Icknield News
2015 has started strongly for Icknield with 5 new projects encompassing a wide variety of industry sectors. We are also still working on a number of projects which began earlier. This is a great start to Icknield’s 20th year working with underperforming companies.
New projects in 2015 Retail Sector
In January, Icknield began working with a £100 million turnover retail group facing challenges after weaker than expected trading during 2014. Steve Smith has been working alongside the management team which is implementing a turnaround of the business including a major shift in focus to accelerate its on-line growth and move away from smaller under-performing high street locations.
Distribution
Icknield has been providing cash and working capital management services to a £400 million turnover, UK based, distribution group of companies. The group is heavily loss-making but we were able to keep the business operating for 2 months while a suitable buyer was sought. Ultimately a solvent solution could not be found and part of the group was placed into administration. Ran is continuing to work with other parts of the group in the UK and Europe ahead of a sale of these businesses.
Logistics
Icknield has been providing cash management services and developing financial projections for a £20 million turnover logistics services supplier. The UK based company provides fleet management services for commercial fleets. Shortly after our engagement, the Company’s bank facilities were revised to better align them to its working capital facilities. The Icknield team on this project are Ran Oren and Mark Russell.
Manufacturing
In March, Icknield began working with a £40 million turnover specialist manufacturer supplying the UK retail industry. The project involves helping the company to improve its working capital by an inventory reduction programme and improving inventory management going forward. The Icknield team is made up of Steve Smith, Dorothy Szulc and Cy Grisley, a manufacturing specialist who has worked with Icknield on a number of projects. The initial phase of the project to assess the scale of the potential reduction in inventory is complete and phase 2 (implementation) has recently started.
Shipping
Icknield has been asked to produce short term cash forecasts and financial projections for a £50 million turnover shipping company which is financed through asset based lending. The Icknield team are Ran Oren and Mark Russell.
Successful AIM relisting – Eco City Vehicles PLCIcknield has been working with the company for 2 years helping them to eliminate losses, sell underperforming businesses and restructure with Ran Oren leading the project. In October 2014 the company’s shares were suspended on AIM. As a result of a successful refinancing and capital restructuring in February, the share suspension was lifted in March. Icknield is particularly pleased that ECV will have a new lease of life as only a small proportion of suspended AIM companies manage to lift the share suspension and return to trade. Ran remains a director of the company. |
Where are they now? An update…In our Q1 2014 Newsletter we featured Allergy Therapeutics plc, a company Steve Smith has worked with since 2000. The company has recently completed a £20 million equity fund raising to fund its clinical development programme in the US. Steve remains a non-executive director of Allergy Therapeutics.
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