Project TEP

Long standing OMB operating as a sub contract training provider for colleges. Mounting cashflow problems and stakeholder concern led to the need for urgent professional help.

Summary 

Long standing OMB operating as a sub contract training provider for colleges.  Mounting cashflow problems and stakeholder concern led to the need for urgent professional help.

Challenges 

  • Company directly impacted by significant changes in the FE sector
  • Its own college customers had massive funding problems to address, and there was a domino affect
  • No quick sector fix, but an immediate cashflow issue needed resolving to avoid insolvency

How we helped 

  • Worked quickly alongside management and incumbent advisors to assess problem
  • Came up with options to manage the problem
  • Agreed a short term route forwards
  • Engaged with stakeholders, notably HMRC
  • Advised on contingency planning and gave insolvency advice

Results

  • Secured a time to pay (TTP) agreement with HMRC
  • Company had a breathing space to finalise a longer term solution
  • Refinancing ensued
  • Additional management resource introduced

Benefits at a Glance 

  • Long established company survived
  • Rapid and constructive advice delivered solution
  • Stakeholder confidence being rebuilt

 

Thanks to guests from the Midlands turnaround & restructuring community for lively debate at IFT’s Corporate Partn… https://t.co/Oa1bEfqswq