DAVID ROBSHAW
1 Bowden Way, Failand,Tel & Fax: 01275 - 394606
Bristol BS8 3XAe-mail:
SUMMARY
- Management consultant/Interim Manager/part time Finance Director/Chartered Accountant with 25 + years in strategic business and market development, corporate finance, management information systems and financial management. Specialised in SME's, corporate turnaround and corporate finance, supply chain management, profit and market improvement, mergers and acquisitions, agri-food business, co-operatives.
- SME based adviser specialised in working with growth companies, lending and venture capital institutions' sponsored corporate turnaround, government sponsored consultancy schemes, non executive and part time finance directorships.
- Own practice, in conjunction with a number of experienced Associates to extend the range and size of projects, operating as Financial Director/Consultant/Interim manager to a range of growing organisations
- 100+ clients including owner managed business, co-operatives, plc's and their subsidiaries in business development, profit and control improvement, supply chain management and corporate finance in UK and overseas, across diverse industry base
- Corporate Finance support, fund raising, merger and acquisition searches/support, consultancy support to financial institution, project appraisals
- Obtaining grant finance for SME business and market development projects
- held senior financial and business development positions in various manufacturing and service industries prior to developing own practrice
- responsible for identifying, negotiating, funding and implementing mergers and acquisitions and capital expenditure programmes in different industries
- introduced improved management information and control systems, identifying key areas for profit improvement
- acting as temporary and permanent Financial Director, either full or part time.
- dispute resolution, expert witness, financial forensics in all aspects of commercial,contract, director or shareholder dispute.
CAREER HISTORY
DJR ASSOCIATES1995 - present
Established DJR Associates in 1995, as Principal, to provide dynamic business growth and turn around advisory and corporate finance services to the regional and SME business sector.
DJR Associates work with a group of specialised associates to provide strategic marketing and business development, financial and turnaround management, management information systems, corporate finance, funding and exit strategy services. Non executive and part time director services provided in conjunction with funder and shareholder requirements. Participation in equity and success related fees can be arranged, where appropriate, providing a very results orientated approach.
DJR Associates offers a complimentary service to other business professionals such as accountants, funding institutions, lawyers, insurance brokers.
A list of past and current turnaround project summaries/case studies and clients is attached, with fuller details of three cases expanded below:
Sports Traders Alliance Group Ltd (STAG) – Buying group turnover c £15M for independent retail sports traders (2004 to date)
Originally introduced by Investigating Accountants and RBS Commercial Finance to work with MD to sort out a MBI which was not going to plan due to poor financial management. Bank with £1.5M facility was considering its options.
Key issues were:
MD good sales skills, weak finance skills
Finance Controller inadequate
Poor MIS systems
Lack of business planning and budgeting
Poor cash flow forecasting and management
Over investment in stock
Poor credit control increasing risk of bad debts
Business had good potential in market place
Scope to increase margins downline
Key actions were:
Replace financial controller and assistant accountant, bring in part time FD and temporary accountant
Secure more cash from bank, suppliers, directors, customers, directors reduce salary
Improve financial reporting
Improve cash forecasting
Close warehouse division and liquidate stock, reduce staff
Property identified to be sold, once warehouse closed
Secure confidence of bank in turnaround
Develop formal recovery plan and monitor progress against this
Implementation outcomes
FC was temporarily sidelined and resigned shortly after, assistant was asked to resign by DJR
Temporary accountant was recruited by DJR, DJR took on role of part time FD
DJR worked with temporary accountant to update records and produce monthly accounts showing current position
With agreement of MD, all major suppliers were contacted and temporary additional supplier credit agreed
Directors agreed to raise £100k to inject into company, reduced salaries
Bank CID agreed to temporarily increase facility from 75% to 85%
Agents instructed to sell surplus property
All above took place within 3 – 6 months with agreement of bank, RBS
Overall Summary Outcome
Business turn around very successfully, with ongoing bank support, I remain FD.
