RBS Global Restructuring Group requested a review and resubmission of a refinance application initially rejected by the bank. The bank’s rejection was as a result of their concerns over the management forecasts supporting the group’s application.
Our initial work revealed serious technical inadequacies on the part of the group finance director which required a total rebuild of the forecasting package. Having completed this exercise under extreme time pressure the request was approved by the bank and supported by HMRC with a time to pay agreement.
As part of the bank’s approval we were asked to oversee the implementation and delivery of the forecasts a process which included restructuring the finance department, acting as interim finance director while assisting with the recruitment of a new permanent FD and finance team and the closure of two loss-making divisions.
This process was successfully completed in a further three months.