Red7 Marine

The Business

I&C Ltd (trading as Red7 Marine) is a specialist offshore construction and plant hire business providing services to companies across the UK and beyond.

Headquartered in Ipswich and owning some very unique and high value flat top and jack-up barges, the business has grown rapidly in recent years.

Between 2017 and 2019, turnover increased from £6.8m to £18.6m but during the last six months the industry suffered a sharp slowdown.

The Deal

The market slowdown led to significant cash pressure on the business and its existing owners decided not to provide further capital.

As a consequence, the directors sought additional funding in the form of both debt and equity.

After an accelerated sale process, a solvent solution was achieved with new owners taking control and providing significant new funding for the business.

Value Add

Reviewing and managing cash during a critical time and implementing improvements to the forecasts.

Regular reporting and advice to the Board on funding options, deal structure and future funding for the business.

Managing all stakeholders’ during the sale process including the bank, shareholders and advisers.

Ongoing cash management and implementing and driving post-deal restructuring and cost cutting.

Location

Suffolk

Sector

Marine Construction

Deal

Restructuring

Red7 Marine Logo Red7 Marine Logo

Having JDC Corporate Finance on board for our recent voyage across some rather choppy water, was a very calming experience. Having seen our market drop away by some 50%, Chris and Alex engaged with our creditors to forge some strong relationships, negotiating support to enable us to climb back to a more comfortable position. The JDC team showed great leadership to our finance team, giving them the confidence to engage with our supply chain and strengthen our financial position. They engaged with our directors and new investors, supplying fast and accurate cash forecasts to enable us to plan meaningfully and steady our ship. It was great to work with you both, thanks again for your fantastic support.

Nick Offord Red7 Marine