Major care group with homes throughout the south east
The business started in 1997 as a new-build care home for the elderly in Kentish Town. It expanded into residential care for young people with eating disorders, and then further expanded with the acquisition of an existing home in Islington for the elderly and people with medical disorders.
Large acquisition
of a rival group
In 2007 our client acquired a nine-home group of care homes with backing from Bank of Ireland, and now has 13 homes spread throughout London and the southern home counties.
Dealing with the departure of the FD and appointment of his successor
The company’s Finance Director left, and we were involved in the recruitment of his successor and stabilisation of the finance department, providing guidance and mentoring to the new FD and generally boosting his department. Simon Walters is now non-executive chairman of the client group.
Speeding up the production of management information
Management accounts were taking too long to produce, which we insisted be streamlined, and, within two months, accounts were being issued within ten working days of each month end, with covenant certificates available to Bank of Ireland by their deadline dates.
Attending board meetings
Attending regular board meetings is about more than just turning up. Simon provides general strategic advice and challenges the full-time management to spur them on to improve all business issues, including occupancy rates, room rates, and marketing.
Forecasting for the acquisition of a rival care home group
We worked on procedures to enable the company’s 2007 acquisition to be forecast accurately, for the company’s own budgeting purposes and to assure the lending bank of our forecasting adequacy.
Flexible working until a full-time FD appointed
We spent varying time at this client, with one colleague working on a set of projections several years ago, Simon Walters undertaking a concentrated period of work several years ago, and latterly with Simon acting as a non-executive director to support the current full-time FD.
