Purepower Group

Formed in 2004 and operational early in 2005, Purepower is a renewable energy company engaged in the development, ownership, construction, operation and management of renewable energy projects.

Purepower developed its own portfolio of renewable energy projects which will produce electricity for supply into regional power grids. Once financing was secured for the business, the challenge was to get regular monthly financial reports and put in place formalized procedures and controls to cope with the rapid growth of the business. With the number of SPVs set to increase and the complexity of costing each project becoming a challenge directors wanted a solution that is reliable, cost effective and flexible to help put fundamental building blocks in place until such time that the cost of a full time Finance Director can be justified.

Solution

Azure provided Purepower with the services of an onsite part time Finance Director and Financial Controller backed up by a team of offshore UK qualified accountants.

Azure’s UK based team worked with the CEO and other directors of the group to set up and formalise processes & controls from purchase ordering cycle to allocating costs to correct projects and SPVs. Azure’s team also managed relationship with company’s auditors and ensured appropriate group registrations are in place with HMRC.

Azure’s team based offshore ensured that Purepower Group of companies accounting records are kept up to date and monthly board pack is produced in accordance with the requirements laid down by the company’s board of directors.

Breathe Networks

In 2006 Breathe Networks acquired the business of ‘breathe’, a British internet service provider originally founded in 1999 by Martin Dawes Communications.  The complex shareholding structure behind the original parent company meant that Breathe Networks’ directors needed advice not only on accounting treatment relating to the acquisition, but also regular financial reports to keep shareholders informed of the company’s performance. However, finding a reliable and cost effective solution proved to be a challenge.

Solution

Breathe turned to Azure Global for help and advice. Azure Global spent time with Breathe Management to understand their business objectives and using Azure’s Shoreplacement approach devised a solution to help Breathe management achieve their objectives:

  • Breathe management were provided with the services of a senior UK based accountant to bring the acquisition of Net Access to a satisfactory closure
  • A dedicated Financial Controller based in Azure’s Pakistan office worked with Breathe’s CEO to bring accounts up to date
  • The Financial Controller then worked with Breathe’s management to tailor monthly financial information pack that would meet management and shareholders’ requirements and started delivering monthly management reports to an agreed timetable

Azure’s solution not only helped Breathe to get accurate financial information in a timely manner, it also reduced the cost of production of financial statements by almost 30%.
Using the financial information produced by Azure’s team, Breathe management is now able to concentrate on growing their business through acquisitions and adding new services for its customer base resulting in additional revenue streams for the company and its shareholders.

Aabshaar Limited

Indian based entrepreneurs, having identified a fantastic business opportunity in the UK were looking for a firm who could offer them a full range of services from setting up a UK company to advising on acquisition of hotels, arrange for appropriate funding if required and to act as a sounding board and provide objective and independent advice.

Solution

Azure’s Financial Director solution provided them with the answers without resorting to employing a full time person, at this early stage.

In addition Azure offered their affordable outsourcing solution, which has enabled their entire back office operations to be handled out of Azure’s Sri Lanka office. The services provided include, production of monthly Management Accounts, suppliers’ payments, debtors monitoring and cash flow management. 

Current initiatives with the Azure include formalizing of procedures and internal controls which could be easily replicated on acquisition of other hotels.

XFor Management Limited

Xfor Security & Investigation Consultants was formed by former personnel of the Armed Forces and Police in the UK who employ the same ethics, skills, experience and protocols of that background to deliver a superior service to the private security and investigation sectors.

However due to rapid growth in the business the company was facing challenges ranging from meeting its day to day financial obligations to ensuring there are adequate processes and controls in place that can lay the foundation for building a strong and scalable business. However, due to cost constraints the company was not in a position to employ a UK based accountant or indeed seek advice from a traditional accountancy practice. 

Solution

Azure Global helped Xfor Management by providing them with the services of a UK based Finance Director backed up by a UK qualified accountant working offshore. As vast majority of the work to produce financial statements and projections was done offshore, the overall cost of services provided became affordable for Xfor Management.
Once up to date financial information and projections were available UK based Finance Director worked with the Xfor management to negotiate appropriate credit facility with the company’s bankers to ensure the business growth is sustainable and cashflow challenges were resolved within 3 to 4 months.
Within 12 months of working with Azure, the company’s directors not only managed to increase their margins easing the pressure on cashflow, they also increased their turnover 3 fold to £2m. The company is now a fast growing profitable business looking for acquisitions and developing new service offerings to its ever growing client base.
Working with Azure, the directors have formalized internal controls, have regular board meetings, help develop focused business strategy and are able to concentrate on developing other profitable service offerings to national and international markets.