Company news
Started in 1995 by Steve Smith, the Icknield team now comprises of four partners and a number of associates who collectively have a diverse range of skills and experience 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 employing 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.
