National award win for growth project
The latest UK200Group blog post details member firm Randall & Payne's success at this year's British Accountancy Awards.
The business strategy team at Randall & Payne worked closely with senior management to assist with developing and implementing a three-year plan to deliver 100% growth.
WHC Hire Services Ltd were looking for significant, profitable and sustainable growth. They engaged with the business strategy team to explore and develop a three-year vision, key strategies and a one page plan, initially accessing government funding through Growth Accelerator for this support.
WHC faced a number of key challenges including a major contract, representing a significant proportion of sales, which was up for renewal. The first objective was to retain this key contract and the second objective was to win new customers and business to reduce the reliance on this major contract going forward, with no single customer to represent more than 30% of turnover.
Business growth was constrained by the amount of equipment available to hire, which requires significant upfront capital investment. Thus the third objective was to extend their inventory for hire and source the investment required to do this.
Objective four was to deliver growth through the opening or acquisition of a third depot.
The final objective was to build leadership and management capability within the existing management team to deliver organic growth.
Key elements of the plan:
• Win contract renewal: we assisted in preparing the tender document including cost/pricing reviews and attending meetings with the customer
• Reducing reliance on individual customers: we worked with depot managers to develop plans to win new customers and increase existing customer spend.
• Extend hire fleet: we introduced alternative financing to fund new assets
• Increase leadership and management capability: we delivered training for key people to develop skills, accessing Government training grants to subsidise the cost.
• Add a third depot: our Corporate Finance team was engaged to assist in the purchase of a business. This included all stages from initial appraisal through to completion. We refinanced the overall business to take advantage of improved business performance and changing market conditions, generating significant savings and allowing the deal to go ahead.
By July 2017 the majority of the three-year plan had been achieved with in excess of 100% increase in sales over the period, record turnover month to month and a significant increase in profit and cash flow.
The success of the project was recognised nationally when the Business Strategy team was awarded the “Best Client Project of the Year” at the 2017 British Accountancy Awards. By taking the time to understand the client’s goals, the key issues preventing their achievement and providing the skills and resources to support implementation of the plan, the Business Strategy team proved essential to the client’s success.
Judges’ comment: “Randall & Payne demonstrated their position as a trusted advisor to their clients and impressed the judges by breaking silos and focusing on solving prevalent problems.”
James Clutterbuck, Managing Director, WHC: “The partners and team at Randall & Payne simply gave us what we needed to turn our plans into reality. We are excited about the future and are already working with them on the next three-year plan.”
How can we help you?
To find out how we can help you succeed at any stage of your business journey, contact Will Abbott or Richard Gray on 01242 776000 or firstname.lastname@example.org
For more information about Randall & Payne visit: randall-payne.co.uk
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