Rainham provides scaffolding and other industrial maintenance services under long term contracts for clients in the power generation, process and manufacturing sectors. It has offices in West Thurrock, Essex, Runcorn and Middlesbrough.
In the year to December 2015 Rainham reported an operating loss of £7.2m on revenues of £61m and net debt of £8.3m. Lloyds Bank were the main debt provider and supported WayPoint's involvement.
Nick Winks was asked to become CRO in November 2015. In March 2016 Andy Pearson joined to replace the outgoing FD.
£2 million of new funding was raised from personal contacts.
The turnaround involved the exit of some senior staff along with a restructuring of the bank debt.
Attention to detail
Focus on contract gross margin and working capital management.
In the year to December 2018 Rainham reported an operating profit of £3.2m on revenues of £51m and net debt had fallen to £3.2m: EBITDAE margin had improved to an industry leading 8.6%.
Nick and Andy stood down from their executive functions in January 2019.