SIMON PAUL
Spinney Cottage, Station Road, Market Bosworth, Leicestershire CV13 0NP
Home Telephone: 01455 291146 Mobile: 07785 241400 Email:
Profile
An experienced Finance Director with a strong background in transformationand restructuring gained over 20 years operating at senior management level in a broad spectrum of businesses and sectors. Used to operating at a strategic level whilst dealing proactively with day to day challenges and issues. Good team player and people manager.
Experienced in highly leveraged situations, dealing with stakeholders, grooming businesses for sale and managing sales and refinancing processes.
Member and former regional chairman of the Institute for Turnaround (IFT).
Time spent living and working in Belgium and France.
Career & Experience to Date
Sep 12 – PresentTransformation and Refinancing Assignments
Feb 13 – PresentSpecialist Refurbishment Contractors
Working with owner managers to develop and implement new strategic plan, including initiatives to increase shareholder value, management team development and succession planning.
Nov 12 – PresentScreen Printer
Developed integrated funding plan to secure short term overdraft facility. Introduced and managed cash management tools including 13 Week Forecast and daily KPIs. Managed information flow to the bank. Assisted management in negotiations with leading customers. Led recruitment of financial controller to upgrade financial management resource.
Sep 12 – Oct 12High End Engineering Business (Automotive/Motorsport)
Reviewed short term cash forecasts and cash action plans. Advised management during independent business review undertaken on behalf of the bank.
Jul 09 – Aug 12Nicholl GroupGroup Finance Director Food Packaging
£60m turnover highly leveraged aluminium foil container manufacturer with operations in the UK, France, Belgium and Germany. Introduced by Barclays to help pilot through debt restructuring, involving significant debt write downs and equity swaps by the five bank lenders who had become shareholders following a pre pack administration of the group in November 2008. Joined new Group CEO as the part of the leadership team focused on complex and dynamic turnaround of the group. Responsible for finance, HR and IT functions (UK and group).
Key Achievements:
-led two consensual balance sheet restructurings which resulted in bank debt being reduced from £40 million to £1 million;
-negotiated and introduced group wide invoice discounting facility in four jurisdictions;
-actively participated in developing and implementing cost reduction plans together with structural and cultural change;
-managed cash proactively under challenging conditions and significant constraints;
-restructured group and operating companies’finance teams in all locations;
-initiated and led group audit and global insurance programmes generating consistency, transparency and cost savings;
-major involvement in review and development of strategic options;
-key role in sale of the group in April 2012 to a private investor, securing exit for the five bank shareholders. Led complex and successful due diligence and legal processes following unsolicited approach.
Jun 08 – May 09Brownhills Motorhomes Ltd Group Finance Director Motorhomes Distributor
Brought into the business with specific responsibility for the restructuring and refinancing of this £100million turnover group following its exit from administration in April 2008. Developed robust operating and cash forecasts in very challenging and rapidly changing market conditions which re-established credibility with stakeholders and underpinned the proposed restructuring.
Worked closely with advisers and stakeholders, especially the bank and vehicle funders, to deliver the restructuring and refinancing in February 2009. Concurrently, worked on a broad range of strategic and financial management initiatives focused on developing a more robust and sustainable business to weather the recession, including a proactive approach to risk management.
Key Achievements:
-developed and led consensual balance sheet restructuring which resulted in 60% reduction in bank term borrowings and £17 million increase in net assets;
-additional working capital raised from the bank;
-resolved significant legacy issues arising from administration;
-credibility re-established with funders through robust short tern cash forecasting;
-led development of integrated three year funding plan: EBITDA and cash targets consistently exceededduring very challenging market conditions;
-realised positive outcome from foreign currency options;
-undertook detailed insurance risk review and appointment of new brokers.
Jun 07 – Jun 08Traffic Signals GroupFinance Director Traffic Signals Design and Installation
Approached whilst at Kroll to provide advice to the board on certain financial management and strategic issues. Subsequently appointed full time finance director as the circa £20million turnover business looked to move to the next stage in its development, likely to be either via a refinancing or trade sale.
Early main focus was to stabilise the cash position, introduce new short and medium term forecasting tools and restore confidence with the group’s bankers. Moved on to be heavily involved in dual strategy of either refinancing the group, with appropriate long term funding, or the more preferred trade sale route. Managed the due diligence process, liaising with our own and the purchasers’ advisers in what proved to be a complicated and drawn out process through to completion of the sale to Telent at the end of February 2008.
From a financial management perspective,dealt with a number of legacy issues including PAYE deferrals, an HMRC audit, the credibility of the finance team and poor stakeholder relationships. At the same time, introduced a number of initiatives focused on working capital management, stock control and integrating the administration of the group’s 10 depots.
