FRP team support food processor business, reestablishing profitable performance

Background

Field is a long-established food processor operating from sites in Scotland and England. With a track record of profitable trading performance, it was heavily impacted by cost of inflation, energy price increases and labour shortages, resulting in losses being incurred and concerns over the long-term viability of the business. FRP was therefore engaged by Management to undertake a business review, identify the issues and provide recommendations to improve performance and reverse the downward trend.

Action

FRP’s Restructuring Advisory team, led by Chad Griffin and Tom MacLennan, provided corporate advisory support to the management team, working closely to complete a review of the Group’s historical and forecast trading performance and setting out options to improve profitability. The team provided Management with a clear set of options to drive EBITDA improvements and assisted management in formulating a plan to implement them. A third-party turnaround interim was also secured to assist with the implementation over a 6-month period.

Outcome

Our work enabled Management to agree a facility extension with its lender while performance improvements are implemented. The business turnaround has been successful and a strong profitable position has been restored.