Tim Bolot (TD), Rob Stafford (COO), Oct 06 – Dec 07

• A professional services firm supplying the UK construction market
• In FY 2005/06 turnover of £6m. 200 Employees. Overdraft of £1.3m from parent
• EBITDA loss of £0.5 m Historically loss making for 5 years prior to Bolt Partners involvement
• Weak business development processes and insufficient rigour around new business acceptance (margin ; opportunity cost)
• Lack of management accountability and weak reporting lines
• Weak credibility with shareholders
• Timothy Bolot; Rob Stafford of Bolt Partners retained October 2006 at instigation of shareholder. Objectives: (i) To develop recovery plan (ii) To commence delivery of plan

Developed and implemented turnaround plan for the business. Key elements:

Stabilisation – developed weekly reporting tool and implemented weekly management meetings to establish accountability and drive improvement in key metrics. Key measures:

• Cashflow
• Working capital
• Chargeability
• New win margins

Key Strategic Initiatives – focused on 3 large scale strategic turnaround initiatives to “rebase” business

• Organisational restructuring to lower non-productive to productive staff ratio
• Implemented new business acceptance process with higher margin targets and enforcement
• New business development process to drive revenue growth (through increased pricing and volume growth) – more strategic approach

Significant improvement in trading result and cashflows. Margins increased by 50%. EBITDA increased by £1.5m in first year and top line growth of £2.0m driven by strategic pricing and tighter new business controls

Restored credibility with shareholders