Managing funding and cash flow through a complex EV supply programme

Background

Trackwise Designs plc was an AIM-listed manufacturer specialising in length-unlimited flexible printed circuits for automotive, aerospace, medical, and industrial applications. The business was undertaking a £25m capital investment programme linked to a major EV supply contract, representing a significant growth opportunity but also a substantial financial commitment.

The programme involved scaling production capability using proprietary roll-to-roll technology, while managing the financial implications of long lead times, customer dependencies, and evolving contract timelines.

The challenge

During the programme, the expected start of production for the EV contract was repeatedly delayed. These delays had a direct impact on working capital requirements and created periods of significant cash pressure.

Changes in funder commitments and uncertainty around contract timing required careful management of liquidity, supplier relationships, and stakeholder expectations. The business needed clear financial oversight and structured forecasting in order to continue operating while negotiating revised commercial terms and securing additional funding.

Maintaining stability required balancing operational priorities with funding negotiations and cost control, while ensuring leadership had a realistic view of the financial position at all times.

The approach

The immediate priority was improving financial visibility and ensuring decisions were supported by reliable forward-looking information.

A detailed 13-week cash flow forecasting model was introduced, allowing leadership to understand short-term liquidity requirements and manage commitments with greater confidence. This supported discussions with funders, suppliers, and other stakeholders, helping the business maintain continuity during periods of uncertainty.

Alongside this, financial leadership was provided across a number of areas, including fundraising activity, asset-based lending facilities, commercial negotiations, and the development of improved costing and reporting structures to support contract decisions.

Additional financial resource was introduced to support oversight of the capital programme and strengthen financial control as the business navigated a challenging commercial environment.

The outcome

During this period, the business successfully secured a £4.75m fundraise, negotiated lending facilities, and agreed revised commercial terms with customers to improve short-term cash flow stability.

Improved financial reporting and forecasting provided leadership with greater clarity over the financial position, enabling informed decision-making during a complex and evolving situation.

While external commercial factors ultimately affected the longer-term outcome, the strengthened financial structures, stakeholder management, and funding activity helped provide stability and optionality during a highly challenging period.