Fabric Design & Distribution: Improving systems to gain accuracy, consistency & better stock control

Following an introduction to FD Solutions by New Boathouse Capital, the corporate finance boutique that advises Cath Kidston on business strategy, Richard Simpson started work for the company in mid-2005.

Cath started her company in a small shop in Notting Hill in 1993, selling second-hand furniture and vintage fabrics. She soon began to design her own fabric and wallpaper, creating signature floral prints, which have come to represent her unique look.

There are now eight Cath Kidston shops in the UK and two shops in the States (New York and Brentwood, Los Angeles). The company distributes its products to various speciality shops in the UK as well as over 500 worldwide stockists.

We were brought in around the time that the business’s finance director left, and stabilised the finance department, providing guidance and coaching to the financial controller and generally boosting the department.

Monthly management accounts were taking six weeks to produce, which we streamlined, and, by the end of our second month, management accounts were being issued within ten working days of each month end.

Richard introduced procedures that enabled the company to forecast accurately, and focused resources on key activities, including improved accuracy of weekly cash forecasts.

Our work improved planning methodology and introduced quarterly rolling 12-month forecasts giving true forward visibility, and also improved accuracy and credibility of reported numbers by resolving inconsistencies between IT systems.

Richard spent 2-3 days a week at the company’s offices in Shepherds Bush, and after five months was able to take a step back following the appointment of a full-time successor, recruited to bolster the full-time in-house team.