Closure support: Delivering a controlled wind down to maximise value
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- Tamsyn Marsh
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1 Closure support: Delivering a controlled wind down to maximise value
2 Why close? Why seek support? There are a number of reasons why businesses and organisations are closed down: a strategic decision to focus on different markets or products and services changes in international legislation/regulation or tax regimes dictates closure a change in technology dictates a withdrawal from a market there is a loss in market share or franchising/licensing agreements the business is under performing/cashflow problems and cannot be turned around or sold a government grant/contract is due to expire or funding is withdrawn. The final days of an organisation I don t have the time to deal with this project My team don t have the experience or expertise to identify and deal with the regulatory and legal requirements I do have resources to deal with the detail but need project management support I am unclear as to process, timescales and how issues are or may be inter related I am comfortable with the process overall but need specialist support for the liquidation/strike off I need to provide senior management with an objective view as to progress and risk management CESSATION OF TRADE TRADING DESIGN/PLAN/STRATEGY OPERATIONAL WIND DOWN/LEGAL WIND DOWN IMPLEMENT/REVIEW LIQUIDATION/STRIKE OFF ELIMINATION TRIGGER TO EXIT PLANNING IMPLEMENTATION COMMENCEMENT OF ELIMINATION (LIQUIDATION OR STRIKE OFF) DISSOLUTION GOVERNANCE, REPORTING, COMMUNICATION
3 How we can help Issues Operational Commercial Assets Liabilities Tax Project management Communication Elimination How we can help Free up management time and leverage internal resource as required Advise on efficiencies to minimise costs relating to the exit process Provide practical support in dealing with suppliers, customers and personnel Advise on and ensure that both commercial and legal dormancy are achieved Highlight pitfalls of business exit to ensure that directors /shareholders liability is minimised Assist in identifying realisation and exit strategies for property assets Effective disposals of other assets in a tax efficient manner Ensure the liability position is managed effectively with third parties Identify contingent liabilities and assist in resolution strategies prior to formal elimination of the entity Provide specialist tax advice throughout the process to ensure that closure and elimination is undertaken tax efficiently This includes effective corporation tax planning and dealing with SDLT and VAT issues Support with dealing with employment tax issues including PAYE/NIC, redundancy and severance payments as well as compromise agreements Provide a tailor made approach from piecemeal advice to full project management Create a bespoke project plan to ensure the critical path and correct sequence of events is followed Provide project tools to monitor and track progress, providing visibility on key issues and milestones for project teams and senior management Also support in communication strategies and stakeholder management Advise on and effect the most appropriate method of elimination to ensure the desired outcome is achieved Ensure that all UK statutory obligations are complied with (including overseas compliance, where applicable)
4 Case studies Global camera manufacturer This global manufacturer and distributor of traditional photo image cameras made a strategic decision, based on technological changes, to cease manufacturing and withdraw from traditional photo imaging/camera manufacturing and distribution worldwide. Key issues and challenges With continuing trading worldwide in newer and developing markets, both business and consumer, preservation of the Group s brand and reputation was vital. Purchasers of cameras were provided for by worldwide warranty support provided by a competitor in the market. The UK had a its own distribution company with large premises close to Heathrow airport and this entire operation had to be closed down, ensuring that all employees, suppliers and service providers were dealt with sympathetically whilst minimising cost. The company had leasehold premises and was party to two pension schemes and financial settlement of the company s obligations in relation to these had to be negotiated. The wind down period was lengthy and projected to extend beyond the date set by the Japanese parent for all photo imaging staff to be made redundant. The Group required a partner and adviser to assume responsibility for the management of the wind down of the UK company s affairs beyond this date until the company could be placed in member s voluntary liquidation. The Japanese directors of the company remained in office. What was achieved We were engaged to work alongside management to understand the nature and extent of all outstanding issues and assume responsibility for managing these to a satisfactory conclusion after all staff were made redundant, including realising remaining debts and agreeing and settling liabilities. We project managed all external advisers until all outstanding matters were satisfactorily resolved, thereby enabling a members voluntary liquidation to be proceed in due course. We produced regular monthly management reports and completed quarterly Group consolidation packs until the company was eventually placed in member s voluntary liquidation. We held regular progress meetings with members of the Group s European management charged with overseeing the closure of the company on behalf of the Parent company in Japan. Food manufacturer Closure of non-core operations of a 200 million turnover white label food producer. This supplier of bakery goods to large supermarkets had conducted a strategic review and was closing a number of non-core operations which operated as standalone businesses. We worked with management to plan the wind down of manufacturing and liaised with customers and suppliers to reduce the impact of closure on their businesses by clear communication and practical assistance in sourcing alternative suppliers for customers. We also incentivised customers to honour their existing contracts by using targeted discounts. We also ensured that key staff had sufficient retention inducements to maintain continuity of production and supply during the wind down activity. What was achieved The business maximised the operating revenues and profit from the businesses which were closed. In addition the goodwill of customers and suppliers, many of whom also supplied other group companies, was maintained. By ensuring that key staff had adequate retention payments in place, the operations of the business were not adversely affected by the closure.
5 Why Grant Thornton? One dedicated team from start to finish Experienced specialists Partner-led Access to additional specialist services eg pensions, legal, HR Grant Thornton International member network Pragmatic and solutions based approach Strength and depth evidenced by our track record Contact us Sean Croston Partner and Head of the Corporate Simplification Group T E sean.croston@uk.gt.com London Sean Cannon T E sean.cannon@uk.gt.com Thames Valley Bruce Maidment T E bruce.w.maidment@uk.gt.com North East Julian Berry T E julian.h.berry@uk.gt.com North West Neil Kilborn T E neil.kilborn@uk.gt.com Midlands Fiona Waddy T E fiona.e.waddy@uk.gt.com South Cara Cox T E cara.cox@uk.gt.com South West Sharon Bradley T E sharon.m.bradley@uk.gt.com Scotland Linda Crookston T E linda.crookston@uk.gt.com 2013 Grant Thornton UK LLP. All rights reserved. Grant Thornton means Grant Thornton UK LLP, a limited liability partnership. Grant Thornton UK LLP is a member firm within Grant Thornton International Ltd ( Grant Thornton International ). Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered by the member firms independently. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication. grant-thornton.co.uk V22872
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