A renowned figure in the City and the fashion business with many interests including a joint venture with a major supermarket chain and a catalogue company, was suffering from inadequacies in their finance department and the catalogue business was losing money. Their normal accountants were a top 5 firm. This client was introduced to our practice by a mutual connection, with a brief, initially, to review the operations of the catalogue business and the supply side of the joint venture business. We were also required to prop-up the financial function of the overall operation, until a more effective finance team could be put together. Reporting deadlines were agreed and the review commenced. Within three weeks, decisions directly attributed to Link, saved this client £500,000. The organisation of the supply side of the organisation was changed, purchasing decision structures were introduced and a system designed to save an overall 5% (or more) of all purchase cost was put into effect. The monetary implication of this was a potential saving of £5m per year.
Date:7 October 2002
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