Best Practice Governance
Our client is a leading and very successful UK retailer. Operations include a retail network throughout the UK supported by regional distribution centers and a head office in the south east. The business has grown organically from a startup position to market leader in its sector.
The rapid expansion has created pressure on management’s time and the business finances. The company’s Bankers felt exposed and consequently imposed a dramatic reduction in the financing facilities.
We were asked to review and improve the business and financial governance procedures with a view to securing improved banking terms.
Key Project Activities
Defined the business strategy, business plan and budgets for the board and senior managers review.
Implemented a structured business management process through regular operational management meetings and monthly board meetings
Delineated the organisation structure and created clear roles/responsibilities for the board down to the middle managers.
Discovered material errors in the audited accounts as result of:- a) revenue recognition,
b) capitalisation policy, c) product costing and, d) stock management.
Recruited a new FD and key finance people. Implemented a new accounting system.
Implemented a new financial reporting & review process.
Developed financial strategy, plans and budgets
Implemented supply chain system and associated reporting.
Facilitated the board in the review of product pricing and overhead management
Managed the re-financing of the business
The main client benefits were: