The future of a Chesterfield business that employs over 120 local people is looking sound as two Institute for Turnaround (IFT) members prepare it for a promising future which may include a merger or disposal.
TM Acoustic Technologies (TMAT), based in Holmewood and trading since 1989, is a specialist advanced acoustic and thermal protection provider for automotive, agricultural and constructions equipment. Together with investment and turnaround support from IFT members Andrew Ramsbottom and David Gee of Advent Partners, TMAT has turned the tables on what was once a struggling company - having grown from employing 70 people in 2010, and being transformed from making a £750k loss in 2009 to £1m operating profit 2011.
According to Brendan McGeever, IFT's chairman for the Midlands and West region, "TMAT is a really great success story that shows how struggling organisations can be turned around. IFT members are providing vital support to businesses in the Midlands. They have the proven credentials to go in to a struggling business, quickly and thoroughly assess what's needed, and then get actively involved in helping to turn things around. The turnaround and transformation work they are doing is absolutely crucial for the local economy."
IFT has over 300 members, 40 of whom are working in the Midlands, helping to save jobs and bring businesses back from the brink.
Despite the TMAT success story, IFT members believe that there are well over 1,000 other SMEs in serious financial difficulty in the Midlands which are not getting the support they need to keep trading. According to Andrew Ramsbottom, "often, through no fault of their own, SMEs don't know where to go or how to get the support they need. The main problem for turnaround professionals is lack of access to them. Another issue is that the businesses themselves, unless they are at death's door, believe that they can easily turn themselves around, which wastes time and money and can lead to deeper difficulties. More SMEs need to be asking for help - it's what will bring the economy off its knees."