Michael Morfill
A profit orientated Turnaround Chairman / NXD / MD / CEO - Restructuring Interim Specialist with a track record of creating £m of Shareholder value and protecting Shareholder / Investor interests.
Significant Board Level, PE backed, Turnaround & Change Mgt Experience whilst working for UK, EU
and US companies – extensive experience in Turnarounds, particularly in SME / family companies.
Worked on assignments with: Barclays, Lloyds, RBSIF, KPMG, Baker Tilly, Emerisque, Finance Yorkshire &
GoldCrest Finance
Sector Experience:
Logistics / Building Products / Textiles / Clothing & Apparel & Fashion Products / Sportswear / Civil & Heavy & Precision Engineering / Timber / Speciality Chemicals / Food / Packaging / IT / Contract Research / Herbal Medicines / Shopfitting / Importers & Resellers
Location Experience:
Lived & worked in UK / USA / Germany – widely business travelled in the EU / USA & Asia.
Areas of Expertise:
Chairmanship & MD (both Permanent & Interim) / NED / Financial Restructuring / Turnaround & Performance Improvement / General Management
Operations & Logistics / Manufacturing / Cost Reduction / Working Capital Reduction & Cash Flow Improvement / Brand Development / Coaching & Mentoring developing managers / Morale Improvements in troubled situations / Company Disposals / Improved Corporate Governance.
QUALIFICATIONS & PERSONAL:
B.Sc. - Loughborough University 1976
Chartered Engineer 1984
Visiting Lecturer on “Turnaround” - Leeds Metropolitan University Business School 2010
LANGUAGES: Reasonable German / Basic French
OUTSIDE INTERESTS: Family / Friends / Refereeing / Personal Fitness / Skiing / Scuba Diving / Travel
PERSONAL DETAILS: Married - 2 Children - Girl 31 / Boy 30 - DoB 19/05/54
INTERIM / TURNAROUND ASSIGNMENTS: 2001 - current
Ascot Cables Ltd – Importers & Resellers of Electrical Cables 2014
Part Time Interim Adviser – seconded by GoldCrest Finance (Primary Funders)
to improve business performance & financial returns.
Pinpoint Technologies Ltd – Tobacco Machine Manufacturer 2014
Part Time Interim Manager – appointed by German Parent Company to manage
a professional exit, solvent dissolution & relocation to Germany.
Bluebird Vehicles Ltd – Vehicle Manufacturer (Sales £9m ~ 80 Employees) 2014
Interim Chairman & MD – appointed by Investors (Finance Yorkshire) to protect their
interests immediately post investment whilst restructuring the Company, stabilising the
financial performance rebuilding customer confidence & morale within the Company,
DMS Ltd – Moorland Restoration & Civil Engineering (Sales £2.5m ~ 25 employees) 2013
Interim General Manager – referred in by Barclays Business Support Group
Business Evaluation / Financial Modelling / Business Forecasting & Cash Management
Quadraco Ltd – Shopfitting into the Retail Sector – (Sales £5m ~ 70 employees) 2013
Interim Managing Director – referred in by FRP Transition – banked with RBS
Francis Brown Ltd – Heavy Precision Engineering – (Sales £7m ~ 65 employees) 2012 - 2013
Referred into role by Barclays Business Support Group,
Initiated & Managed Turnaround Plan - Company now profitable and cash positive on a sustained basis,
‘*Matched the cost base to the size of the business,
‘*Actively managed cash & working capital,
‘* Focussed on profitability of Contracts – particularly Labour & Materials
Archbold Logistics: – (Sales £20m – 175 employees in 4 locations) 2012 - date
Referred into role by professional recommendation & KPMG – banked with RBSIF
Part time Non-Exec Chairman & Chair of Group Remuneration Committee – 2 days / month - current
Previously – Full Time Interim Exec. Chairman – Initiated & Managed Turnaround & Restructuring Plan
Company now profitable and cash positive on a sustained basis – previously having been heavily loss making and cash negative for several years. Now reinvesting in the Company and resuming dividends,
‘* Restructuring plan (3 year) completed after 2 years in terms of cash & profit,
‘* Reduced Headcount with no Employment Tribunals,
‘* Successfully managed very delicate & challenging family shareholder issues,
‘* Implemented significant price increases & cost reductions,
‘* Gained ongoing & later increased RBSIF support for the restructuring & employee incentive plan,
John Brash & Co. Ltd: – Building Products / Timber Importers & Resellers 2011 - 2012 Sales £25m – 135 employees - referred into role by Baker Tilly – banked with Lloyds
Interim Managing Director – Initiated & Managed Turnaround & Restructuring Plan.
Company now profitable and cash positive – previously having been heavily loss making and increasingly cash negative for several years
‘* Reduced Headcount by 19% in 12 weeks with no Employment Tribunals,
‘* Eliminated several layers of surplus Overhead with no detriment to ongoing operations,
‘* Cash liberated by extensive reductions in Working Capital and new contractual arrangements with suppliers,
‘* Turnaround Plan delivered ahead of schedule – Company now growing strongly and investing in Brand
Development and Operational Efficiencies – full employee involvement and backing,
‘* Successful incentive plan for key employees which paid out as stretch targets were achieved,
Vifor Pharma Potters Ltd: – Herbal Medicines Company (Sales £9m – 50 employees) 2010 - 2011
Subsidiary of Galenica Pharma (Switzerland) – Sales 3104m CHF, EBITDA 449mCHF, 6634 employees
Interim Managing Director – Initiated & Managed Turnaround & Restructuring Plan.
