Turning Boardroom Tension into Calm, Constructive Progress

Turning boardroom tension into a structured conversation — with operational insight and a clear path forward.

Case Study: Turning Boardroom Tension into Calm, Constructive Progress

Overview
A high-growth portfolio company, backed by a specialist lender, had reached a pivotal moment. Having scaled rapidly off strong demand, the business was now facing hard decisions it wasn’t equipped to make. Expansion fatigue, leadership transitions, and a growing gap between revenue and performance had sapped momentum. NorthCo was brought in to provide independent operational insight that could turn boardroom tension into structured dialogue and offer management a clear, commercially grounded path forward.

The Situation
The lender had invested in a business delivering a sensitive, medically related product. Headline growth was still strong, but margin erosion, rising costs, and delivery inconsistency pointed to deeper operational issues. Senior pay had outpaced performance. Leadership was in flux. International expansion was draining focus. Operational discipline had slipped.

Previous attempts by the portfolio team to raise concerns had been dismissed. While their instincts were right, they lacked the operational depth to challenge constructively. That’s where NorthCo came in.

We were engaged to produce a pragmatic, evidence-based operational report. The aim was twofold: support a high-quality board discussion and equip management with a credible recovery plan. Crucially, the report gave the lender a neutral, informed platform to engage management without confrontation. It replaced friction with fact and transformed an awkward standoff into a clear-eyed strategic discussion.

The Approach
NorthCo delivered a structured operational review focused on four critical areas:

• Operational Effectiveness – Are systems and workflows helping or hindering performance?

• Cost Structure – Where is money being lost, and how do we realign without cutting muscle?

• Leadership Capacity – Are the current executives equipped and supported to lead this phase?

• Strategic Viability – Is the international expansion sustainable, or is it stretching the core?

Execution

• Financial and Operational Analysis

  • Analysed EBITDA trends, cost base pressures, and working capital strain

  • Audited internal systems and workflows to identify complexity and gaps

  • Mapped delivery processes to highlight accountability drift and inefficiencies

• Stakeholder Engagement

  • One-to-one working sessions with Chair, CEO, COO, and CFO

  • Facilitated candid conversations on role clarity, leadership confidence, and pressure points

  • Spoke with operational and commercial leads to uncover unseen risks and team dynamics

• Leadership and Pay Review

  • Benchmarked senior pay against results and contribution

  • Assessed retention strategies and their link to performance

• Strategic Focus Review

  • Analysed the Spanish expansion’s cost-return profile

  • Tested leadership bandwidth across simultaneous strategic initiatives

  • Evaluated discretionary spend against value creation

What We Found

• Overload – Multiple major initiatives at once: system builds, overseas expansion, leadership change

• Leadership Strain – CEO and COO both new, under-supported, and inexperienced in PE-backed scale-ups

• Cost Escalation – £1.9 million in overspend, largely in senior salaries and discretionary activity

• Remote Working Drift – Lack of a central hub was undermining cohesion and accountability

• Expansion Misalignment – Spanish growth was underperforming with limited in-market oversight

What We Recommended

• Operational Reset

  • Re-establish a central office to improve rhythm, focus, and delivery speed

  • Simplify Spanish operations and manage remotely until stronger footing is achieved

• Cost Rationalisation

  • Introduce zero-based budgeting and control over discretionary spend

  • Realign senior pay with contribution and performance value

• Leadership Support

  • Appoint an experienced FC or FP&A lead to bolster financial rigour

  • Encourage the Chair to adopt a more active, stabilising role during the transition

• Market Prioritisation

  • Refocus efforts on the UK market to consolidate and steady operations

The Result
NorthCo delivered a structured operational report that:

• Provided a clear, pragmatic roadmap to reduce complexity and regain control

• Identified leadership gaps and practical short-term fixes

• Equipped the board with the right questions and management with the right focus

This was not about dramatic overhaul. It was about restoring order, sharpening priorities, and creating the conditions for confident leadership.

The Broader Insight
Many leadership teams are facing similar inflection points. Growth leaves a legacy: inflated cost structures, unclear roles, and creeping complexity. As conditions tighten, the challenge is not simply to cut—it’s to know what to keep. That’s where an independent operational review adds real value. It brings calm, clarity, and a basis for confident decisions.

Where NorthCo Fits
We specialise in stabilising operational performance and creating space for management to lead effectively. If your business is ambitious but starting to lose traction, we help you focus energy where it matters most—and avoid losing the good while fixing what’s broken.

Right-sizing without losing direction. That’s the NorthCo way.