07771 577 875

CRAIG NICHOLAS BUTCHER

Senior Finance Executive

A commercial finance professional,specialising in preparing businesses for exit, raising additional funding and/or dramatically improving financial performance. Well versed in managing finance and other support functions with significant operational involvement in UK and overseas. A top four firm qualified chartered accountant.Corporate finance experience in floatation’s, equity fund raisings, acquisitions and disposals and well versed in managing investor relations for listed and private businesses.

Last 10 Years Executive Experience

Bywaters FDFamily Waste Management & logistics£35m

Foster DenovoMBOFD/NEDFinancial Services£25m

MCB MIConsultantPrivateConsulting/Legal/FS £2 to £90m

Philex plcFD/GMPrivateManufacture Distribution£40m

BBB plcGFDPublicFinancial Services£75m

Areas of Particular Expertise

Financial & Operational Reporting

  • At Philex reviewed the audit preparation process and working papers for the March 2005 year-end resulting in significant accounting irregularities being uncovered and corrected. Declared profits of £2.4m adjusted to £500k
  • At BBB introduced PLC-strength management information systems, risk monitoring and appropriate corporate governance processes and procedures.
  • At BBB led financial and administrative aspects of the formation of Berkeley Financial Services Group and its reverse takeover of Berry Birch and Noble plc on the main market in London

Change Management & Improving Performance

  • At Bywaters led implementation of ERP system introducing state of the art working practices, including handheld automation within 70 strong fleet and opening the way for potentially additional 30 heads reduction.
  • At Bywaters facilitated a financial turnaround from an operating loss of £800k 2009 to a profit of £2.6 million 2010 and £2 million 2011.
  • At BBB introduced a change programme that improved group gross margins from 18% to 26% in 12 months and reduced back-office costs from 10% to 8% of revenue and decreased central cost by 18% within a 6-month period.

Funding

  • At Bywaters picked up volatile banking relationship and stabilised following a covenant breach in March 2009 & led £25 million refinancing saving £500k per annum & >£1 million in free cash flow.
  • At Philex introduced new budget, forecasting, management accounts, expenses and purchase order processes and controls to facilitate initiating a ‘cost’ and ‘cash’ awareness within the management and staff
  • At BBB led initial and secondary fund raising, raising £32.5m from a mix of product provider and institutional investors during very difficult market conditions. Subsequently oversaw execution of three acquisitions into the enlarged group

Acquisitions & Disposals

  • At MCB undertook due diligence on target MBO company, created working capital model to support FSA authorisation and a £3.5m fund raise and helped complete the MBO with the management team within a 9 month period. Created a stand alone finance function and facilitated transfer from head office function recruiting an in-house FC as part of the process. Identified appropriate auditors and bankers to support the business going forward.
  • At Philex negotiated the sale of a small non-core subsidiary, releasing £510k to the group and introducing £147k of new cash.

Detailed Employment History

Bywaters (Leyton) Limited - UK2009 to date

Finance Director

(Anindependent waste management & recycling business, t/o £35m, 375 employees)

Role: Direct responsibility for driving the financial turnaround and managing the finance; Human Resource; Administration and IT functions and significant operational input with an initial mandate to significantly improve financial performance and reporting; decision making and advice to the board. Key deliverables were:

  • Facilitated a financial turnaround from an operating loss of £800k 2009 to a profit of £2.6 million 2010 and £2 million 2011.
  • Picked up volatile banking relationship and stabilised following a covenant breach in March 2009 & led £25 million refinancing saving £500k per annum & >£1 million in free cash flow.
  • Introduced enhanced working capital processes & controls leading to a 12 day debtor day improvement [£1.5 million cash] and 4 day creditor day increase.
  • Introduced PLC strength management accounts reporting and commentary.
  • Developed and introduced revised budgeting & forecasting process providing department views of P&L & activity based reporting and an appropriate control challenge regime for management.
  • Led the introduction of performance based rewards for staff and management.
  • Led corporate governance review and improvements and initiated shareholder, board and management communication strategies.
  • Reoriented finance to be greater support to commercial & operational teams.
  • Led implementation of ERP system introducing state of the art working practices, including handheld automation within 70 strong fleet and opening the way for potentially additional 30 heads reduction.
  • Led pricing review for tenders across the business which led to securing a 5 year £2.5 m p.a local authority contract for waste management.

