Tim Sheldrake BSc. MBA FCMA

An experienced Finance Directorwith expertise gained through a variety of Interim and Consultancy assignmentsfor the Private Equity (PE) and Corporate markets within the Manufacturing, FMCG, Retail and Consumer Goods sectors, in addition to 20 plus years experience in industry, experienced within both blue chip and SME environments. A graduate qualified accountant with an MBA from Durham University Business School. With cross cultural, international experience and a proven ability to quickly build strong relationships andthe skills and drive to deliver.

Particularareas of expertise include:

Management Reporting and Process re-engineering

  • Significantly improved Management Reporting at key division of listed manufacturing business, reducing reporting timelines for monthly management accounts from 6 weeks to 4 days whilst improving reliability and relevance of Standard Costing information.
  • Embedded VC based reporting at Upol, a recent first time MBO, and introduced monthly MI reports, rolling cash flow forecasts and bank covenant reporting. Resulted in reassessment of which global regions were most profitable.
  • Developed management reporting process for global engineering business supporting Group CFO in developing standardised reporting processes resulting in reduced global finance headcount and improved quality of MI.
  • Managed international Finance team whilst Interim FD at Dyson, developing reporting processes for provision of monthly financial information to Board.
  • Reviewed and successfully developed approach to transfer pricing in line with regulatory and reporting requirements

Working Capital Management

  • Reduced Debtor days from 75+ to less than 50 whilst completing review of working capital management at Dyson technology (privately owned £240m T/O manufacturer).
  • Successfully managed cash flow at privately owned manufacturing and retailing business during period of tight cash constraints reducing bad debts, debtor days and inventory levels, resulting in business having ability to continue trading.

Financial and Strategic Planning

  • Modelled Strategic plan and budget for recent first time MBO enabling management for the first time to clearly identify the most profitable regions, reporting both regional and customer profitability
  • Successfully developed, modelled and managed Business plans and budgets in numerous interim and permanent roles.

Operational and Financial Due Diligence (DD)

  • Successfully completed numerous Operation and Financial Due Diligence assignments both independently and as part of Big 4 Transaction Services team. Targets ranged from small owner managed PE backed businesses to multinationals across Europe and USA.

Business separation planning and implementation

  • Supported management team of division of a large German based multinational prepare for divestment, project managed the creation of a complex cross border separation plan and developed a sustainable business plan identifying One Off and ongoing Standalone costs, whilst preparing business for potential post deal merger.
  • Facilitated the senior management team of UK division of European healthcare business prepare for sale. Developing a Performance Improvement Plan resulting in potential EBITDA improvements of 30% to 50% increasing potential sale proceeds for VC owner.
  • Enabled client management team understand and successfully negotiate the provision of site and business services incorporating complex product and service costing procedures as part of a planned $19bn cross border Joint Venture.

Synergy planning and review

  • Worked with clients developing, reviewing and supporting implementation of synergy plans of up to £100m plus supporting refinancing and business improvement initiatives.

Turnaround Management

  • Improved disciplines in Finance team to enable tight working capital management, developed accuracy of Inventory reporting and significantly reduced debtor backlogs whilst Interim FD at Pimpernel Group, a VC owned manufacturing and wholesaling business.
  • Managed turnaround process and developed financial plan for small (£3m T/O) VC owned niche manufacturing and retailing business.

Career Summary

Private accounting and consulting assignments(Sep 09 to date)

Recent assignments include Business reviews of SME clients for major bank.

PriceWaterhouseCoopers(Jun 04 – June 09)

Headhunted to join the Post Deal Service team advising a wide variety of clients on Operational and Financial assignments both pre and post deal within the Mergers and Acquisition space. Specific areas of expertise included pre and post deal Carve Out support, Development of Management Information systems, development, review and implementation of synergy benefits and Post Merger Integration.

  • A detailed listing of assignments can be provided on request

Burnett Consulting Services Ltd.(Jul 1996 to May 2004)

Owner managed Personal Services Company created to facilitate the delivery of Interim Management and Consulting services. Assignments as Interim Finance Director included MBO transitions, turnarounds, process and procedural development and implementation. Examples of assignments completed include:

  • Dyson Technology Ltd. (£240m T/O privately Co.)Design & manufacture of Vacuum cleaners and washing machines

Development of MI systems

Significant working Capital reduction

Review and update of Inventory processes

  • U-Pol Ltd. (£30m MBO)Manufacture of fillers, coatings & adhesives for the auto refinishing market

Completion accounts

Introduction of VC reporting, cash flow management & KPI’s

  • Rapid Racking. (VC owned mail Order business providing warehouse and office supplies)

Joined team at deal completion to manage tight cash-flow during restricted trading period

Set up interest hedging facilities in line with bank agreement

Completed detailed business planning bringing management plans in line with PE model.

  • Interim UK FD Computershare Services PLC part of listed Group

Provider of Share Registry & related services to 800 public companies

Development of Treasury function

Support of Business Development team

  • Swallowfield PLC (£45m T/O listed business)Manufacture of cosmetics & aerosol filling

Negotiation of renewal of bank finance & working Capital facilities

Improved reporting performance in key manufacturing subsidiary

  • Divisional FD with Ellis and Everard ( £35m T/O division of Ellis & Everard PLC)Marketing & Distribution of Chemicals

Management of Head Office relocation from London to North West

Development of Management Reporting processes to acceptable PLC standards

Early Career:

Mulberry Company Design Ltd(Aug 91 – May 96)

Manufacturing, Wholesaling and Retailing Company in branded qualityleather Accessories, Ready to Wear (RTW) Clothing and an ‘At Home’ range. Turnover of some £70m of which 70% is export.

Promoted to Commercial Manager (Dec. 94 - May 96)

Financial Controller(Aug. 91 - Dec. 94)

Horstman Timers & Controls (Jan 91 – Aug 91)

Temporary assignment following completion of MBA

Completed full time MBA(Oct 89 – Dec 90)

Coopers & Lybrand Management Consultants(Jan 89 – Sep 89)

Burton Group PLC(Nov 85 to Jan 89)

Promoted to Systems Accountant May 88

Promoted to Senior Management Accountant Jan 87

Business Analyst (within Burton Group Corporate Finance Department)

Unipart Group PLC(Sep 83 –Nov 85)

Promoted to Financial Planner Jan 85

Recruited as Inventory Accountant

Unilever PLC(Sep 81 – Sep 83)

Joined Internal Audit as member of Unilever Companies Management Development Scheme

Educational background:

(FCMA) Fellow of the Chartered Institute of Management Accountants

MBA Durham University Business School

BSc. Honours (upper second) Business Economics Southampton University

Other interests include referee, coach & treasurer at Bath Youth Rugby Club, Hill walking and Gardening.

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Tim Sheldrake