Watts PLC – CRO role completed

WayPoint partner Nick Winks was appointed CRO of this national surveying business in September 2010. The business cash flow at that time showed less than two months availability.

Since 2008, in common with the trend in the UK construction sector, Watts had seen fee income more than halved and had been loss making since 2009.

WayPoint led a dramatic cost reduction programme that reduced annual costs by over £1.2m. This involved mainly losing people by way of redundancy.

The cost of the operational restructure, which also involved removing the European subsidiaries from dependence on the UK business, was born partly by HSBC Bank and partly by an innovative salary abatement scheme involving most staff remaining in the business.

By May 2011 Watts was cash positive and profitable on a month by month basis. It has new leadership and is on budget at October 2011 by which time the Bank felt confident enough to return the business to the Network.

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