Track record
Case studies
Six mandates, organised by the decision each one turned on. Clients are not named and figures are stated as ranges or ratios where absolute values remain commercially sensitive.
Some clients appear more than once. Long relationships are the point.
Three acquisition targets. No reported EBITDA survived normalization.
A buy-side program across three targets where reported earnings could not carry the asking price.
Stopping was the hard call. Not over-correcting was the harder one.
A US subsidiary built ahead of regulatory clearance, and the cost of holding it open while unable to sell.
The lender quoted a prepayment premium. The contract said the premium was zero.
A promised debt saving rebuilt from the loan agreements, where a single discounting clause carried the value.
The interest the company expected to avoid was not actually there.
A tax recovery earmarked for debt prepayment, where the interest saving did not survive discounting.
A bank offered to swap a subsidised fixed rate for a floating one. We said no.
A swap proposal that would have traded a contracted funding advantage for an unbounded one.
A model with 62 tabs. Under two months of cash. The founder knew neither.
An expansion plan resting on a sixty-two-tab model, and the runway it was hiding.
How we handle confidentiality
Engagements are anonymised at client request. We publish the situation, the analysis and the outcome; we do not publish names, figures that would identify a party, or details of live negotiations.
Where a case describes a decision that is still being executed, it is written in the tense of the decision as it was taken — not as a permanent state of affairs.
References are available under NDA, at the appropriate stage of a conversation.
Not sure which plan fits?
Start with the diagnostic. We will assess the decision, clarify the scope and recommend the right path.