CASE STUDY Third Sector – A successful turnaround for dance school
The Client
We were introduced to this important dance and theatre school which operates in schools, health and social care settings, community venues and its own premises. It provides dance opportunities to a variety of participants, including children and young people, the disabled, hospital patients, stroke survivors and the socially isolated.
The Challenges
At the time we were introduced to the charity, the board had concluded that, due to inappropriate decision-making, which led to the resignation of the CEO, it had no choice but to close which would have resulted in the loss of its important services to the community. There was virtually no cash left and no ability to meet the payroll costs of over 20 staff that month. We quickly identified possible short-term funding opportunities with the Arts Council and other key stakeholders, which avoided closure.
The Conclusion
We worked with the organisation for a period of months to build a new operational financial model, monitor cashflow forecasts, terminate speculative loss-making operations, obtain additional funding and stabilise the senior team following the departure of the former CEO. This was a successful turnaround that helped secure the services to the community and save over 20 jobs.
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