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Company: High end furniture manufacturing business
When: Jan 2016
Established in 2001, the company has grown from a start-up to a well-established business. The business continues to grow and expands its geographical reach. To our surprise, we were called by our bank for a meeting, shortly after we filed our annual accounts. We were seen as high-risk, despite being profitable, having sales growth and having cash in the bank. We were told that we would have to pay higher interest rates and we would have restricted access to further funding. The problem was inadequate cashflow.
We are now able to be in control of our business. We were going backwards in cash without realising. Working with BMIM, with clear definitions of success, we turned around the business cashflow very quickly. We have restored the relationship with the bank who were astounded by our rapid turnaround and significant debt reductions. We now understand that we can get away with most mistakes, but not if we run out of cash.