Case studies

Work that holds up under scrutiny.

Selected engagements from the last three years — what the client was facing, what we did and what changed. Figures are verified with the client before we publish them.

1,240+ engagements since 2001 Published with written client consent
All engagements

Situation, approach, outcome.

Showing 6 of 10 engagements

Transactions & M&AFinancial services2025

Quadrant Capital

Buy-side diligence on a cross-border fintech acquisition

$38Mprice adjustment agreed before signing

  1. Situation

    Six weeks of exclusivity on a $310M payments business with licences in four countries.

  2. Approach

    Integrated financial, regulatory and technology diligence run by one team from a single issues log.

  3. Outcome

    A revenue-recognition issue and a licence gap re-priced the deal and became conditions precedent.

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Legal & RegulatoryHealthcare2025

Novacore Health

Regulatory remediation programme across 22 clinics

0repeat findings at the follow-up inspection

  1. Situation

    An inspection found record-keeping and consent failures at 9 of 22 clinics, with a re-inspection due in 120 days.

  2. Approach

    A clinic-by-clinic remediation plan, new consent protocols and weekly evidence packs for the regulator.

  3. Outcome

    All clinics passed re-inspection; the warning notice was withdrawn a month early.

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ESG & SustainabilityEnergy & utilities2025

Kestrel Energy

CSRD readiness and a transition plan investors could underwrite

−31%Scope 1–2 emissions committed by 2030

  1. Situation

    First CSRD report due in 14 months, with ESG data spread across 60 spreadsheets and no controls.

  2. Approach

    Double materiality assessment, a data and controls build, and a costed abatement plan for the board.

  3. Outcome

    Limited assurance passed first time; the plan unlocked a $250M sustainability-linked loan.

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Audit & RiskInsurance2024

European specialty insurer · name withheld

Co-sourced internal audit after a failed regulatory review

−62%overdue audit actions within two quarters

  1. Situation

    A supervisory review found the audit function under-resourced and 180 actions overdue.

  2. Approach

    We co-sourced the audit plan, rebuilt action tracking and coached the new chief audit executive.

  3. Outcome

    The regulator closed its review; the in-house team now runs the plan without us.

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Operations & PerformanceLogistics2024

Brightway Logistics

Network redesign and cost programme across 14 depots

$21Mannual run-rate savings, tracked for two years

  1. Situation

    Margins had halved in three years while volumes grew; each depot ran its own way of working.

  2. Approach

    A network model, three depot consolidations and a standard operating playbook built with site managers.

  3. Outcome

    Savings delivered ahead of plan, with on-time delivery up from 91% to 97%.

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Strategy & GrowthTechnology2024

Listed US software group · name withheld

Portfolio review that led to the divestment of two non-core business units and a refocused, subscription-first growth strategy

+18%share price in the six months after announcement

  1. Situation

    Seven business units, flat growth and an activist investor asking public questions.

  2. Approach

    A unit-by-unit value review, buyer mapping and a board-ready case for focus.

  3. Outcome

    Two units sold for $410M; proceeds reinvested in the subscription platform.

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Strategy & GrowthRetail2023

Vertexa Retail

Pricing strategy for 340 stores in five markets

+2.4 ptsgross margin without losing basket size

  1. Situation

    Blanket discounting had trained customers to wait for promotions.

  2. Approach

    Price-elasticity modelling by category, a new promotion calendar and store-level pricing zones.

  3. Outcome

    Promotional spend fell by a quarter while like-for-like sales held steady.

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Transactions & M&AIndustrial2023

Family-owned manufacturer, Asia · name withheld

Vendor due diligence and sale to a strategic buyer

11.2×EBITDA exit multiple, above sector median

  1. Situation

    Second-generation owners wanted to sell, but the books had never faced outside scrutiny.

  2. Approach

    Vendor diligence, a clean data room and a normalised EBITDA bridge buyers could trust.

  3. Outcome

    Four bids, signing in 19 weeks and no price chip at confirmatory diligence.

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Legal & RegulatoryFinancial services2023

Halden & Co.

EU AI Act readiness for credit-decision models

9models classified, documented and signed off

  1. Situation

    High-risk AI obligations were approaching and nobody could list every model in production.

  2. Approach

    A model inventory, risk classification and a governance framework owned by the CRO.

  3. Outcome

    Documentation accepted by the supervisor at its first thematic review.

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Operations & PerformanceHospitality2023

Lumen Ridge Hotels

Shared services centre for 38 hotels

−27%back-office cost per room

  1. Situation

    Finance, payroll and procurement were duplicated at every property after three acquisitions.

  2. Approach

    Process design, location choice and a phased migration that never closed a hotel’s books late.

  3. Outcome

    All 38 hotels migrated in 11 months; month-end close cut from 12 days to 5.

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Why some names are missing.

Most of our work happens before an announcement — or instead of one. We protect that discretion on every page we publish.

  • Named only with consent

    A client appears by name only after its general counsel approves the text in writing.

  • Details disguised

    For anonymised cases we generalise geography, size and timing so the client cannot be identified.

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