK in a variety of interim project roles including several distressed cash management positions. |
Associates
Associate |
David (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. |
Associate |
Dorothy (chartered management accountant) has group financial experience in a wide range of UK based organisations including FTSE100 companies and SMEs. Dorothy specialises in cash management, financial control, management accounting and financial modelling. |
Associate |
Bryan (chartered management accountant) has extensive experience of interim FD/controller positions and advising SMEs. Bryan specialises in management information, financial control and managing company wind downs. |
Associate |
Victoria (chartered accountant) qualified with KPMG before undertaking public and private FD roles. Victoria specialises in cash management, interim FD roles and project management. |
Associate |
Mike (certified accountant) has undertaken a variety of "fix-it" roles mainly in SME's but also in an international group. Following an earlier career in finance and MD roles, Mike now specialises in cash management and turnaround projects. |
Services
Specialised cash management and hands on working capital improvement
In a distressed corporate environment, the window of opportunity to find an optimum solution for all stakeholders is increased by hands-on cash management, forecasting, monitoring and working capital improvement. In addition, any new funding required can usually be reduced through active cash management. Our services are tailored to ensure a complete improved solution. They cover 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
- Creating visibility for the client and its stakeholders
Turnaround Plans
Icknield will develop a turnaround plan,
agree the plan with stakeholders and help implement the changes needed for the plan to succeed.
Corporate Restructuring
Icknield has years of experience of the practical aspects of corporate restructuring. 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 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, Chairman, CEO, COO or CFO and last until restructuring is achieved and/or permanent executives are appointed.
Sectors
Icknield has operated in a wide range of sectors as summarised below:
Manufacturing |
Precision engineering Retail Professional services Pharmaceuticals Leisure Bars and restaurants Aggregates |
Icknield operates internationally and has worked on projects in various countries: | |
| Geographical spread of clients: | Other countries we have worked in for clients: |
| UK Denmark France Netherlands Portugal Spain Switzerland |
Belgium Canada China Germany Italy Poland USA |
Who we work with
| Public companies | Funding types | |
| - UK based fully listed - AIM listed - European listed |
- Single banked - Syndicated - ABL funded - Multifunded groups |
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| Private companies | Location | |
- Private equity owned |
- United Kingdom - Europe - Projects elsewhere undertaken where we can add value |
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| Location | ||
| - United Kingdom - Europe - Projects elsewhere undertaken where we can add value |
Recent Projects
Bank owned restaurant group
On-going project with £35m turnover UK restaurant group. At the start of the project the group was substantially over indebted, unprofitable and facing significant new money needs.
Role - Chairman.
Current status: Restructuring propsals being developed.
Privately owned hotel group
On-going project with substantial UK hotel group.
Role - cash management.
Key achievements:
- New money need managed down to acceptable levels.
- Supplier changes achieved despite adverse credit conditions.
International privately owned manufacturing group
UK headquartered manufacturer and distributer of branded healthcare products
On-going project with AIM de-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:
- Share suspension lifted
- Expected additional funding need avoided through active cash management
- Dept reduced through disposal proceeds and working capital reduction
- Refinanced
- Delisted to complete turnaround in non public arena
Current status: On-going project.
Recent Projects
Privately owned retail chain
Completed project with £25m turnover loss making retail chain with stores around the UK.
Roles:
- Cash management
- Restructuring
Key achivements:
.- Restructured business to achieve a profitable operation.
Current status: Restructuring completed.
Listed professional services group
8 month project iwth £100m turnover group with offices across the UK.
Roles:
- Interim FD & main board director
- Cash management
Key achievements:
- Interim refinancing
- Going concern sales of all business units securing c. 90% of the jobs
Current status: Sold.
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.
Listed 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
- Financial lease terms renegotiated
- UK cash flow negative business restructured and now cash positive
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US business separated to stand alone basis and steered into Chapter 11 to achieve a restructuring
Current status: Restructured group trading profitably and has attracted a substantial equity injection from new owners.
Listed 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.
Links
Below are some websites on topics which may be useful to companies seeking turnaround/corporate recovery services.
Turnaround and corporate recovery related sites| UK society with the mission to be the principal source of the highest quality turnaround practitioners | |
| Corporate insolvency notices | |
| UK Statistics Authority | Home of official UK statistics |
| Updates on worldwide insolvency news with lots of links to regional insolvency associates |
| BBA | Historic LIBOR rates |
| FX History @ OandA | Foreign currency exchange rate history |
| Confederation of British Industry (CBI) | CBI home page |
| Companies House | Access to record filed at Companies House |
| Institute of Directors | |
| NASDAQ | Market data with searchable database of listed companies |
| British Venture Capital Association | List all members covering most venture capital firms operating in the UK |
| The Stock Exchange | Information on listed companies from London Stock Exchange |
| HM Revenue & Customs | VAT and importing information, alongside UK tax and national insurance data and publications |
| Department for Business Innovation & Skills | Access to DTI publications |
| European Central Bank |
Contact us
Email: info@icknield.com |
Icknield 3rd Floor 63-66 Hatton Garden London EC1N 8LE |
Icknield’s London office can be found at the above address. It is situated near both Farringdon and Chancery Lane tube stations.
