A long-established Group with bank borrowings of £6 million became loss making and was failing to meet bank covenants.
SamCorp’s assistance was sought and we guided the client through an independent bank review (IBR). The resultant report included a pre-condition for continued bank support on the basis that there was to be ongoing assistance from SamCorp to complete a re-organisation programme and assist with financial recovery.
SamCorp’s involvement in the two year turnaround process included:
- Detailed financial modelling of all group companies, producing forecast p&l’s, balance sheets and monthly/weekly/daily cashflows
- Re-organisation/restructuring programme to significantly reduce costs
- Marketing for sale the contracted office equipment service base of a major trading division
- Completing the sale to a portfolio company of Matrix Private Equity Partners, for a figure close to £4m
The owner of the company says:
“SamCorp proved to be worth their weight in gold in dealing with numerous situations that came up and ones that we had never faced in more than 25 years of trading. Quite simply they were a knight in shining armour and, were it not for their constant belief and support, we would not be here today.”