Restructuring to reduce costs and improve performance.

Moneycorp provides foreign exchange services to individuals and businesses from offices in the UK, Spain and the USA. Its majority shareholder is The Royal Bank of Scotland Special Opportunities Fund and its clients include many blue-chip companies and large organisations.

In an extended assignment, Collinson Grant’s Keith Morgan worked alongside the Chief Executive in restructuring the executive team and the wider organisation to reduce costs and improve performance. Keith also took day to day responsibility for all human resources and training matters, and led a review of the department’s goals and objectives. He restructured the teams and enhanced HR and training policies and practice.

To achieve these aims, Keith’s tasks included work:

• to create a better and more cost-efficient organisational structure
• to design improved ways of managing people
• to review remuneration and redesign bonus schemes
• to manage a reduction in the number of employees.

Collinson Grant’s employment team provided legal advice and support throughout the assignment.

Operating costs were reduced substantially while Keith was at Moneycorp, with a similar amount of additional savings forecast in the nine months following the end of his assignment. This was achieved at a time of considerable change, both in the ownership of the company and in the boardroom.