Start Up
Auralis Limited was formed in 2005 and developed generic pharmaceutical products for niche markets. As a start-up, the company was financed largely by a northern based fund manager during its early stage pre income development. The company was recently sold to an international biopharmaceutical company for £20m representing a significant return for its shareholders.
THE ISSUE:
As a high-growth start-up company the business had no initial requirement for full time finance department staff and was worried how to accommodate the constantly changing needs as the business grew. As an equity backed fast growth business required not only up to date book-keeping, payroll processing & management accounts production but also a Finance Director level board input and detailed financial control and forecasting capabilities to assist further fund raising during the growth cycle.
THE SOLUTION:
The entire finance department of Auralis was outsourced to summ.it from its embryonic start up development to income generation and profitable trade through to trade sale. A senior, experienced FD backed up with a qualified member of the team attended site as required backed up with support from our office in Mauritius. We provided a comprehensive service covering all aspects of the role of a bookkeeper, Financial Controller and Finance Director. The service was constantly monitored and amended as the business grew.
- Our services cost 50% less per annum than an equivalent full-time person
- Through summ.it banking contacts and financial modelling to support the business plan a £1m loan under the Enterprise Finance Guarantee Scheme (EFGS ) was raised on which no personal guarantees were required from Directors and no dilution of shareholders’ interests were incurred
- Driven R&D tax credit claims over a period of 3 years amounting to in excess of £200k
- Commendations from company bankers and board members for detailed forecasts and monthly finance pack
- Board presence from pre income generation to trade sale