David Annable


David Annable brings with him 20 years of experience in the financial sector and is a board level leader with a track record of supporting strategic development, overcoming challenges and enhancing processes to drive operational and financial performance. Experienced across multiple sectors, SME’s and owner managed businesses, David has handled financial matters in the recruitment sector, the motor trade business, manufacturing, packaging, retail, the leisure industry, distribution and even the airline industry.

Track Record

Broadly experienced and highly knowledgeable board-level leader with a track record of supporting strategic development, overcoming challenges and enhancing processes to drive operational and financial performance.

Experienced across multiple sectors, SME’s and owner managed businesses. Possesses strong financial acumen.  Empowers the senior decision-making process through identification of issues and opportunities and develops highly effective change strategy to turn around issues and drive growth.

Resilient and results orientated with a pragmatic approach, strong active listening skills and confidence in providing constructive challenge.

Turnaround & Profit Improvement 

• Business reviews to identify areas of opportunity to increase revenue and reduce costs

• Savings of c£250k pa achieved by closing branch office whilst transferring business to head office also allowing significant saving in executive time.

• Transformation of a warehousing and distribution business into a freight forwarding business saving in excess of £250k pa.

• Reviews of systems, procedures and internal controls

• Margin improvement of over £100k pa in motor repair business achieved by re-costing labour rates and increasing parts margin.

• Implemented stock control system in retail business reducing stock losses from an estimated £150k pa to less than £10k pa.

• Overhead and cost reduction by improving the tendering process and supplier negotiation

• Reduction of overheads by improving the tendering process and negotiating with suppliers resulted in savings of over £100k pa.

• Negotiation of lease renewal resulting in a 12 month rent free period on a 5 year lease renewal

• Implementation of management information packs identifying performance against forecasts and plans.


Business Planning & Analysis 

• Creation of business models and plans

• Production of detailed cash flow forecasts and supporting budgets

• Production of departmental budgets and mentoring of non-finance managers to use the data correctly to drive business improvements

• Design and implementation of management information packs identifying business performance against forecasts and plans

• In year reforecasting to reflect changes in the organisation

• Design and implementation of flash reporting system whereby previous weeks results were known by close of business Monday the following week.


Systems Planning and Improvement 

• Design and implementation of Sage, Quickbooks and Xero accounting sytems.

• Implementation of Sage and Xero payroll programs

• Design and implementation of Management Reporting packs highlighting key data to enable non-financial managers to understand the results.


Financial Management and Reporting 

• Production of monthly and annual accounts with supporting tax computations

• Treasury Management including cash forecasting

• Managing VAT and Tax compliance visits and investigations

• Corporate Governance including Company Secretarial duties

• Managing HR departments, Payroll departments and associated reporting

• Producing Reports to Creditors for an Insolvency Practitioner

Consultant Finance Director 

• Reviewed existing accounting systems and discovered an error whereby profit had been overstated previously by c£75k. Redesigned accounting systems and controls to prevent a re-occurrence.

• Advised the business to expand its activities in the temporary staff market to smooth out and mitigate the traditional peaks and troughs associated with permanent staff recruitment. Turnover of the temporary side of the business increased from just under £1m pa to around £2.5m pa in less than 18 months thereby providing regular and consistent monthly profits.

• Produced monthly management accounts and an annual pack for the reporting accountants to base the annual accounts on.

• Revised cash collection procedure to ensure timely debtor collection and communication resulting in a significant reduction of debtor days.

• Negotiated improved invoice discounting facility with credit insurance, higher limit and achieved cost savings of around £15kpa. Changed providers for Insurances and Telecoms saving £15kpa

• Implemented system of forecasting to provide visibility of future profitability and pinch points and examined options for cost reduction. As a result, recommended the closure of one office and consolidated the presence in the Midlands saving in excess of £100k pa.

• Identified need to re-capitalisation of the business and advised on the negotiations around the cash injection and revised shareholdings between the founders. Briefed the lawyers and advised the business on the content of the revised shareholders agreement. Ensured documents were filed correctly at Companies House.

• Contributed to the development of a fair and amicable exit package and appropriate contingency strategy for the departure of one of the company’s co-founders. Supported the MD by advising on the process to be followed, briefing and liaising with reporting accountants and lawyers, reviewing documentation, producing multiple financial scenarios, recommending a fair exit package and advising on the content of a new shareholder’s agreement.

• Lead negotiations when the premises lease came up for renewal. Achieved a rent-free period of 12 months in a 5-year lease extension with no increase in rent.

• Advised and oversaw the change from standard VAT accounting to Group VAT accounting and the change from cash accounting for VAT to the standard method and ensured cash flow remained positive to facilitate the change. An HMRC VAT inspection in early 2019 gave the business a completely clean bill of health with no additional VAT found to be due.


Consultant Finance Director & General Manager

• Brought in to address issues caused by poor business performance and resulting cash flow difficulties. Determined that the issues were beyond salvage and lead the insolvency process.

• Secured the sale of the assets to a new limited company, devised and implemented the strategy, recruited the appropriate staff, acted as a mentor to the relatively inexperienced managing director guiding him to make the correct decisions for the business.

• Re-costed labour rates, workflow management, set up a second- hand parts sales system, set targets, devised and implemented a new reporting system.

• Turned a 6-figure loss into a small profit within 12 months.


Manufacturing and Packaging Business Finance Director

• Lead the finance department and held responsibility for IT, HR, treasury management, facilities and fleet management.

• Produced monthly reporting pack including management accounts and KPI measurements.

• Produced and implemented accurate weekly flash reporting system.

• Reduced debtors by 40% bringing all debtors to within terms in the process.

• Redesigned nominal ledger to produce more informative reports.

• Identified weaknesses in IT system and produced plan to rectify these issues and a choice of suppliers to facilitate ongoing support.

• Introduced a system of risk mitigation for transactions involving paying suppliers in euros whilst receiving sterling from customers.

• Implemented cash management system forecasting requirements and placing surplus on deposit.

• Resolved significant tax compliance issues arising from the failure to submit returns for a number of years. Brought in and worked with tax consultants to ensure ongoing compliance leading to full resolution with HMRC with only a 10% penalty using an HMRC approved scheme.


David Annable discusses what major changes have happened to your business recently, offering advice and guidance on your next steps.