Retail Case Study - Ponden Mill
Ponden Mill is a leading retailer of bedding and soft furnishings with outlets throughout Great Britain and The Republic of Ireland.
With 30 years experience and over 250 high-street stores and concessions, Ponden Mill are dedicated to providing outstanding service, great value for money and the best product quality and choice in the homewares business.
The Brief
Undergoing a period of significant change the business was under new management who were tasked with the turnaround of the company’s performance. A Finance Director was required at short notice to assist this management team and to take full responsibility for the finance function which was lacking controls, accurate management information and direction. An integral part of the role involved developing and implementing a business recovery plan and so a first class Finance Director with considerable financial systems and business improvements experience with a retail background was required.
The Solution
“I needed an experienced Finance Director in a matter of days. Interim Partners were briefed on Monday morning and by Thursday of the same week we had an Interim Finance Director in place.”
Stuart Greenwood, Managing Director, Marston Mills Ltd Parent Company of Ponden Mill.
Initially engaged for a 3 month period, Interim Finance Director Roger Francis was with the business for 9 months.
In the period of his engagement with Ponden Mill, Roger introduced financial stability within the business through the introduction of various control procedures while managing a team of 18 staff across Finance and IT.
Working closely with the Senior Management team and Group he was integral in implementing a business recovery plan and delivering a robust budget. Roger was also tasked with providing support on various IT projects including a new warehouse management system, chip and pin compliance and the integration of stock and finance ledgers.
Roger’s tenure as Interim Finance Director was a success for all concerned; he joined the business in a time of uncertainty and instability and left a wholly improved finance function producing timely and accurate accounts, full balance sheet reconciliation and cash management control as well as improving supplier relationships through managing the negotiation of payment plans.
