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Clients and Results

Case Studies

John Maltman, CEO E Fundamentals HIGH RES

John Maltman, CEO

“It was a good day for our business when we found Metric. They have given us extraordinary support in many areas – everything from great bookkeeping to strategic advice.”

EF Logo
Read how we helped a B2B technology business raise a 'Series A' equity round & increase headcount tenfold (click to open)

When John Maltman, CEO of the E Fundamentals’ Group, first met Metric, his business and its underlying software product were in their infancy. The software was still being developed and the business was pre-revenue. The Company’s investor base consisted of a small group who had been with the Company since it was formed.

John recognised that, whilst he had already formed a very experienced Board of Directors, given the business’ growth plans, he needed financial advice to strengthen the team. John engaged Metric to undertake the role of part-time CFO as well as the services more traditionally associated with a chartered accountancy firm, such as bookkeeping, management accounts, payroll, as well as financial statements and tax return preparation.

As John explained, “It was a good day for our business when we found Metric. They have given us extraordinary support in many areas – everything from great bookkeeping to strategic advice.”

Over the years, as the business has grown and developed, it has faced new challenges which Metric has helped to address:

  1. R&D tax credit claims. Metric was able to assist E Fundamentals make substantial R&D tax credit claims, allowing the business to recover a significant proportion of its software development cash outlay. This was particularly valuable to John: “Metric helped us manage from day one to make good use of R&D tax credits as we built our first service, so that we submitted promptly and accurately.”
  2. Forecasting and modelling. The Board needed detailed P&L and cashflow budgets and forecasts in order understand the financial implications of its strategy and to be able to gain the confidence of potential investors.
  3. Assisting investors. It’s important to be able to satisfactorily meet the needs of investors, whether that be to drill down into specific areas of concern or to help them to utilise tax incentive schemes such as SEIS, EIS and VCT.
  4. Grants. Metric supported the applications to different grant-providing bodies. Grants have proved to be a very attractive source of additional funding.
  5. Group restructuring. As the business has grown and needs have developed, it was necessary for the business to undertake a hive down and transfer intellectual property within the newly formed group. Metric was heavily involved in this restructuring, working with lawyers to achieve an outcome that worked for the business and investors alike.
  6. Part time CFO. Having a representative at the Board that is able to “own” the financials is very helpful at Board meetings, so that decisions may be reached based on facts, rather than assumptions. What’s more, we’ve been able to help John to start building an in-house finance function by interviewing and recommending the appointment of a Financial Controller when this became right for the business.

The Group now looks remarkably different to when Metric first met John. The headcount has increased tenfold, the Group is now working with household brands and the company has become a group with international plans and two offices.

When asked what advice he would share with companies that are, for example, two years behind E Fundamentals on the life cycle, John’s advice is simple: “Hire Metric”.

Brendan O'Toole

Brendan O’Toole, CEO

“We’ve been working with Metric for several years now and through that time have received a great many suggestions, recommendations and counselling that have brought multiple economic benefits to our business.  They are true team players.”

lookiimedia logo
Read how we helped a Tech software company claim cash rebates (click to open)

When the director, Brendan O’Toole, first met Metric, the software products were still under development, the Company itself was in its infancy and there was no strategic or financial group structure.

Brendan asked Metric to suggest how to best structure the business. Metric, utilising their practical and commercial experience, was able to provide recommendations and advice before the first products were launched.

This has proven to be a very useful exercise for Lookimedia. Changing the structure at a later stage would have been very painful and complicated, something that Brendan really appreciates:

“We’ve been working with Metric for several years now and through that time have received a great many suggestions, recommendations and counselling that have brought multiple economic benefits to our business.  They are true team players.”

Metric’s help was not limited to strategic advice. Metric provided specialist tax advice as well.

During the software development phase, Metric has supported Lookiimedia with two successful R&D tax credit claims. Metric, which has specialist R&D tax claim professionals and undertakes all the work at its Covent Garden office, is able to undertake the work alongside the preparation of the financial statements, making the process extremely efficient and effective. 

Would you recommend Metric Accountants?

We asked Brendan whether he would recommend Metric to other tech and high growth companies. Here’s what he said:

“Absolutely. At Metric they know what they’re doing, work very hard to please and help you to succeed.

Brendan also had some excellent thoughts on how to get the most out of your relationship with Metric (and, in fact, other professional advisors):

“Take time to sit down with Metric and fully brief them about yourself, your business aspirations, and how your business ticks. Be open, share information. Metric are then in a better position to help you scope out your accounting systems, procedures and key goals for the year or two ahead, in particular picking up on any issues or opportunities that you might otherwise overlook.”

Michal Szlas, CEO

Michal Szlas, CEO

“Metric have worked with me to help me grow the company to where we are now. They are professional and available to help whenever required. They are also very knowledgeable about the market and have helped me with raising money as well as other corporate matters. As a result, they helped take the Company from turning over £25k a month, to almost a million per month. Helping me raise money which has definitely aided the business growth and which has been greatly appreciated”

otty logo
Read how we helped a fast growing e-commerce business expand operations (click to open)

The founder of Otty, Michal Szlas, met Metric when the Group was funding its operations organically. Michal knew however that in order to avoid losing market share to its competitors it needed to undertake a funding round to have the ability to finance further growth.

With help from Metric, Michal considered the various funding options available before pressing ahead with a small “seed” round of investment and then, in due course, a larger “Series A” raise.

This has allowed Michal to expand operations, entering the B2B market and overseas markets.

Michal recognises the importance of having a professional advisor that understand high-growth companies:

“Metric have worked with me to help me grow the company to where we are now. They are professional and available to help whenever required. They are also very knowledgeable about the market and have helped me with raising money as well as other corporate matters. As a result, they helped take the Company from turning over £25k a month, to almost a million per month. Helping me raise money which has definitely aided the business growth and which has been greatly appreciated.”

Looking ahead, the Group is entering a new phase of growth, to reflect the demands of a larger management team and shareholder base. This places greater importance on the need for accurate gross profit margin analysis and forecasting, which Metric are helping to develop.

We asked Michal what his advice for other companies would be that are growing rapidly, with all the benefits and potential pitfalls that this brings. Michal said:

“Build strong relationships with the people and companies you think are going to see you through the growth and take your time to perfect the product.”

Wise words indeed.

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