UK forklift truck distribution, leasing and maintenance business
£170m turnover
1200 employees

 Issues

• Acquisition of distressed business as beachhead to European growth strategy
• £12m loss making business in year one
• Dysfunctional and demoralised workforce
• Alienated customer base
• Fractious relationship with major suppliers

Actions

• Sorted top team within 90 days
• Removed the walls to all directors’ offices, creating an open plan. Cohesive environment and ‘walked the talk’ – visiting and speaking to ‘shop floor’ staff
• Involved and empowered staff
• Renegotiated supplier terms
• Reduced working capital by 50%
• Installed new ERP system in nine months
• Chased down and acquired major competitor for asset value realising synergy savings in excess of £5m
• Transformed business model from equipment sales to leasing and maintenance model
• Reduced staff headcount by 50% over six years

Results

• Profits transformed from £12m loss to £10m profit in nine years
• Significantly improved market position – now a top three UK player
• Largest distributor in EMEA
• Customer satisfaction rating increasing
• Employee satisfaction increasing resulting in productivity improvements of in excess of 20%

Contact Gray Wolf Management today for a no-obligation chat about your business.