Company now profitable and cash positive – previously having been heavily loss making and increasingly cash negative for several years,
* Closed 1 location (out of 2) & reduced headcount by ~ 45% with no Employment Tribunals,
* Project delivered in 3 months - ahead of schedule & below budget.
Prostar Sports Ltd: – Sportswear Apparel Company – (Sales ~£8m~50 Employees) 2010
Referred into role by KPMG
Interim Managing Director - Managed the transition into the new owners - Pentland Group
* Took personal control of Operations / Procurement / Warehouse & Logistics,
* Led the business critical Procurement Process – sourcing from China & Far East,
* Revived morale & employee motivation from previously low levels – stabilized the difficult situation,
Confidential Assignment: – Group of Engineering Companies - referred into role by Baker Tilly 2009
Business Review of a loss-making Group (carried out under a Confidentiality Agreement) – reporting to the Directors on a Restructuring Plan to both increase sales as well as reduce headcount & costs, rationalise sites, focus on profitable sectors & return to profitability.
Hartmarx Corp (USA): – Market Leading US Apparel / Fashion Group in Chapter 11 Bankruptcy 2009
Sales $590m (peak) – 32 Retail Brands – Tailored Clothing / Ladies Apparel / Sportswear Employees 2813 – Losses ($60m)
Member of the Private Equity Restructuring Team of Emerisque Brands UK who led this Company Rescue from the brink of Chapter 7 Liquidation,
Interim Chief Manufacturing & Logistics Officer – Tailored Clothing Division
Sales > $300m (peak) – Emp. 2412 reduced to 1346 saving $30m in costs
Member of the “Top Tier” Transaction team (Sales / Marketing / Finance / PR / Ops / Legal) alongside PE Strategic Partners, US Consulting & Legal teams,
Organized the immediate post acquisition restructuring from 10 facilities to 5 (later 4) in USA & Canada.
* Reduced headcount (33%) & capacity (40%) to match projected market needs,
* Negotiated new temporary Labour Agreements with the US Labour Unions as a deal pre- closing condition,
* Achieved additional cost reductions of $3m within 7 days of deal closure,
* Initiated a detailed program to reduce Operating Expenses a further 10% within 100 days of deal closure,
* $12m Inventory Liquidation Program implemented to generate cash and reduce Bank Debt,
Confidential Assignment: Interim General Manager - 2002 – 2007
Restructured Company and all Terms & Conditions with no Employment Tribunals – Converted Losses to Profits, Cash Balance Doubled, and ROCE trebled. Productivity up 52%, Headcount down 33%, Sales & Commercial Dept. Refocused on to Profitable Products & Accounts,
AB Graphic International: - Interim Business Improvement Consultant 2002 - 2003
INW (InternetWorks Ltd): - Non Executive Director 2002
Energise-IT: - Interim Marketing Manager then Managing Director 2001 - 2002
Laser Cutting Company: - Interim Performance Improvement Consultant 2001
PERMANENT ROLES
Cordell Group Ltd: – Multidisciplined Engineering Group (Sales ~ £40m – Employees ~ 650) 2008
Construction Director – Responsible for Major Contracts & Projects ~ £20m ~ 330 employees
* Obtained new large capital project $5m on more favourable commercial, cash & financial terms,
* Resolved issues with underperforming acquisitions including renegotiation of Personnel Terms &
Conditions with no Employment Tribunals,
* Resolved a long standing heavily loss - making Contract,
* Resolved long overdue Debtor Issues and improved Company Cash Flow.
ICIS Technology: - Software & High Technology (Sales £10m - Employees 130) 2000 - 2001
UK Market Leader in Leading Edge Software for the Trading & Energy & Emerging Market sectors,
85% Market Share - compound 5 year Growth rate of > 40% / year.
Director - Recruited to install business processes to cope with high growth prior to possible flotation / IPO.
* Took personal leadership of a troubled £5m project - completely reorganised company - successful Go Live,
* Initiated new communication procedures leading to improved teamwork, motivation & morale,
COVANCE Inc.: 1999
Market leaders in contract research for International Pharmaceutical Clients. (Sales $ 732m - employees 7700)
Managing Director Europe & Corporate Vice President - Covance Labs (Europe)
(Sales $75m - Employees 860 UK - Germany 110) - headhunted to turn round and stabilise the division.
TT GROUP: 1998 - 1999
International suppliers of Mechanical & Electronic Components to the Automotive & Aerospace Industries.
(Sales £732m - Employees 4000)
Managing Director - Linton & Hirst / Director - Midland Tool & Design (Sales £25m - Employees 200)
World Market Leader in modem nickel laminations & UK market leader for Carbide Steel Die Components.
YORKSHIRE CHEMICALS GROUP: (Quoted plc) 1989 - 1998
Manufacturer & International Supplier of Speciality Chemicals, Dyes & Pigments
(Sales £132m - Employees 1100) - Exports 92% of turnover
Group Manufacturing Director - plc Group Board Director 1996 - 1998
Responsible for all EU operations & functionally responsible for International Group Standards.
Divisional Managing Director (Europe) - plc Group Board Director 1995 - 1996
(Sales £86m - Employees 850)
P & L responsibility for 8 locations in Europe and marketing in Asia & S.America,
Chief Executive - Speciality Chemicals Division - (Sales £25m - Employees 170) 1991 - 1995
* Increased profits by £2.5m, Sales by £15m, Market Share by 20% - creating £20m in shareholder value
* Increased International Sales to USA / Japan / Middle East & South East Asia.
BRITISH SUGAR plc: Sugar & Animal Feed products - Sales £650m - Employees 4500 1976 - 1989
Michael Morfill 5 Ashburn Grove Wetherby Leeds LS22 6WB
Tel: 01937 581853 Mobile: 07796 257624 e-mail: