The situation
Sure provided term maintenance services to social landlords throughout the UK and had been owned for several years by Graphite Private Equity. In 2011, Sure reported an operating loss of £1.7m on turnover of £14m for continuing operations.
Nick Winks became CRO in November 2010 and Andy Pearson joined as FD shortly afterwards
Our approach
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Improve Profitability
The turnaround focused on improving the profitability of all contracts and securing new contracts in a highly competitive and cost-driven market.
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Operational improvement
Operational improvement was helped by improved financial reporting and close management of working capital.
Results
In its last reporting year prior to sale, revenues had increased to £23m generating an operating profit of £0.9m before goodwill amortisation. Bank debt had been eliminated and the group had cash balances of £1,6m
Sure was sold to Lakehouse PLC for initial cash consideration of £6.5m and deferred consideration of up to £2.35m in September 2015. Nick and Andy left the business immediately following sale.