Continued bookkeeping support for German Manufacturing company

Aug 12 2016

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.

More Case Studies

Preparing a High-Growth Finance Firm for Additional Funding and a Clear Path to Profitability- Timeline Case Study

The company was no stranger to VC investment, having successfully secured seed funding from 2018, and Series A funding in 2022, but Series B would require a more rigorous process.

Flexible Finance Expertise when the pressure is on- Paint Manufacturer

With extensive experience across all aspects of accounting, financial management, financial analysis, controllership, and regulatory compliance – and a track record of turning financial losses around – Mark is no stranger to complexity or urgency, and this project certainly required him to hit the ground running.

Bridging the finance gap to take a thriving business forward

The well established, multi-site business operates early-years nursery care in the Midlands, with a small Finance team that had performed well under the leadership of an experienced FD. However, when that FD decided to move on, the company needed to take responsible measures to ensure its Finance function would continue to benefit from an experienced FD until a permanent replacement could be found. For this, they turned to EFM Associate Simon Finbery, whose extensive background in both financial services and SME accountancy proved an excellent fit for the role. The position involved not only managing the Finance affairs of the business itself but bringing in-house the financial management of a charitable organisation that the business supported, using the business’s own systems and processes. To this end, Simon oversaw substantial rework and realignment of the charity’s existing accounting procedures and data, working closely with its management team, in addition to his “day job” of performing the business’s FD role.

A higher degree of flexible finance helps London uni thrive

When Richmond American University in London approached EFM Associate Jonathan Wheeler towards the end of 2021 to strengthen their Finance function as interim CFO, they knew his skills would deliver results. He had previously headed up a major project in 2019 that had seen the University secure further funding to enable it to continue its growth.

Profiting from Financial Discipline from Day One Recruitment Start-Up

With a wide-ranging Finance background across multiple sectors, but also specific experience of resolving the Finance challenges facing start-ups, EFM Associate Mark Brown was brought in as consultant Finance Director (FD) by London-based digital recruitment agency?Futureheads Recruitment. His role: to put in place, on a part-time basis, the systems, processes, and financial discipline to underpin the business’s embryonic but innovative offering – and lay solid foundations for growth.

Optimising Credit Control to Ready a Business for Further Funding

A forward-thinking UK Fintech business punching well beyond its weight in both the domestic and international markets was entering the next exciting funding phase to support its continuing rapid growth. To ensure the business’s financials were fit for it to succeed in the next funding round – and with only a small UK team to look after both Finance and more strategic customer relationship and business development responsibilities – it needed the flexibility and accessibility of an outsourced CFO who could prepare the business for a funding round, including robust finance processes and maximising balance sheet strength. For this reason, the business turned to Richard.

Make an enquiry today

I have read EFM Privacy Policy and am happy to be contacted