Welcome

Welcome to Asset Management Solutions Ltd. (AMS).

AMS is a Project Finance services and advisory company, specialising in PFI. We have been providing services to many of the key players in the UK PFI and project finance industry since 2000. Being a totally independent company, with no external investors, you can be assured of unbiased advice and consultancy services. You can also be assured of receiving a bespoke and personal service from the AMS team. Please do feel free to call or email to discuss what we could offer you.

John Whittington Managing Director

John Whittington
Managing Director

 

 

 

About AMS  Company Background

AMS is an independent limited company formed in 1999 by three former members of the Hyder Investments Ltd team, John Whittington, Sally Brooks and John George, all of whom are still directors of the company and specialist PFI professionals who have been involved in PFI since 1994.

AMS has no corporate or other independent investors other than the directors – we believe it is the only truly independent specialist PFI services company - because of this, you can be assured of independent views and services delivered by a company whose only focus is to provide those views and services.

The reasons for contracting AMS to provide services or advice are many but include; the need for services to be provided on an independent, arm’s length basis; a straight value for money outsourcing and the need to obtain the right amount of specialist experienced advice at the right time.

Many of AMS’s longer term support contracts are on a fixed price / schedule of services basis, which allows companies to budget and plan future costs with confidence. With the PFI investments market now reaching maturity, and an ever growing market in secondary investments, it is more important than ever to ensure that equity investments are sold as unencumbered share certificates. Experience shows that whenever there is any doubt or lack of clarity about where support services of any type are to be supplied to an investment, the price of the shares will be discounted. A services contract with AMS will help ensure the maximum price for an investment. Our clients include many of the leading players in the PFI industry in the UK.

Solutions  What we do

AMS can provide solutions to all aspects of the financial and legal issues facing PFI investors:

  • SPV Solutions - ongoing
  • Monthly reporting
  • Reports for banks
  • Corporate governance
  • Financial model reruns
  • Statutory accounts and returns
  • SPV Solutions - ad hoc
  • Rewriting models
  • Adapting models for forecasting
  • Refinancing
  • Accounting changes
  • Tax changes
  • Variations
  • Shareholder Solutions
  • Internal audit
  • Corporate governance reviews
  • Reporting reviews
  • Presentations on latest requirements
  • Courses on PFI
  • Corporate Solutions
  • 'Arm’s length' financing
  • Nominee companies
  • Bespoke legal structures
  • Independent Company Secretary services
  • Information Memoranda
  • Financial advisory

 

 

 

SPV Solutions - ongoing

This is one of AMS’s core area of expertise.

AMS can provide all the services necessary for the effective running of an SPV. These include providing the monthly reports and accounts to an agreed format and a pre-agreed timetable – it is essential that reliable reports are provided to the managers and directors of a SPV on a timely basis so that informed decisions can be made. Any ancillary reporting can also be catered for. Examples could be Bondholder / senior debt reporting requirements, statistical reporting, public sector reporting requirements etc.

Corporate Governance is an area which is often overlooked or dealt with as an afterthought. AMS can implement a comprehensive Corporate Governance solution suitable to the investment in question. In this area as well as finance, AMS can provide the right quantity of the correct level of expertise to a SPV. It is often the case that one or two people end up being 'Jack of all trades – master of none' when trying to provide these services to SPVs. When you contract with AMS to provide these services, we can engage the various levels of expertise as required by the complexity and scale of the project involved. This results in a more professional service being delivered to the customer.

In addition to the routine services offered above, AMS are unusual in that we also provide the more specialised services of Financial model reruns and Statutory Accounts and reports. Financial modelling is a particular area of interest to AMS, with considerable experience gained over many years. AMS has long term contracts to periodically rerun the financial models on numerous investments and can offer very attractive terms for a contract covering several reruns. AMS have provided statutory accounts for clients on many of the projects to which we provide monthly reporting. Again, it makes sense that AMS do the statutory as well as monthly reporting, taking advantage of the knowledge it holds on the project. This synergy will benefit the client by being reflected in a competitive fee being charged.

 

 

 

SPV Solutions - ad hoc

In addition to recurring solutions, AMS provide ad hoc solutions.

Financial models often have to be rewritten – the model used for financial close is rarely with ongoing monitoring and reporting in mind. AMS has undertaken contracts to make Financial Close models less unwieldy and more useful as an ongoing management tool. This makes the management of the project more efficient as relevant data becomes more readily available.

Sometimes a model has to be adapted and partially rewritten to accommodate new accounting rules, or accounting options elected to enhance shareholder returns. A typical example of this would be the change from Fixed Asset to Financial Asset (Finance Debtor) accounting made either by choice or necessity in many projects. Another example may be where more innovative and advantageous treatment of lifecycle costs and reserving (and associated tax treatment) can be adopted. The required treatment of costs regarding raising of debt has also changed over the past few years and AMS has revised and rewritten many models for clients to ensure that the Financial model reflects the required treatment.

