One spine from specify to cash — the value, the conversion, the days, and the leakage at every handoff. Where designer orders turn into woven & installed work, invoices, and collected cash (and where they get stuck in WIP).
£10m is leaking or stuck across the 193-day quote-to-cash cycle — the largest single pool is £5m at Collect. Close the billing lag and aged book to pull cash forward without selling a thing.
6 of 6 headline metrics improving vs prior · still off target: Total Revenue £165m vs £178m, DSO (Days Sales Outstanding) 55d vs 48d, Cash Conversion Cycle 94d vs 80d
Gates the house cutover (and the value it unlocks).
Aged AR >60d — installed & billed but not collected — pure working capital sitting in the cycle, not a sales problem.
Targeted collections on £0.9m; tighten deposit/milestone terms on long hospitality projects.
Rosewood (62d), Mandarin Oriental (59d), embassy/institutional (64d) lifting blended DSO to 55d.
Lock forward fibre where possible; reprice bespoke quotes for the new cost band.
Fibre prices up; risk to Custom Rugs gross margin if not passed through.
The specify-to-cash cycle for the bespoke business, end to end. A quote becomes an order, an order becomes woven & installed work, that work becomes an invoice, and an invoice becomes cash — 193 days from specify to cash, with £10m leaking or stuck across the handoffs. Each stage links to the 360 that owns it and the records to work. (Long bespoke lead times mean most of the cycle is WIP on the loom — repeat trade re-orders collect faster.)
Value flowing through each stage, the conversion from the prior stage, days in-stage, and the leakage at the handoff.
The biggest levers are craft/weave (bespoke lead time) and collection (DSO) — the order handoff is instant; billing lag is the quiet one.
Each leak quantified, owned, and linked to the 360 and the records that fix it — the working-capital recovery list.
Discount leakage — legacy desks discount 16% vs 9% governed order entry
Margin slippage on bespoke jobs running below target margin
Unbilled WIP — delivered/installed work not yet invoiced (billing lag)
Read this: the two biggest pools are £5m aged AR (collect) and £2m unbilled WIP (bill) — both pure working capital. Closing the billing lag and the aged book pulls ~£7m of cash forward without selling a thing.
Value, conversion, days, leakage and owner — drill to the owning 360.
| Stage | Value | Conv. from prior | Days in-stage | Leakage | Owner | Drill |
|---|---|---|---|---|---|---|
| ✏️ Specify / Quote | £248m | — | 26d | £1m | VP Sales · Sales Ops | → |
| 🧾 Order / Booking | £96m | 39% | 0d | — | VP Sales · Showrooms | → |
| 🧶 Craft / Weave (Ship & Install) | £90m | 94% | 100d | £2m | COO · Ateliers / Delivery | → |
| 📄 Bill / Invoice | £86m | 96% | 12d | £2m | Project controls · Finance | → |
| 💷 Collect / Cash | £81m | 94% | 55d | £5m | Treasury · Collections | → |