Responsible for the Accounting, Controls, Financial Planning and Analysis, Tax and Cash Flow Management. Joined soon after private equity purchase of this £550m-turnover furniture retailer with 200 stores across the UK. Responsible for 5 directs and a team of 54 across two sites to support the seven legal entities.
•Recovered £22m in Sep ’08 from the vendors of the company in an out-of-court settlement by recruiting and leading a team of five qualified contractors for three months to reconcile the balance sheet which had not been done in the preceding 15 months. Through this process, identified misstatement of acquisition balance sheet leading to claims against vendor amounting to over 50% of value of net assets purchased. This enabled investors to exit with all the equity invested.
• Reduced finance team cost by £1.5m. Restructured the team of 54 and re-engineered period-end process to shorten reporting timescales from 10 days to 5; increased outputs at month-end and reduced headcount to 32.
• Enabled the company to carry on trading for an extra two months by managing cash flow through challenging period.
• Reduced expenditure of cash out of store tills from £5.8m to zero. This reduced expenditure as well as eliminating untaxed payments to employees. This was part of a program I initiated to overhaul financial controls and procedures across the business.
• No audit adjustments were recommended by the auditors after first full year in role and second audit demonstrating the improvements in the quality and accuracy of the accounting. This compares with £58m of adjustments a year earlier, immediately after arrival.
• Selected and implemented budgeting software which enabled the business to deliver budget to investors to tight deadline.