Timothy Bolot, Turnaround / Finance Director (“TD”), Mar 06 – Dec 07

• A provider of acute healthcare services (elective and non elective) with £160m of turnover and 3,000 FTE employees across 3 sites
• Historically one of the worst performing NHS trusts with a recurrent “trading loss” of £28m in both FY2004/05 and FY 2005/06 (prior to intervention)
• Poor shared service implementation led to complete breakdown in financial control and reporting
• Weak credibility with key stakeholders (DH; SHA)
• Timothy Bolot of Bolt Partners retained March 2006 to act as Turnaround Director. Objectives: (i) To develop recovery plan (ii) To commence delivery of plan
• Also appointed as interim finance director in April 07

Rapidly established a robust turnaround programme and delivery mechanism. Key elements were:

• Outcome Crisis stabilisation – took control over key financial levers (cashflow, recruitment and non pay) and prevented situation from deteriorating; established monthly financial reporting tool off payroll and ensured controls. Worked to build credibility with Strategic Health Authority. Replacement of Executive Team
• Key Strategic Initiatives – focused on 3 large scale strategic turnaround initiatives to “rebase” business: (i) Site rationalisation (3 sites to 1) (ii) Exit of significant loss making contract (iii) Profitability analysis by activity with exit / control of loss making activities

Significant improvement in trading in first year (£16m). Elimination of trading losses over 2 year period

Restored credibility with SHA and non Executives