AMS has also undertaken contracts to write 'sub-models' which provide data to run scenarios in the main Financial Model. A typical example here would be where sales projections are run to estimate changes to the Unitary Fee, which is the fed back into the main model for scenario modelling.

Refinancing and reprofiling of debt is also an area where AMS has been active. In the past we have written functionality into models, which shows the effect of various changes and refinancing opportunities. Typically, this will be done such that a series of 'switches' can be thrown in the model to demonstrate the effect each change has individually as well as in aggregate. This has proved to be very useful in agreeing the changes with the various parties involved.

In summary, it is difficult to be in total, knowledgeable control of the project and its finances if you do not have a suitable and usable model to work with. 'Making it fit' is almost always a false economy.

 

 

 

Shareholder Solutions

AMS will carry out an internal audit into the way investments are held, run, reported upon and managed. Also, we have carried out reviews on the adequacy and standard of reporting on investments, both in terms of what is needed by management and also what is required by the various contracts in place. This can be with a view to providing any services, which found to be missing or ineffective or simply as an independent arm’s length view for the client to act upon as they wish.

A more specific review of Corporate Governance may also be undertaken. Again, AMS will be only too pleased to provide the services to meet shortfalls discovered but as with internal audit services, will just carry out the review if this is what the client requires.

AMS provide Non Executive Directors to the Boards of many Project Companies in the UK and Ireland for City Investment Funds. We can provide suitably qualified and experienced people for the majority of sector in the PFI (and similar) markets.

 

Non Executive Directors

AMS have a very experienced team of Non Executive Directors, with experience covering most of the sectors in PFI and similar Project Finance in the UK and Ireland. We have provided this service to City Investment Funds and can do this either on a project by project basis or for an entire portfolio of investments.

 

 

 

Corporate Solutions

AMS has helped clients where they wished to set up corporate holdings at arm’s length. In certain cases we have done this by setting up nominee companies and held the investments on the clients’ behalf. In every case AMS can use its PFI and corporate financial expertise and experience to put in place bespoke legal structure which best suits the case in hand. Naturally, due to the nature of this service, actual contract examples cannot be given.

It is not just PFI which sometimes needs an independent Company Secretarial service. AMS can provide this to corporate structures as well as PFI companies. We will ensure that the necessary meetings are arranged at the right times, with all the legal notices being served and with a suitably qualified person attending, minuting and advising at the various board and other meetings.

AMS will carry out the necessary reviews, analysis and drafting to put together Information Memoranda for sales of assets, companies or portfolios. Furthermore, we have experience of running data rooms and managing the process of making the data available to potential buyers.

AMS have acted as Financial Advisors to the Public Sector on PFI deals. We may do this on a stand alone basis or in conjunction with Bonvilston, with whom we have a joint venture arrangement.

 

Our clients include:

Contact Details

tel  +029 2041 4387
email  enquiries@amsol.co.uk

main / registered office:

46 Charles Street
Cardiff
Wales
CF10 2GE

Our main office is in the centre of Cardiff at 46 Charles Street, a short walk from the Central Station. There are many car parks close by.

location map

News from AMS

Directors

John Whittington

John Whittington
Managing Director

 

email johnw@amsol.co.uk


John has been specialising in PFI since 1994 when he joined Hyder Investments Limited. He has worked in many roles including financial management, financial modelling, SPV management, deal negotiation and has held numerous executive and non-executive directorships.

Immediately prior to leaving Hyder Investments, John was the Finance Director, a role he held for three years. During his time at Hyder Investments, John was particularly involved in Equion plc (formerly Laing Hyder plc), a specialist joint venture in the accommodation sector, and CGL Rail, the PFI project for the extension of the Docklands Light Railway to Lewisham.

Upon leaving Hyder Investments, John set up AMS with colleagues John George and Sally Brooks. John’s background is accountancy, finance and general management. He is a Fellow Chartered Management Accountant, has an MBA and has studied at the INSEAD management school.

Sally Brooks

Sally Brooks
Director

 

email sallyb@amsol.co.uk


Sally has extensive experience in the setting up and ongoing management and monitoring of SPVs. Sally is also a specialist in corporate governance and company secretary responsibilities and duties.

Prior to becoming a co-founder of AMS, Sally also worked for Hyder Investments as Head of Operations with the responsibility for the co-ordination of its formal decision making and reporting requirements and also the management of a number of business support activities.

Sally is experienced in negotiating and structuring the corporate elements of special purpose companies set up under the PFI and has acted as company secretary to numerous companies as well as holding several directorships. Sally’s previous roles include business analysis and training. She has a first class BSc (Hons) in Management Science.

John George

John George
Director

 

email johng@amsol.co.uk


John is a solicitor, having trained with a national law firm and qualified in 1994. He specialised in corporate finance before joining the legal department of Hyder.

Whilst at Hyder, John advised Hyder Investments on numerous PFI/PPP projects as well as advising other companies within the Hyder group on company and commercial legal matters.