MCB Management Investment Limited - UK 2006-2009

Director & Senior Consultant

(A financial consultancy)

Interim assignments with the following:BMI Group PLC - £1b European airline, Transition Consulting Limited - £8m software testing house, Act4 Group Limited - £2m consultancy practice, Foster Denovo - £23m national independent financial advisor, Eversheds LLP (Real Estate Practice) - £90m division of £300m international law firm, Philex ElectronicLimited - £40m international electrical manufacturer & distributor)

  • Identified financial control issues arising from using an outsourced finance department, made proposals to the board and rectified this by managing a project to in source the finance function within 3 months giving improved controls, systems, reporting and credibility to the financial information. Co-ordinated recruitment of a part time FC/FD as part of the process.
  • Undertook full strategic and financial review and implemented formal business planning process within 3 months, which identified significant weaknesses in the business model and financial planning which led initially to a small debt/equity fund raise [£250,000]and latterly to a refocusing of the business on its core activity. Significant restructuring was undertaken to ensure long term survival of the business within a further 3 months.
  • Acted within a 3 month period to initiate and implement a realignment of the business following a period of underperformance and departure of the CEO. Implemented appropriate sales and operating budget which included a 13% reduction in the overhead base to return the business to profitability.
  • Undertook due diligence on target MBO company, created working capital model to support FSA authorisation and a £3.5m fund raise and helped complete the MBO with the management team within a 9 month period. Created a stand alone finance function and facilitated transfer from head office function recruiting an in-house FC as part of the process. Identified appropriate auditors and bankers to support the business going forward.

Philex plc – UK,China, Hong Kong 2005-2006

Group Finance Director

(A manufacturer, supplier and distributor of electronic and electrical goods, t/o £40m, 400 employees)

Role: Direct responsibility for the finance and IT functions with an initial mandate to prepare the business for flotation. Key deliverables within the first 6 months were:

  • Recommended that the flotation timetable of autumn 2005 be indefinitely suspended, following an initial assessment of the group’s preparedness and consideration of external factors. Board adopted the recommendation.
  • Reviewed the audit preparation process and working papers for the March 2005 year-end resulting in significant accounting irregularities being uncovered and corrected. Declared profits of £2.4m adjusted to £500k
  • Introduced a ‘cost down’ exercise generating annualised savings of £600k representing 12.5% of the overhead cost base
  • Introduced new budget, forecasting, management accounts, expenses and purchase order processes and controls to facilitate initiating a ‘cost’ and ‘cash’ awareness within the management and staff
  • Introduced monthly rolling three monthly cash flows to forecast cash requirements and as a result support obtaining additional bank facilities (£1m obtained within 3 weeks)
  • Negotiated the sale of a small non-core subsidiary, releasing £510k to the group and introducing £147k of new cash
  • Consolidated advisers across international geographies and inserted greater management control in oversee territories.

Berkeley Berry Birch plc - UK 2000-2005

Group Finance Director

(A financial services distribution group providing support services to independent financial advisers, regulated and non-regulated, financial advice to corporate and SME clients and insurance services to corporate and individual clients, t/o £75m, 400 employees, 1,000 agents, 750 self-employed advisers)

Role: Responsible for financial policy making, corporate planning, capital budgeting, overseeing treasury, controller and company secretary including all group insurances. Relationship responsibility for investors, bankers, lawyers, auditors, regulators, registrars, corporate advisers and brokers

  • Led all financial aspects of group turnaround to create a growing, profitable and cash generative distribution group from 2 stagnant loss-making sub groups
  • Introduced a change programme that improved group gross margins from 18% to 26% in 12 months
  • Reduced back-office costs from 10% to 8% of revenue and decreased central cost by 18% within a 6-month period
  • Introduced PLC-strength management information systems, risk monitoring and appropriate corporate governance processes and procedures. Led search and selection of independent non-executive directors to the PLC board
  • Led financial and administrative aspects of the formation of Berkeley Financial Services Group and its reverse takeover of Berry Birch and Noble plc on the main market in London
  • Led initial and secondary fund raising, raising £32.5m from a mix of product provider and institutional investors during very difficult market conditions. Subsequently oversaw execution of three acquisitions into the enlarged group

Cathay International Limited – Hong KongMarch to May 2000

Corporate Finance

Beeson Gregory Stockbrokers– UK January to February 2000

Research Assistant (MBA Dissertation related)

Fame Computers Limited (a sub of Standard Life Assurance Co) - UK 1997-1999

Director, Finance & Support Services

Mka Software (Holdings) Limited - UK 1992-1997

Finance Director & General Manager

Farmiloes Chartered Accountants –UK 1990-1992

Personal Assistant to Senior Partner

KPMG Chartered Accountants – Birmingham, UK 1986-1990

Rising to Audit Senior

EDUCATION & QUALIFICATIONS

Member of the Institute for Financial Turnaround

Corporate Finance Exams to finals

MBA, Distinction, Warwick University, 1997-2000

ACA, Member of the Institute of Chartered Accountants in EnglandWales, 1990

BSc (Hons) 2:1, Economics, Hull University, 1983-1986

PERSONAL DETAILS

Date of Birth: 2 June 1965

Interests: General fitness, running, rugby, golf, skiing, travel, reading.