Parlane International Ltd(2008 – 2009)
Introduced by accountants and Lloyds Bank to organize/negotiate MBO/refinancing before parent company placed loss making UK subsidiary company into liquidation
Key issues:
Speed critical as new seasons orders being delayed, shippers holding lien on stock release etc
Lack of cash to continue trading, with existing bankers unwilling to provide further finance
Willingness of MD and his wife (FCA) to try and organise MBO subject to finance/restructure etc
Sound UK and International business subject to cash constraints
High inter company charges
Key actions:
Assess cash needs to continue trading
Need to reduce cost base
Need for new bankers with higher facility to fund working capital
Need to negotiate a low purchase price from holding company and implement purchase very quickly
Need to keep key suppliers onside whilst negotiations carried out
Need to procure legal support to draft sale documentation
MD wife to be appointed FD
Implementation outcomes:
Business plan and cash forecasts based on MBO being implemented completed
Negotiations with new bank progressed to heads of terms to meet cash flow needs from CID and stock finance facility
Negotiations with Parent initiated and heads of terms agreed based on purchase price of £1 for shares and 5 – 25% of debt depending on future performance payable over four year period
Lawyers instructed to draw up necessary sale documentation
Potential Cost savings identified in areas of staff, premises, inter coy charges and logistics
Sale and new banking arrangements concluded and implemented
Overall Summary Outcome
MBO completed and continues to trade satisfactorily despite adverse exchange rate movements and deterioration overall economy, DJR remains as adviser to new Board
CC Motor Caravans Ltd (2009)
Introduced by investigating accountants and Barclays Bank to assess viability and provide financial management expertise following downturn in market.
Key issues:
Bank considering options in light of high OD borrowings
Downturn in market for motor homes
Poor management information
Poor financial management systems
Highly geared balance sheet
Key actions:
DJR took over immediate role as part time FD, pro temps
Forecast model developed to assess overall future profitability and measure KPI’s of business
Assessed likely cash requirement over next twelve months viz current facility and options
Worked with management to develop KPI’s
Identified areas of costs savings
Reviewing performance of second site and options to close if necessary
Recruited new FC and reduced role of external accountants in internal management processes
Identified key areas to improve reporting from quarterly to monthly, and to simplify complex Sage system
Worked with investigating accountants to meet Barclays needs to maintain facility
Implementation outcomes to date as project still continuing:
New FC in situ starting work on improving accounting reporting
Profitability in key areas being measured monthly
Costs reduced in non core areas
Marketing extended in high margin areas, eg insurance body shop work
Lower stock requirement by developing SOR used stock option
More show attendance to attract wider range of buyers
Closer monitoring of internal service centre work to ensure controlled
Overall Summary Outcome
Despite difficult trading conditions, business is trading profitably within its facility, so hopeful that Barclays will react favourably to review when complete later this month. DJR ongoing role will depend on Barclays outcome.
GIMLET MANAGEMENT CONSULTANTS (DIRECTOR)1990 - 1995
A Founder Director of consultancy division of Solomon Hare, now Smith and Williamson, responsible for development of regional practice specialising in SME's, agri - food, financial services, distributive trades, professional practices and service industries, grant aided consultancy, supply chain management, corporate turnaround and business development support to clients of institutional lenders.
ERNST & YOUNG (SENIOR CONSULTANT/PARTNER)1984 - 1990
Initially in Johannesburg, head of financial management consultancy and corporate finance, including business development, turnarounds, flotation's, MBO's, divestment and restructuring; appointed consultancy partner in Johannesburg, before transferring to Bristol, specialising in regional and government sponsored consultancy in business planning, supply chain management, marketing and financial management and information systems.
ROBELL CONSULTANTS (PRINCIPAL)1980 - 1984
Own consultancy and import practice, in Johannesburg, specialising in financial management, business development and PC based information systems, primarily for SME market.
ANGLO AMERICAN INDUSTRIES1976 - 1980
Senior Divisional Financial Manager in Johannesburg, responsible for special development projects and financial performance of portfolio of some 20 + varied industrial subsidiaries as diverse as vehicle manufacture and distribution, timber and afforestation, paper manufacture, including major investment appraisal, forward planning, funding and structuring, mergers and acquisitions.
VARIOUS PROFESSIONAL AND INDUSTRIAL POSITIONS1965 - 1975
Financial management and control/information system, funding, mergers and acquisitions, capital project feasibility's and development, internal plc consultancy and corporate finance with UDT Industries and Price Waterhouse. Qualified as CA in 1969 with Cooper Parry in East Midlands.
PROFESSIONAL MEMBERSHIPS AND REGISTRATIONS
Fellow Institute of Chartered Accountants, Warwick Business School Alumni, Fellow Institute of Business Consultancy, Certified management consultant, Institute of Directors Committee, Strategic Planning Society, TecAssure and TES Listed Consultant, South West Register, DTI, MAFF, WDA and other Government Department's approved listing for Business Planning, Marketing, Finance and Information Systems consultancy grant programmes, Western Independent Consultants Group, member Catalyst Consulting Solutions group.
PERSONAL
British, born 1947, married with two adult sons. Interests include golf, most other sports, bridge, travel. Institute of Directors Committee, Fairbridge West Committee, Past Chairman School Parents Association, Past Chairman/ Treasurer Round Table/41 Club, Institute of Management Consultants Committee, founder Western Independent Consultants Group.
2008/V1.3