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Case Study 1 – Maver (UK) Ltd

Maver (UK) Ltd is a distributor of quality fishing tackle in the UK which employs 25 staff and has a turnover in the region of £4m.

We have worked with Maver for over 7 years with increasing levels of outsourcing. As with all our clients we concentrate on our partnership approach and as a result the Managing Director has entrusted us to manage the entire finance function within the business. He is very happy with the support and views us as part of his staff. We support the business in a number of functions which equates to four man days per week onsite at the Maver premises, plus payroll which is processed offsite.

The key dedicated resources are Brett Welch as Financial Director and Carmel Verboom as Financial Controller, between them and the off-site staff they support Maver in the following ways.

  • Managing bank relationships and negotiations
  • Managing share holder relationships (Italian Shareholders)
  • Managing cash flows with bank facilities
  • Financial input into management decisions, as part of the management team
  • Management of two onsite finance staff – Credit controller & Purchasing clerk
  • Overview of all bookkeeping, entering all purchase ledger payments, setting up and approving all payments and calculating/submitting VAT returns
  • Management of the Sage 200 accounting system
  • Managing cashbooks & multi-currency bank accounts, buying foreign currencies and entering into forward contracts in Euros, Dollars and Sterling
  • Weekly and monthly payrolls plus related tasks (Prepared offsite by our Daventry and Birmingham office based staff)
  • Dealing with significant numbers of Letters of Credit as most purchasing is from the Far East
  • Monthly management accounts for internal and external stakeholders
  • Statutory accounts, corporation tax returns, personal tax return of the major shareholder
  • Cash and profit forecasting
  • Managing higher purchase or lease contract negotiations
  • Complete accounting for an associated business – Severn Sports & Leisure which is a fishing lake employing 3 people

www.maver.co.uk