Although this specialist wind turbine maintenance contractor was in administration it had high potential based on its blue-chip customer base and experienced technician team, which created high barriers to entry for competitors.
After a ‘prepack’ purchase of trade and assets from the administrator, ValueStep advised the new shareholders, setting out the steps to reform the business, restructuring operations and filling its order book.
The Value Step
ValueStep set out the plan for the company’s new direction after recapitalisation, via a full business restructuring and turnaround programme.
The progress the company made was based on a comprehensive review and upgrade of its capabilities, including:
- Strategic planning and repositioning.
- Operations – new safety, quality and assurance systems.
- Finance – controls, cashflow, risk-based order book, dashboard.
- Restructuring the executive team.
- New technician contracts.
- Employee share options scheme.
- Governance – process and administration.
By Q1, 2020 the company’s order book was full and operations were running smoothly.
However, in the face of COVID19, clients postponed and cancelled maintenance campaigns. Overseas travel bans also meant the company’s team could not service existing contracts. In the face of the damage to the order book and ongoing COVID risk the company was unable to attract a CBILS loan or secure new investment. As a result, the business entered administration in October 2020.