Travel & leisure - case study

Options Review of a prominent regional heritage museum
  • Annual income – c. £3.8m
  • Number of employees – c. 60

An Options Review was carried out during the Covid-19 pandemic leading to a major debt restructuring by stakeholders and forming the basis of a credible lockdown exit plan. 


The Charity operated a purpose-built museum and learning centre, a unique and important community asset of local and national significance.

The outbreak of COVID-19 and the immediate closure of the museum, resulted in a short-term cash flow requirement with limited sources of alternative funding available.

Facing the real prospect of insolvency, the Charity’s Trustees and major stakeholders required urgent restructuring advice in a highly uncertain business environment. 


Having previously undertaken an IBR of the Charity, we quickly conducted an Options Review, focusing on the short-term cash flow of the business and different scenarios for reopening the museum.

We appraised the cash saving and support measures taken by Management and considered the likely funding requirements from alternative strategic options.

We considered both the solvent and insolvent options available and the likely impact and outcome to stakeholders. 


Our findings allowed the Charity to engage with its key stakeholders, many with conflicting objectives, to evaluate the extent of its short and medium-term support requirements.

By highlighting the potential impact of insolvency and associated complex property and asset issues, the Charity was ultimately able to restructure its debt obligations (c. £6m) and reopen the museum with a degree of certainty and confidence.

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