WHY THEY CAME TO US
- High occupancy costs were pushing the business close to closure.
- The retail division of the business had suffered significant losses due to unprofitable stores and high overheads.
- The business had outdated and fragmented financial control systems, with no cash flow forecasts, causing cash shortages.
WHAT WE DID
- Restructured and stabilised the business.
- Provided CFO assistance to improve the finance functions and provided senior finance support.
- Undertook a detailed financial analysis which revealed a number of loss-making retail stores were impacting the manufacturing business, which was performing comparatively well.
WHAT WE DELIVERED
- Closed unprofitable stores.
- Renegotiated existing leases with landlords to reduce rent.
- Introduced cloud based accounting systems.
- 60-day rolling cash flow forecasts.
- Implemented accurate consolidated accounts.
- Full review of IT systems with replacement processes.
- Freed up retail managers time to concentrate on revenue growth.
- Introduced regular leadership meetings.
3 years on, the business has expanded interstate and is now exporting direct to China.