John has extensive experience in the structure and management of SPVs and has acted as company secretary to companies in both the road and accommodation sectors of the PFI market. He has also been heavily involved in the preparation and negotiation of the contractual documentation associated with PFI projects and corporate transactions.

Team members

Angela Mills

Angela Mills
Finance Manager

 

email angelam@amsol.co.uk


A Fellow Chartered Certified Accountant, having specialised in infrastructure and project finance. Angela has held various senior financial roles in both the UK and on placement in Eastern Europe, at the SPV as well as corporate level.

In addition to her finance speciality, Angela has comprehensive knowledge of company secretarial work and has served as a director and company secretary on numerous SPVs (including education and hospital projects). Angela was the Finance Manager for a UK equity fund specialising in the accommodation sector. In this role, she was instrumental in setting up the fund as an operating company and initiating the necessary controls and reporting procedures to enable it to function efficiently.

Other experience includes leading the financial negotiations for equity shareholders on PFI investments. Angela was latterly Finance Manager of Hyder Investments where she managed the financial reporting issues arising on its disposal to a third party.

Wyn Davies

Wyn Davies
Finance Manager

 

email wynd@amsol.co.uk


Wyn has been a qualified management account since 1994 and has had experience in a wide range of roles. Following qualification, Wyn worked in corporate accounting before moving to management accountant and financial controller roles within the Hyder Group. During this period he was heavily involved in the implementation of both SAP and Sage accounting systems.

In 2002, he spent a year on secondment in Bulgaria as Financial Controller of the Sofia water company. Recently Wyn worked as a Commercial Manager on large Green Energy projects (c£500M) providing financial support including modelling and on project finance.

In 2005 Wyn was a member of the team that successfully sold the Green Energy company within United Utilities (£80M) and managed the interface between UU and its financial advisors.

Geoff Lewis

Geoff Lewis
Finance Manager

 

email geoffl@amsol.co.uk


Geoff qualified as a Chartered Certified Accountant in 1996 and has gained significant experience from a wide range of financial roles throughout his career.

Geoff joined the Hyder Group in 1990 and spent the first five years of his ten year career with the group gaining experience in areas such as internal audit, group accounts and corporate strategy. This period included a six month secondment to a subsidiary company in Australia to centralise their accounting system and controls. The second half of his career at Hyder was spent working for the project finance arm of the Group where most notably he served as the Finance Director of a £250m rail consortium/SPV tasked with building and maintaining the extension of the London Docklands Light Railway to Greenwich.

In 2001, Geoff continued his project finance career at Ernst & Young where he served as a senior financial advisor to a number of private and public sector clients involved in UK PFI schemes. Since then he has worked in senior financial managerial positions at LloydsTSB, BBC and the Principality Building Society.

Ed Hodson

Ed Hodson
IT Support

 

email edh@amsol.co.uk


Ed Hodson is an independent IT consultant based in London. He visits AMS offices in Cardiff occasionally, but generally supports AMS via remote access through a VPN. His wide-ranging skills include VB, ASP and Pascal programming, relational database design and analysis including SQL Server and MS Access, TCP/IP comms and networking, network security, web, graphic and 3D design. As well as his work for AMS, he is also the senior advisor to Rig Design Services for their IT strategy. His recent projects include:

  • A WiFi-enabled network, firewall and server system for AMS, utilising the latest WPA encryption techniques
  • An EDI system for a car plant, replacing legacy AS/400 systems with custom-written backend XML processing on PC servers
  • The RDS website, www.rds.co.uk, written in ASP3 with client side JavaScript
Rhian Dowling

Rhian Dowling
Accountant

 

email rhiand@amsol.co.uk


Rhian graduated with honours from the University of Glamorgan in 2006, having first worked for AMS as a sandwich year student in 2005. Rhian obtained her B.A. in Accounting and Finance and is a member of the Chartered Institute of Certified Accountants.

Her roles at AMS have given her a wide range of experience in financial support services to SPVs in LIFT and PFI.

In her private time, she is a keen participant in amateur dramatics.

Jason Whitty

Jason Whitty
Assistant Accountant

 

email jasonw@amsol.co.uk


Jason joined Asset Management Solutions in June 2011, having started his finance career at the Women's Royal Voluntary Service in 2003, where he achieved the position of Senior Credit Controller after initially starting as a Finance Assistant for the charity, he has also worked for a large insurance broker working at different locations across Cardiff, and has gained valuable experience working for one of Cardiff`s largest Legal Firms.

He has previously studied the AAT and is now continuing with the ACCA.

Cecilia Stanlake

Cecilia Stanlake
Office Manager

 

email cecilias@amsol.co.uk


Cecilia is a graduate from Stamford Secretarial College in Singapore. Her career spans many years working at chief executive and corporate level support in the UK and throughout Asia.

Cecilia has also worked as a project administrator for Public sector and commercial companies. Her experience includes several years as Operations Manager at a major UK PFI investment company.

In recent years, she has held PA and administrative roles with Eversheds and was also part of a small team running a UK Custodial Services SPV. At AMS, Cecilia is the Office Manager and provides administrative support services to all team members.

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