TIEMAN TANKERS CASE STUDY
Founded in 1953, Tieman is an Australian family owned
manufacturing business that was facing closure.
“The support that we got from the Mawson Group was amazing. They were on call
7 days a week, any time of the day we would want to call them. The Tieman family business was everything to us, we had everything at stake.”
WHY THEY CAME TO US
The Tieman family had significant cash flow pressures largely due to underperformance from two of its three operating divisions within the group. Given the financial position of Tieman group, the directors were unable to attract fresh capital into the business.
WHAT WE DID
Performed a detailed financial, legal and commercial assessment which resulted in developing a restructure and business turnaround strategy aimed at saving the viable tanker manufacturing business, whilst at the same time maximising the financial return to its creditors.
Negotiated support for the restructure and business turnaround plan with key stakeholders including secured lenders, employees, suppliers, unions, landlords and customers.
WHAT WE DELIVERED
Saved a 62-year-old business.
Retained 90 manufacturing jobs.
Improved financial return to creditors by avoiding a winding-up scenario.