The training business had traded successfully with a turnover of £5m for many years producing good growth and profitability until a new owner appointed a new MD and at the same time starved the business of essential funding.
Our lead Consultant, Peter Kiddle, was approached by the Administrator as the business went into Administration after over 40 years of successful trading. A Pre-Pack survival plan was agreed between Peter and the Administrator, Peter secured funding and took on the Chairman role.
It is fair to say that the core business was sound but two years of chaos had taken its toll; staff morale and client retention were suffering and ongoing losses were significant.
The staff and associate trainers were owed significant sums of money through unpaid salary and fees, but despite this were extremely supportive of the leadership and turnaround strategy devised and implemented by Peter. The problems were so severe that Peter remained with the business as Chairman and MD for some time running the business whilst he organised an MBO by the existing management team. Existing senior managers and key staff were coached by Peter into their new roles whilst at the same time he provided sound guidance, and personal sales activity securing new clients, to ensure the training business returned to profitability and then achieved profitable growth.
The training business continues to flourish today, has repaid all external debt and has returned to its position as a leading training business in the UK market.