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What is Interim Treasury Management?

Tim Canty has undertaken the following interim assignments in his career, dating from 1997 (shown in reverse chronological order):

A leading UK provider of residential property services incorporating Estate Agency, Surveying and related Financial services businesses with annual turnover of £300 million

Providing a review and proposals for the future Treasury operations and strategy of the autonomous, decentralised and acquisitive organisation, including:

  • Managing the refinancing of the Group's £100 million RCF, negotiating amendments with the bank lending group appropriate to the future activity and growth of the businesses
  • Increasing awareness throughout the Group of the importance of cash management, involving increased participation of bank accounts in the Group cash pool
  • Drafting Treasury policies, procedures and controls
  • Providing mentoring to current Treasury staff and advice on the future staffing requirements for ongoing Treasury operations

A global FTSE 130 company, providing hazard, life and environmental protection systems in over 23 countries with annual turnover of £726 million and market cap of £3.2 billion

Managing the Treasury function of the highly autonomous, decentralised and acquisitive Group, following the departure of the permanent Group Treasurer, including:

  • Negotiating new USD 250 million equivalent multicurrency financing, via US Private Placement
  • Reviewing and hedging Group foreign exchange exposures
  • Managing the GBP 360 million multi-currency syndicated RCF, loan drawdowns and repayments
  • Treasury accounting, including accounting for financial instruments

A Private equity owned organiser of business events, shows and conferences in 9 countries with annual turnover of £113 million

Managing Treasury operations for the highly leveraged Group, subsequent to the re-negotiation of loan facilities following banking covenant defaults and re-structuring of the finance function, including:

  • Monitoring and reporting of the financial covenants under the syndicated bank loan facility and mezzanine facility
  • Global cashflow and working capital management in order to comply with covenants
  • Managing the company's compliance with external loan agreement obligations
  • Assistance with the recruitment of and handover of duties to the permanent Head of Treasury

A ROI based financial services organisation, specialising in multicurrency payments, VAT refunds and credit card processing, with operations in 23 countries and annual turnover of €120 million

Setting up a Treasury function for the Group, following purchase by private equity firm, including:

  • Managing a RFP to a number of potential banks for global cash pooling services, including associated centralised funding to replace local overseas borrowing arrangements
  • Identifying cash available for distribution to new private equity owners
  • Providing support for the setting up of a new cashflow forecasting process
  • Providing the private equity owners with support in negotiating central borrowing to fund the future expansion plans for the business

A FTSE 250 company, a UK forerunner in multi-modal logistics, warehousing, rail, civil engineering, real estate, biomass fuels, operating a road haulage fleet of 2,280 units and operating two UK airports, with over 40 sites and annual sales of £552 million

Reviewing existing Treasury policies and procedures throughout the Group, including making recommendations to senior management on

  • The immediate matters to be addressed, formulating and implementing the required project plans, including a review of current cash management, setting up a cash pool, an intercompany netting system and rationalising intercompany balances
  • The future staffing requirements, assisting with the recruitment and appointment of suitably qualified and experienced staff
  • Appropriate amendments to external loan agreement covenants to meet future requirements

A FTSE 250 manufacturer of rigid plastic packaging and supplies products with annual sales of £819 million

Setting up a Treasury function for the Group, following a major overseas acquisition which substantially increased the Group's operations, including:

  • Managing the integration of the new acquisition's Treasury operations into the amalgamated Group, including revised cash management and pooling structures
  • Drawing up new policies and procedures for both Head Office and site managers
  • Review alternatives for the refinancing of long term debt, provide proposals and manage the subsequent process
  • Conduct cross currency interest rate hedge associated with the long term refinancing and negotiate ISDA documents

A privately owned domestic appliances manufacturer, operating worldwide with annual sales of £750 million

Managing projects as cover for a sickness leave, including:

  • A major group refinancing, including a US Private Placement and UK Revolving Credit Facility involving a number of syndicate banks
  • US Dollar interest rate hedging associated to the refinancing
  • A European cash management and cash pooling tender, including a review of current requirements and managing the Request For Proposal from banks
  • Conducting a review of the feasibility of SWIFT corporate membership

A Channel Islands based privately owned opticians, operating 1,300 stores and associated supply-chain network worldwide, with annual sales of £1.4 billion and staff of 27,000 and expanding rapidly worldwide

  • Conducting a comprehensive review of the day to day operational structure and systems processes of the Treasury and In-House Bank, comprising 23 staff and then
  • Providing proposals as to the appropriate structure and systems enhancements for the future Treasury Department, agreeing with senior management and implementing accordingly

An AIM listed film, DVD and music content ownership and distribution business operating in Canada, UK, Europe and USA, partly funded by private equity, with annual sales of £343 m.

Setting up a Treasury function for the Group following a series of acquisitions and new refinancing, including:

  • Managing the new multi-currency syndicated credit facility, amendments thereto and covenant compliance
  • Developing Group cash management and cash forecasting processes
  • Advising on and implementing Group exchange rate and interest rate risk management policies and procedures

A UK Government funded public body, providing teaching and examination-administering services in UK and 110 countries worldwide, with annual turnover of £551 million, in over 30 currencies.

Reviewing the global Treasury requirements and proposing an appropriate structure following the partial withdrawal of UK Government funding, including

  • Training and mentoring existing staff to improve skills to the required level
  • Preparing a risk assessment to recommend structures to reduce financial and operational risk and adherence to Treasury best practice
  • Working alongside Banking implementation team in establishing secure electronic balance reporting and funds transfer systems

A multinational manufacturer and supplier of welding consumables and equipment with 26 worldwide manufacturing plants, subsidiaries in 80 countries and annual turnover of £828 million

Managed the Treasury function following staff departures, including:

  • Assisting with the recruitment of replacement Treasury staff
  • Supervising the daily cash management and cash pooling activities
  • Reviewing foreign exchange exposure and formulating policies and procedures
  • Monitoring overseas subsidiaries’ funding and cash levels

A Dutch multinational biopharmaceutical company, in the process of divestment from its parent company, with 125 subsidiaries in 60 countries and annual turnover of €2.5 billion

Assisted with the establishment of a new Treasury function in the Netherlands based holding company, including:

  • Assisting with the implementation of new global overlay cash pool structures so as to more effectively manage global cash, reduce interest expense and debt levels
  • Assisting with establishing Sarbanes Oxley compliant Group Treasury procedures
  • Reviewing global foreign exchange risks and establishing appropriate policies
  • Advising on optimal and tax efficient financing structures for overseas subsidiaries

A German manufacturer of industrial furnaces, gas, electricity and water meters and subject to a leveraged buy out by a private equity firm in mid 2005, with 102 subsidiaries in 29 countries and annual turnover of €1.5 billion

Assisted with the establishment of a central Treasury function, including:

  • Extracting surplus overseas cash to reduce syndicated debt levels and interest expense
  • Managing the selection process for a cross border global cash pool to reduce interest expense and debt
  • Managing foreign exchange risks
  • Reviewing systems for intercompany netting to improve cash, exchange risk management and costs
  • Assisting with establishing policies and guidelines

A German owned UK based technology and services company, with annual turnover of £2.6 billion

Managed the UK Treasury function, provided a strategic review of UK Treasury operations, ongoing requirements, including Sarbanes Oxley compliance and made proposals for future UK Treasury structure and remit.

A global industrial thread and textile crafts supplier with manufacturing operations in Europe, the Americas and Asia and annual turnover of £851 million

Managed various treasury projects, including:

  • Setting up a global intercompany netting system to improve cash, exchange risk management and costs
  • Reviewing world-wide bank facilities in conjunction with a new syndicated debt exercise
  • Setting up a European cross-border cash pool to reduce interest expense and debt
  • Documenting Treasury procedures

A Global oil and gas platform drilling contractor with annual turnover of £450 million, 47% overseas

Setting up a Treasury function for the Group, which underwent significant growth following a major overseas acquisition, including:

  • Managing foreign exchange and interest rate risks
  • Managing bank debt facilities
  • Setting up global cash forecasting procedures
  • Drawing up treasury policies and procedures

A new merger of two UK and Scandinavian industrial fan manufacturers with a combined annual turnover in 30 countries of €560 million, being subject to a leveraged buy out by a private equity firm

Assisted with the establishment of a central Treasury function, including:

  • Monitoring and administering the new syndicated global bank facilities and ensuring compliance with the covenants
  • Overseeing and monitoring the global cash-flow forecasts
  • Advising shareholders of foreign exchange exposures and implementing appropriate Group foreign exchange exposure policy, procedures and systems
  • Establishing a global notional cash pooling system to reduce interest expense and debt levels

A FTSE 250 Business Consulting, I.T. and Outsourcing company with annual turnover of £435 million.

Writing up Treasury policies and procedures manuals, negotiating ISDA master agreements, providing data for statutory accounts and drawing up intercompany loan agreements.

A UK development corporation with a net $2.5 billion invested in over 400 businesses in 55 emerging market economies

Transformation of the Treasury Department during the corporation’s transition from a government body to a private equity house, including:

  • Installing a new Treasury Management system
  • Setting up new global insurance policies
  • Foreign exchange risk management
  • Introducing Risk Management policies and procedures

A Middle Eastern oil corporation with net assets of $29 billion, annual turnover of $24 billion and net operating cash flow of $3.6 billion

Based in the Middle East, managing the implementation and completion of a project involving a UK management consultancy to build a global Treasury Function. Implemented cash flow forecasts, liquidity, interest rate, exchange rate and counter-party risk management policies and procedures.

A value added distributor of network computing products and services with annual turnover of £280 million, 65% overseas

Providing assistance to the Group Treasurer and Finance Director during the period of share suspension and the standstill arrangement for the restructuring of finance facilities, including preparing detailed reports for auditors and syndicate bankers, refinancing of debt facilities and recruitment of extra staff.

Canty Treasury Management Ltd, Les Mouettes, Maybury Hill, Woking, Surrey, GU22 8AB
Phone: +44 1483 827794 | Mobile: +44 7710 285319
E-mail: tim.canty@cantytreasury.com