Role: 1090
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Candidate Brief click 'here'
A Non-Executive Director (Non Exec) is required for Bilby plc, an AIM Listed building services provider of gas and electrical installation maintenance to local authority and Housing Associations, predominantly in London and the South East, with a Head Office in Greater London.
Bilby Group was formed in 2015 with a strategy to acquire businesses in the gas, electrical and general building services sectors to meet the continued demand for high quality improvement and maintenance services in public sector housing.
Bilby currently now own four profitable companies which benefit from service and operational synergies operating in the gas heating, electrical and general building services industries:
- Building services offer multiple services including plumbing, electrics and general building maintenance, repair and new build.
- Electrical services offer a full range of electrical services from new installations to maintenance, 24-hour emergency call-out, upgrades and rewires.
- Gas services provide gas installation and safety critical gas maintenance services to domestic clients and corporate contracts for housing authorities that include systems upgrades, meter connections, boiler work and central heating solutions.
Bilby has recently undergone a major restructuring and significant fund raise. It operates in a stable market with long-term growth prospects with the market driven by compliance and safety regulation and the continuing shortage of affordable and social homes.
The Board meets 10 times pa in London plus Sub-Committees; the time requirement will be 2-3 days per month covering formal and informal time plus initially more during induction. The remuneration is £35k pa.
Business Concept
Bilby is a building services company serving local authorities, Housing Associations and domestic customers with projected revenues of approx £70m with an underlying EBITDA of not less than £4.5 million for the full year. Recent interims show a robust performance from the Group delivering an underlying EBITDA of £2.1 million (2018: £2.7 million) in a business that is historically weighted to the second-half.
The Group has recently gone through a major restructuring both with the Management Team and the strategy. A fundraise has recently raised £2 million to provide additional resources to improve the working capital position. Strong cash generation of £2.4m from underlying operations but impacted by £1.8m relating to P&R losses from year ending March 2019 and related restructuring.
Appointment of David Bullen as Chief Executive Officer who accelerated the operational and financial review of the business which led to several conclusive actions:
- The closure of P&R's gas division
- Centralisation of operating systems, policies and controls to improve transparency, efficiency and profitability within the Group, remains ongoing
- Appointment of a Group HR Director
- Significant operational progress securing new large-scale contracts with no major contracts up for renewal in the financial year
- Purdy won a contract with Enfield Council with a value of £1.2 million
- DCB secured an extended contract with Port of Dover for £1.5 million
- DCB secured a contract with Newlon Housing for £1.2 million
- Spokemead secured additional work with its largest customer, Southwark Council
- Conclusion and closure of the resolution proceedings relating to the two severely loss-making contracts with Carillion Amey and East Kent Housing with nil settlement to all parties
- Strengthening of Board with the appointment of a new Non-Executive Director and Chair of the Audit Committee (David Guest)
- An additional Non-Exec is now sought to further strengthen the Board
Commenting on the recent interim results, David Bullen, Chief Executive of Bilby plc said:
"This has been a period of restructuring for the Group in which we finally resolved the legacy issues relating to P&R and continued the operational and financial review that collectively has achieved a positive reset for the Group. We have taken the positive steps to improve our levels of transparency and efficiency, as well as engaging staff at all levels to shape the future of the organisation. This will ensure that each subsidiary benefits from being part of a wider Group and will accelerate the trajectory of our future growth path. I am confident that the actions we have taken, and continue to undertake, will ensure that Bilby is best placed to capitalise on opportunities moving forward."
Non-Exec Director Requirements/Criteria
- Ideally have Quoted company Executive Director or Non-Executive Director experience with either a major property, construction or engineering company [such as Costain Group, Kier Group or similar] or within the facilities management sector
- Able to demonstrate success in leading the growth of a business (within the above sectors)from £30m to £100m mkt cap or equivalent.
- UnderstandLocal Authority and Housing Associationcommercial procurement and bidding processfor repairs and maintenance.
- You should have enough time availability to make an effective contribution.
- Strong strategic and commercial expertise.
Time commitment is 2-3 days per month for Board and Committee meetings plus strategy reviews, initially more during induction. Board meetings are held ten times pa in London and business update calls. Remuneration will be £35k per annum.
Application closing date: Friday 31st January 2020
