Continued bookkeeping support for German Manufacturing company

SECTOR:

Manufacturing

Finance Director

CONCERN:

Set up of new uk operation (for a german company- krauss maffei)

BACKGROUND:

The client, Krauss Maffei manufactures separation equipment in Germany and has been subject to an MBO. Its UK business is a division of a company that is not included in the MBO

CHALLENGE:

Krauss Maffei needed to set up a UK business outside of the current arrangement in a cost effective way whilst continuing to support customers through the transitional period. The UK division lacked any of its own financial support and business systems

SOLUTION:

We set up a new Limited Company in the UK from scratch, managing all the legal documentation. We transferred the relevant assets, set up banking facilities and negotiated a short term lease within the current building.

Our next line of action was to transfer over existing employee undertakings (TUPE), appoint legal and audit providers and source external booking support. This allowed the division’s staff to focus on supporting the customer base while we handled the business set up and process side.

Additionally, we acted as an intermediary, liaising with the existing UK business and the German company to ensure that there was a fair asset split; we also helped with credit control chasing up debts in the start up period and hand-holding the business start up for the first six months to manage any business issues that arose.

BENEFIT:

The company is now well established, profitable with a low cost base. The transitional arrangements allowed them to have some breathing space before eventually moving to new offices and bringing the book keeping function in house.

Case Study: Glyn Isaac (Click here to see his profile)