Selected engagements.

01Healthcare · United KingdomRefinancing readiness

The group finally spoke with one set of numbers.

A multi-entity healthcare business preparing to refinance after a period of operational change, with reporting that did not yet reconcile across the entities.

Each entity reported its own way, so the group view had to be assembled by hand before every conversation, and the existing forecast would not have stood up to lender diligence. We built an integrated group model with a single reporting structure underneath it, added a rolling 13-week cash forecast, and rebuilt the lender pack around that base.

Outcome

Management entered the refinancing with one model and one reporting framework, answering the bank from a single source instead of several disconnected sets of numbers. The £8m refinancing closed in five months.

02Industrials · Project financeProject finance raise

Five sites, one funding requirement.

An owner-operated industrial platform raising capital across five sites, each at a different stage of build.

Every site was forecast in its own workbook, so the group position changed depending on which file was opened, and nobody could say with confidence what the whole platform needed to fund. We rebuilt the forecast as one driver-based model with site-level phasing and returns analysis, then built the investor pack from that model rather than alongside it.

Outcome

One funding requirement, defensible site by site, and a diligence process that ran without the numbers being restated halfway through. The $20m closed in over six months, across equity, debt and mezzanine investors.

03Consumer · Venture-backedPriced equity round

Three versions of gross margin, reconciled to one.

A growing consumer brand going out for a priced equity round, with a model, a deck and historic accounts that each told a different story about margin.

The discrepancy was not cosmetic — it sat inside the first question every serious investor asks, and it could not be argued away. We rebuilt the model from unit economics, ran the valuation off it, rewrote the deck and executive summary to match, then prepared the data room and an investor Q&A pack from the same base.

Outcome

Materials that reconciled line for line, and an investor process where the finance questions were answered in advance rather than in the meeting. The £5m round closed, with materials in front of investors within 30 days and introductions to 10 of them.

Client feedback

What clients say

“Compass and Ledger acted as CFO for Parnexus as we built out a real-assets marketplace with over $6bn of assets listed. They built our financial model from the ground up, covering memberships, deal commissions, debt advisory and events, and set it out so investors and our own team could follow it. He is thorough and commercial, and he challenged our assumptions where they needed it. We ended up with numbers we trusted and a clearer view of how the platform makes money. I'd recommend Compass & Ledger to any founder building a platform business.”

Josh Benbow · Founder & MD, Parnexus

“We've worked with Tom from Compass and Ledger for a number of years now, across a number of capital raises and investment opportunities. He brings genuine CFO-level judgement. The models are robust, the investor materials are sharp, and he's quick to get under the skin of a new opportunity and tell us honestly whether it stacks up. He's become someone we run every major decision past before it goes further. Compass & Ledger has been a real asset to us!”

John Gotley · Chairman, Criou Earth

What these have in common

One set of numbers, defensible line by line.

Rebuilt, not annotated

In each case the answer was a new base, not fresh commentary on reporting that had already stopped holding together.

Built for the second question

Models and packs that survive a lender's follow-up or an investor's diligence, not only the first pass.

One source throughout

Model, valuation, pack and narrative drawn from the same place, so nothing contradicts anything else.

Next step

Twenty minutes. No pitch. Your situation, and what we would do about it.

If we are a fit, we will say so. If we are not, you will hear that too, and where to look instead. Either way you leave with a clearer picture of what good finance looks like for your business.

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