Specialist recruitment company project completed

Mark Russell

Icknield has just completed a 7 month project working with a £35m turnover specialist recruitment company. At the start of the project the client had a distressed cash position with breaches of its financing facilities. It was subsequently discovered there were other creditor issues resulting in a total funding gap of c £4m and contingent liabilities from a connected company of £1.5m.  Mark Russell took charge of managing/forecasting cash throughout the project and assisted management in developing a plan to get through its cash issues and in reaching agreements with its major creditors. In addition Mark took the lead for the client by achieving a solvent sale of the connected company which also had cash and creditor issues putting the recovery plan at risk.  As part of the sale agreement all liabilities guaranteed by the company were removed. At the end of the project the client was meeting its forecasts and half way through payment plans to clear creditor backlog.  Email Icknield

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