Area Review recommended this GFE college should remain “stand alone” but to embrace the principles of “fresh start”. Against the backdrop of a very fragile cash position, a complete overhaul of the senior management team and a refresh of the Board, the need for a successful application for significant restructuring support was critical to securing the future position.
Two General Further Education (GFE) colleges both affected by funding cuts and sector reforms received Area Review recommendations to merge. This was a complex situation requiring a high level of financial restructuring support across a diverse stakeholder group, and within a tight TU application timetable.
Merger of a debt burdened General Further Education (GFE) college and a Sixth Form college to create a c£28m organisation. Colleges were complying with Area Based Review recommendations, but in the quest to achieve long term sustainability, many challenges had to be overcome.
Two financially challenged colleges worked with De Novo Advisory to create a successful application to the TU, securing restructuring funds to support the merger, and also retaining Bank support. De Novo’s constructive challenge and advice enabled management to make sound decisions around forward commitments, and gave clarity for the future direction for the merged entity.
Controlled wind-down of a Midlands legal firm in crisis. Performance had been severely affected by sector reforms and economic pressures resulting in significant losses, insufficient cash and inadequate financial resource. The cash position was quickly stabilised, and the forward position monitored, while all viable options were fully explored.