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Interim Manager

Interim Manager

Work Experience

2001 - 2001 ACTING FINANCE DIRECTOR - INTERIM MANAGEMENT –
Friendly Hotels PLC London

Friendly Hotels is a listed PLC and trades as Choice Hotels Europe. It is affiliated with Choice Hotels Inc. which has some 4,500 hotels worldwide. In Europe Friendly is responsible for some 360 hotels including franchises. In January 2001, the Company went through a Capital Reconstruction, subsequent to which the Finance Director resigned. The role was to control cash flow and implement system changes and otherwise act as Finance Director until the new FD could join the Company.

* Assist in the preparation of an ‘Internal Memorandum’ relating to the sale of the Company.

* Advise the Board on its ongoing solvency position and liaise with Brokers, Solicitors and Bankers. Attend Board Meetings and Business Review meetings
* Ensure reliability of Cash Flow, and compliance with reporting requirements, in particular those to the Banks.

* Instigated reduction in overdue debtors by £1.5m over 5 month period. Recruited two new credit controllers and sought Confidential Invoice Discounting.

* Review reporting systems and drive process improvement by hands-on involvement with financial workflows, impacting on the performance of the systems in terms of accuracy of results and timeliness..

* Visit overseas subsidiaries in France and Germany, and develop reporting requirements. Review large capital projects such as construction of new hotel in France.

* Review cost areas with a view to profit improvement, and otherwise identify opportunities for business improvement.

* Provide strong leadership to a finance department of 30 staff.

* Investigate and recommend a potential replacement of the accounting system. Assisted in the implementation plans.


2000 - 2001 FINANCE DIRECTOR – INTERIM MANAGEMENT – OUISET UK London

Ouiset is a ladies fashion retailer group with 7 stores around the UK. I have been introduced by their auditors to assist in affecting a turnaround for this essentially insolvent company.

* Produced cash flow and profit forecasts if company changed franchised brand and introduced new brand across all stores. Daily updating cash flow to reflect changing circumstances and assist in the settlement of creditors.

* Assisted company in negotiating release from existing franchisor and contracts with new franchisor.

* Upgraded server protocols and accounting software to latest releases of Sage. Removed virus infections and installed new anti-virus software.

* Reconciled cash books and suppliers which had not been done for 20 months. Interviewed and assisted in recruitment of new accounting staff.


2000 - 2000 CHIEF FINANCIAL OFFICER – UK2 Limited London

UK2 is an internet based company providing domain names registration services as well as web hosting, domain hosting and server hosting. It is a successful business with sales of £4.2mn in the 6 months to March 2000 and after tax profits of £1.5mn. In the 3 months since my arrival the company achieved sales of £3mn and after tax profits of £1.2mn.

* Produced audited Accounts for the periods to September 1999 and March 2000. Brought back office systems up to date and ready for due diligence. Produced Management Accounts within 10 days of month end.

* Prepared Corporate Plan and Listing Particulars in preparation of an IPO.

* Introduced and negotiated more competitive Bankers and suppliers.

* Responded to all legal issues including actions against domain name owners where UK2 was involved as ISP and tag holder. Represented company before High Court.


1999 - 2000 CHIEF FINANCIAL OFFICER - Radio Taxicabs (London) Ltd. London

Radio Taxis is a mutual society providing services to some 2000 radio controlled London black cab taxi drivers. Turnover over £30mn.

* Implemented Nominal Ledger, budgeting & cash flow forecasting.

* Recruited new credit controllers and reduced debtor days from 75 to 56, and borrowing from £1.8mn to £1.1mn.

* Assisted Board in reviewing and implementing new strategy.

* Refinanced medium term funding and reduced costs in a number of areas resulting in successful turnaround from Loss to Profit making.


1996 – 1998 GROUP FINANCE DIRECTOR - Centurion Press Ltd., Rickmansworth.

Centurion is the largest UK print broker with turnover in excess of £28mn.

* Recruited new Finance team and led an effective finance function. Accounts produced to audit quality within 14 days of month end.

* Introduced competitive tendering processes and cut costs in a number of areas including communications, insurance and banking.

* Refinanced long term and medium term funding.

* Managed ongoing development of systems and controls. Ensured IT systems development including changing server platform to Windows NT, and switching to SQL database. Steered company towards development of Extranet.

