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Alan came to me when my business was in serious trouble ... he drew up and implemented a plan which reduced overheads by 30%, restoring profitability ...
Michael L. (Publisher)
CASE STUDIES
Publishing

Company: Lafferty Publications
Industry Sector: Publishing
Size: £10m
Type of Assignment: Business Recovery


Challenge

A publishing business was running out of cash because:

  • The business was split between Dublin and London
  • Overheads were out of control as revenue had ceased to grow, piling up losses and haemorrhaging cash
  • This was exacerbated by the failure of the accounts to control debtors and pay suppliers.


Solution

  • Agree Turnaround Plan with Business Owner
  • Replace the existing Finance Director
  • Close Dublin office; relocate essential staff to London
  • Implement an organisation with accountability for sales and gross margin with the managers of each product division.


Results

The closure of Dublin was completed within 6 months Objectives were exceeded. The final headcount was reduced from 100 to 55 FTEs and the overhead saving year on year, after removing all extraordinary items, was £1,650,000 The business was transformed and resumed its profitable growth record. Part of the business was eventually sold on my recommendation to finance the owner's retirement, leaving him with a lifestyle business.

Alan came to me when my business was in serious trouble. He persuaded me to consolidate in London, drew up and implemented a plan which reduced overheads by 30%, restoring profitability and a creating a strong platform for future growth.
Michael L. (Chief Executive - Lafferty Publications)


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