Icknield News
Ran began a project to assist a nursing home group 18 months ago. Over that time he has helped them reduce costs, stabilise the business and manage their cash within their available facilities. He is now assisting them with the disposal of surplus assets to create a degeared balance sheet improving prospects for the group.
Icknield has recently completed a project for a professional services company. The work involved managing cash, creating and implementing an improvement plan and assisting with a refinancing based on the stronger trading performance we have helped deliver.
A new case study has been added to our website covering a completed project working with a company which imports and distributes products to retailers. For more information click here.
After a long and successful 47 year career including working on various Icknield projects during the past 12 years Bryan Atkinson has retired from the Icknield team. Bryan still has a part time role but is planning to spend more time with his grandchildren. We all wish him well and thank him for the valuable contribution he has made to Icknield over the years.
Interest rates
Steve continues to monitor trends in UK interest rates which show 1 year GBP LIBOR continuing to rise. For further information click here.
Where are they now?
In 2006 Icknield was approached by the private equity owner to help with a leisure group comprising Gamestec, Leisure Connections and Bell Fruit Machines.
The group was underperforming the expectations of its owners and lenders and was suffering serious liquidity issues due to negative cash flow. Icknield was appointed to take control of cash and over 9 months created visibility over cash, negotiated agreements with major creditors and tackled systems, processes and people issues which had led to a continual increase in working capital.
In less than 6 months cash flow had been stabilised and working capital had been reduced sufficiently to avoid the need for increased funding creating a stable platform for a restructuring of the group at which point Icknield’s role ended.
A longer term turnaround of the operating business continued with the Leisure Connections business ultimately being sold.
Gamestec is the largest gaming and amusement machine operator in the UK; it has changed ownership since we were involved in 2006/07 but is trading well reporting £8m EBITDA on £35m turnover in 2013.
What our clients say …
At the end of 2012 my company was facing very severe financial difficulties. We needed expert help and guidance to steer us away from liquidation. We were fortunate to appoint Ran Oren from the Icknield team. They immediately took control of the cash flows and general financial business management. They dealt with all aspects of the business, dealing with impatient creditors and in particular the Inland Revenue and the banks. They were available at any time of the day and acted quickly and efficiently to any problem that arose. They were thoughtful, patient and considerate to the Directors but with great calm and certainty they succeeded in turning the business around.
They are a very professional organisation and we would actively encourage any business with need of financial advice to enlist their help.
Owner, Healthcare business
About Icknield
Icknield’s team of business turnaround specialists assist companies through cash crises and restructuring. We understand the need to respond quickly to an urgent requirement for help and will make ourselves available at very short notice.
Our ability to quickly field an experienced turnaround executive or a team where necessary has been critical to the ultimate survival of many of our clients.
Contact Us
For further information please contact one of the team.
| Steve Smith | Ran Oren | Office |
| steve@icknield.com | ran@icknield.com | admin@icknield.com |
| +44 (0) 845 862 3750 | +44 (0) 845 862 3755 | +44 (0) 845 862 3752 |
