lawtech - Case study
Solution: Finance Director to a fast growing niche construction company
Lawtech Ltd is the country’s leading specialist contractor for external wall insulation, as well as having the ability, management and supply chain to deliver a full “whole house” energy efficient refurbishment solution. Lawtech Ltd is a modern business with a “green” agenda working with Local Authorities, Housing associations, public bodies and the private sector. Their clients include many of the country’s housing associations and local authorities, as well as blue chip private sector names such as Wates and Breyer Group.
YBP and Lawtech
Lawtech was established in 2004 by two founder shareholder / directors (David Lawrence and Junior Lamont). Between them, they have some 25 years’ experience in concrete repair and external building refurbishment. Early on in the company’s development they recognised the need for expert financial guidance and so approached YBP for assistance.
Our first remit was to implement financial reporting for the company facilitating an understanding by the directors of the profitability and financial strength of the business. We reviewed, and restructured the banking facilities securing facilities appropriate to the growing business.
Green initiatives introduced by the Government have, in recent times provided huge opportunities for growth in this niche construction area, and Lawtech have been at the forefront of this development. Turnover has increased by more than 400% within 2 years, and this has significant repercussions for the finances of the business. YBP have been heavily instrumental in guiding the company through this period. A full business plan and budgets were prepared and as a result new facilities were obtained with new bankers keen to support the business. We have been involved in negotiating substantial facilities with key suppliers, and also dealing with insurance companies to ensure that credit limits with key suppliers were maintained. A new finance department has been established appropriate to the much larger business, headed by a full time qualified Accountant.
Says David Lawrence, Managing Director at Lawtech, “we recognised the significant benefits of YBP’s involvement early on and have now formalised this by appointing Leigh Renak to our board of directors. His involvement and hands on advice has been invaluable to delivering our huge growth whilst avoiding the potential pitfalls of possible over-trading. He has been instrumental in creating both the internal and external environment to deliver our strategy smoothly, freeing us up to concentrate on generating new business and delivering the projects.”
For more information on Lawtech, please visit: www.lawtechltd.co.uk