* Assisted company towards identification of its competitive strategic advantage, and prepared corporate budgets.


1989 - 1996 Undertook trouble shooter and corporate recovery roles assisting companies in a variety of industries including printing, pre-press, film distribution, vocational training and toys. Principal of Beechwood Management Consultants, and a D.T.I. consultant. However the majority of assignments were undertaken on a full-time basis as Finance Director/Chief Financial Officer. Notable achievements include:

* Negotiated successful refinancing of companies including raising bank finance and re-negotiating with suppliers.

* Appraised and participated in acquisition and divestment proposals.


* Finance Director, pro tem, for a quoted PLC operating in the vocational training market in the UK and USA. Recommended efficient computerization of financial aid monitoring in the US, and changes generally to administrative systems.

* Compiled Stock Exchange Listing particulars for above company.

* C.F.O. of The Last Word Systems PLC, a computer systems integration house servicing the newspaper, publishing and pre-press sector. Developed Unix system, renegotiated extended credit terms, and developed cash flow forecasting models.

* Developed and implemented several Corporate Strategy plans.

* Designed numerous computer systems; prepared functional specifications, Invitations to Tender and I.T. strategy papers.

1987 – 1988 JOINT MANAGING DIRECTOR - A. Pannell Limited London

A. Pannell is the holding company for various diverse subsidiaries. Group turnover approx. £5m. Advised on all commercial matters. Appointed Joint M.D. of the engineering subsidiary, and Group Finance Director. Ensured Group turnaround from loss to profit over an 18 month period.

* Prepared three year financial plan and negotiated increased bank facility. Marketed and disposed of large property holding.

* Instigated change in warehouse operating policy resulting in immediate reversal from loss to profit making.

* Introduced new computer systems, production control, and project management tools.

1983 – 1986 FINANCE DIRECTOR - Grosvenor of London Plc London

Toiletries manufacturer with emphasis on character merchandise and own-label. Sales rose from £1.7mn to £5mn over period. Responsible for building Finance Department team and managing 12 staff.

* Designed, engineered and implemented a unique Management Information System to handle sales order processing and despatch. New computer systems were introduced saving around £500,000.

* Introduced computerized accounts, & cash flow forecasting model.

* Responsible for investment of funds on money market, and purchase of Foreign Exchange forward contracts.

1981 - 1982 DEPUTY FINANCE DIRECTOR - British Technology Group London

The B.T.G. is a Government venture capital company. Total income from license and joint venture projects amounted to £22m. Staff of 21, mainly qualified accountants.


* Assessed all investment proposals and introduced advanced investment appraisal techniques to Operations departments.

* Controlled treasury functions involving cash and deposits of £25m.

* Also appointed Managing Director of the subsidiary, Finovia Ltd., providing lease finance for high technology capital equipment.


1977 - 1981 ASSISTANT TO THE GROUP FINANCE DIRECTOR - Imperial Group Plc

Following the acquisition of the Howard Johnson Co. made frequent trips to the U.S.A. to assist in the formulation of future corporate strategy. Reporting directly to the Group Finance Director, Sir James McKinnon. Roles held included the following : -

DIVISIONAL Responsible for the accounting of the Paper, Board, Packaging & Plastics
CONTROLLER Division Sales of £87m. A hands on role requiring detailed understanding of day to day operations.

* At monthly Board meetings provided analysis of financials. Prepared medium term plans and budgets. Participated in structuring and implementing reorganisation and rationalisation plans, including divestment of some subsidiaries.

GROUP
FINANCIAL Re-established and responsible for Group medium term plans.
PLANNING
MANAGER
* Appraised capital expenditure & acquisition proposals over £¼m.

* Participated in the evaluation and acquisition of the Howard Johnson Co., a restaurant and motel chain, for $630m.


1973 – 1977 SENIOR AUDIT CLERK - Dearden Farrow London
Articles taken with this practice of Chartered Accountants.



Education

1980 - 1981 Senior Management Course at I.N.S.E.A.D. (C.E.D.E.P), Fontainebleau, France.
1977 A.C.A. (1983 F.C.A.), ICAEW.
1973 B.A. Honours Degree Accountancy, City of London.


Skills

Finance
Commercial
Secretarial
Computer

Languages

English
Basic French

Other

Computer languages

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