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 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.
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.