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Flying High Again

Corporate Finance advisers, Watersheds, has recently completed a successful restructuring exercise for Project Grey, a South East based supplier of specialist components into the global aerospace industry.

Following the downturn in the global airline industry last year, Watersheds were initially approached to assist the company in finding an investor in the business to provide additional working capital in extremely difficult trading conditions.  Having secured and negotiated an offer of investment from an overseas trade buyer and successfully completed due diligence, however, the company had bounced back and was trading so strongly that Watersheds began to question whether this was still the right way forward.  Was this really offering best value to the shareholders?  A better solution might be to trade through the current challenges and approach the market at a later date.  Watersheds helped the company to explore a range of asset based lending solutions which would provide additional working capital, pushed forward an agreement with HMRC on a repayment plan and implemented a tight cashflow monitoring system to allow it to manage relationships with its suppliers.

A Project Grey spokesman said:

“I always felt that Watersheds were working with the best interests of me, the Client, in mind and consequently supported the company through the most difficult of times.  The sheer drive, energy and persistence of Sue Green, based at Watersheds’ Swindon office, has allowed the company to move forward and gain additional value.”

The company has now emerged from recession stronger, benefitting from new banking facilities and the prospect of a much more lucrative exit for the shareholders in twelve to eighteen months time.

Sue Green commented:

“This just goes to demonstrate that a successful outcome for a client is often completely different to the one that is first envisaged. Creativity and flexibility, skills we pride ourselves on, were essential in this situation.”

 

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