Key Achievements:
-introduced robust cash forecasting and working capital management;
-restored open and positive relationship with bank;
-dealt with a range of legacy issues, particularly involving HMRC;
-managed sale process through complex due diligence to completion;
-bank debt of £4 million repaid in full together with six figure sum from share options held.
Jan 07 – Jun 08Handmade Bakery Group, Adviser (part time) Premium Baked Goods
Introduced to the business by RBS SLS whilst at Kroll to advise the owner managers on the turnaround and refinancing of the £15 million turnover group. Drove strategic review and managed key bank relationship through subsequent refinancing, management change and disposal of two non core subsidiaries. Role latterly focused on reviewing refreshed long term growth plans and financing options.
Sep 99 – Jun 07Kroll,Director (Industry Group) Corporate Advisors
Instrumental in formation and development of the Industry Group within Kroll’s Corporate Advisory & Restructuring Group. The Industry Group provided a differentiated and value adding resource which was used effectively both to win and deliver advisory work.
Using my industry background and experience, I led and supported a variety of restructuring, recovery and corporate finance assignments ranging from £5 million to £500 million in the UK and Continental Europe.Specific roles included major working capital management and improvement projects, restructuring of funding facilities, pre and post transaction financial management, preparation and implementation of business plansand management team development.
Also workeddirectly with shareholdersover extended periods of time at board level, leading turnaround, business improvement and/or change programmes.
Key Achievements:
-major role in establishment of Industry Group;
-developed working relationships across range of service lines within Kroll;
-senior role in projects generating over £2 million in fees;
-key role in managing single, high profile project from initial fee of £36k to total billings of over £1 million over two years;
-two non executive director positions working closely with owner managers on developing and implementing strategic plans.
Jul 95 – Oct 98Gripperrods Limited, Finance Director Flooring Accessories Manufacturer
Following a £10 million buy out in June 1995 backed by European Acquisition Capital (EAC), invited to join as Finance Director and invest alongside management team. The key task was to turnaround this £20 million turnover business after several years of losses and mounting cash flow problems. Initiated tight cash flow management and cost reduction programme. Led implementation of new, fully integrated computer system. Worked with EAC on various strategic initiatives with UK and overseas competitors.Follow on financing completed in September 1997 following appointment of new CEO. Significant improvements achieved in margins, manufacturing efficiencies, cost base and working capital through introduction of continuous improvement programme and reorganisation of supply chain management. Business returned to operating profit and turnaround completed in 1998. The company was sold to a FTSE 100 group in October 1998.
May 93 – Jul 95Freelance Finance Director specialising in restructuring and refinancing of owner managed businesses. Major assignments undertaken as follows:
May 93 – Jul 95Porter’sSpecialty Foods Specialty Food Wholesaler
Part time director working alongside the owner to reorganise and restructure the business. Managed the London depot on a full time basis for six months in 1994.
Sep 94 – Feb 95Pavailler Equipement SA French Bakery Oven Manufacturer
Member of the turnaround team brought in to restructure and refinance this French company near Lyon.Also responsible for the business plan and co-ordinating follow up with potential French and UK investors. Refinancing successfully completed at the end of January 1995.
Nov 93 – Feb 94Belleclair Ltd Premium Chocolate Maker
Reviewed future prospects and alternatives after several years of mounting losses. Initiated contacts with potential buyers whilst making detailed assessment of management, products, market and prospects.
Aug 93 – Dec 93Wash Systems Group Ltd Manufacturer of Car Wash Machines
Key focus was on working capital generation and sorting out year end accounts for this venture capital backed company. Assisted with preparation and presentation of refinancing proposals.
Mar 91 – May 93Justin de Blank Ltd, Finance Director Speciality Food Retailer & Caterer
Responsible for the financial management and restructuring of the group. Raised additional working capital,initiated and completed disposal of non-core activities, closed loss-making operations and implemented rigorous cost reduction plan. Also initiated and participated in discussions with potential investors.
Feb 85 – Feb 91Henry Ansbacher PLC, Assistant Director Merchant Banking Group
Apr 90 – Feb 91Ansbacher Media Ltd, Assistant Director M&A Boutique
Apr 88 – Apr 90Prominvest SA, Investment Manager (based in Brussels) Venture Capital Company
Feb 85 – Apr 88Henry Ansbacher Group, Assistant Group Chief Accountant Merchant Bank
Mar 84 – Feb 85Baynard Securities Ltd, Accountant Investment Management
Sep 81 – Mar 84Arthur Andersen & Co, Audit Senior Chartered Accountants
General Information
Married with two children
Educated at Wycliffe College (7 O levels, 3 A levels) and University of Sussex (BA Hons 2.1 in History)
Member of Institute for Turnaround (IFT) since 2004
Interests: Rugby, Golf, Travel, History
Languages: French (good)