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Case Study

How Ulus & Co Accountants Transformed Tettos Restaurant for Efficiency and Viability

Restaurant Success

In a bid to adapt to challenging market conditions, Tettos, a renowned restaurant in London, sought the expertise of Ulus & Co Accountants to navigate through financial turbulence. Facing a gradual decline in revenue over two years, Tettos found itself in dire straits, operating at a loss and urgently needing to trim £250,000 from its annual costs.

Identifying the primary overhead as employee salaries, Tettos aimed to streamline its operations while minimizing job losses. The restaurant envisioned a more customer-centric approach and desired to preserve the fairness and integrity of its workforce throughout the restructuring process.

 

Ulus & Co Accountants, renowned for their adept handling of such scenarios, stepped in to provide tailored solutions. Collaborating closely with Tettos' management, Ulus & Co devised a comprehensive strategy centred around business reorganization. This strategy entailed eliminating certain senior roles and introducing more streamlined positions, thereby optimizing operational efficiency.

Throughout the restructuring journey, Ulus & Co offered hands-on assistance, guiding Tettos through every step of the process. From preparing necessary documentation for consultations to advising on voluntary redundancies and negotiating settlement agreements, Ulus & Co ensured a seamless transition for both the company and its employees.

Despite the complexities involved, the restructuring process was completed swiftly, with all redundancies being voluntary. Notably, Tettos managed to retain crucial expertise by offering fixed-term consultancy agreements to select employees, thereby balancing cost savings with short-term operational needs.

Moreover, through rigorous yet fair selection processes, Tettos successfully redeployed high-earning executives into newly created roles, incentivising them with performance-related bonuses. This strategic approach not only protected Tettos' business interests but also fostered employee motivation and engagement.

With Ulus & Co's guidance, Tettos surpassed its £250,000 cost-saving target within four weeks, heralding a new era of financial stability and operational efficiency. Reflecting on the collaboration, Tettos' HR Manager praised Ulus & Co for their proactive, pragmatic, and supportive approach, crediting them with alleviating much of the stress associated with the restructuring process.

Tettos' HR Manager commented: “Ulus & Co have been incredibly supportive, guiding me through the process with proactive and practical suggestions for approaching tricky issues. They were quick to respond to my queries, which really put me at ease. Their advice gave me confidence during a difficult time, making it much less stressful. I truly appreciate their expertise and support."

Ulus & Co Accountants' intervention proved instrumental in Tettos' transformation, demonstrating how strategic restructuring can pave the way for sustainable growth and resilience in challenging times.

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