Know whether your reported margin will survive delivery, scrutiny and sale.
Headland helps owners and investors in civil engineering and specialist contracting businesses understand their true commercial position, recover what they are owed, protect margin and prepare for growth or sale.
30+ years in contractingCommercial director through a private equity saleClaims prepared, valued and defendedAgreed fees and scope
Before and after a deal
The questions investors, acquirers and owners bring to us
In a contracting business, deal risk rarely shows in the headline numbers. It sits in project forecasts, open final accounts and contract terms. We test those from the contractor's side of the table, so you can price, structure and plan with confidence.
Will this contractor's reported EBITDA hold up once the project forecasts are tested?
How much of reported profit depends on claims and variations not yet agreed, and will they be recovered?
Is the order book as profitable as management says, and is it priced for today's costs?
Which contracts carry exposure that should shape the price, the structure or the warranties?
What will a buyer's diligence team find, and can we fix it before they do?
After completion, can the commercial controls support our investment case and lender reporting?
Heavy civil engineering
Ground conditions, programme slippage and plant on hire all move cost-to-complete. We know where that risk sits in a forecast.
Services
Senior judgement at the decisions that matter
From testing reported profit to recovering and defending claims, each service has a defined scope, a fee agreed in advance and a written deliverable. Your team keeps ownership of the actions; we give you a clear, evidenced view to act on.
Where most clients start
Commercial health review
An independent test of whether your reported profit is credible and where your principal exposures sit.
Forecasts and cost-to-complete on a selected sample of projects
Major contract exposures, entitlement and cash risk
Strength of commercial controls and reporting
For
Contractor owners and MDs
Time
Typically 3–5 days of senior time
Output
Findings paper and owner briefing
Recover what you're owed
Claims and final account recovery
Build, value and negotiate claims that stand up to scrutiny, from change control through to the final account.
Variations, compensation events and loss and expense under NEC, JCT, FIDIC or bespoke terms
Extension of time and delay and disruption entitlement, supported by programme and records
Final account negotiation and settlement strategy
For
Main contractors and specialist subcontractors
Time
Scoped to the claim and its records
Output
Claim submission, valuation and negotiation plan
Before an exit or investment
Sale-readiness review
Find the commercial weaknesses a buyer's diligence team will find, while there is still time to fix them.
Quality of earnings from a contracting perspective
Project-level evidence behind the forecast
Preparation for questions from buyers, lenders and advisers
For
Owners considering a sale or investment
Time
Typically 5–8 days of senior time
Output
Readiness report and priority actions
Before you rely on it
Claims review and defence
An independent view of whether a claim is likely to succeed and what it is really worth.
Claims made against you, or claims included in a contractor's reported value
Entitlement, causation and quantum tested against the records
Support through negotiation, adjudication and expert processes alongside your legal team
For
Contractors, employers, investors and lenders
Time
Typically 2–5 days for an initial review
Output
Claim assessment with a likely range of outcomes
Before you commit
Tender and contract decision review
A second opinion on a significant commitment before you sign it.
Unpriced risk, scope ambiguity and design creep
Contractual exposure under NEC, JCT, FIDIC or bespoke terms
Points to negotiate before award
For
Contractors facing a major bid or award
Time
1–2 days on a defined document set
Output
Decision note with recommended terms
Ongoing
Owner and board advisory
Independent challenge on major commercial decisions, without the cost of another full-time director.
Scheduled monthly review of the commercial position
Support on significant bids, contracts and disputes
Constructive challenge to management forecasts
For
Owners, CEOs and boards
Time
A capped number of days each month
Output
Monthly review and decision support
Live transaction support and formal dispute work are scoped individually. Headland provides commercial and quantum advice and works alongside your solicitors and corporate finance advisers; it does not provide legal or regulated corporate finance advice.
Approach
How a commercial health review runs
A review is short, structured and agreed in writing before it starts, so you know exactly what will be examined and what you will receive.
Agree scope and sample
We select the projects, contracts and records to examine and confirm the deliverable and fee.
Review records and people
We work through cost value reconciliations, forecasts and contract files, and talk to the people running the jobs.
Test the position
We test reported margin against what the evidence supports, and identify the exposures that could move it.
Report and brief
You receive a concise findings paper and a face-to-face briefing with clear, prioritised recommendations.
What the review examines
Ref
Area
What we test
Evidence we look for
CR-01
Forecast margin
Whether cost-to-complete and final account forecasts are realistic
Whether management can rely on the commercial reporting it receives
Reporting cycle, review sign-offs, accountability for forecasts
About
Advice from someone who has carried the numbers
Headland was founded by Roger Full, a commercial leader with more than three decades in civil engineering and specialist contracting.
His career covers contracts, claims, forecasting, commercial systems and team leadership across UK and international projects, including the preparation, negotiation and settlement of variations, delay claims and final accounts. As commercial lead at TMS Maritime, he supported the business through its sale to private equity, working alongside corporate finance advisers, lenders and investors. He went on to serve as interim Managing Director and to lead group commercial work within Ancora.
That experience shapes how Headland works. Roger understands what a buyer, a lender or a board will ask, and he understands what it takes on site to produce the evidence they need. Clients get practical recommendations that their own teams can act on.
Plant and peoplePlant day rates, standby time and mobilisation all sit inside the forecast. Years on site show where they hide.
How we work
Clear terms on every engagement
We advise; you decide
Your leadership owns decisions and actions. We give you an independent, evidenced view and stay out of day-to-day management.
Fixed scope, fixed fee
Every engagement starts with a written scope, deliverable and fee. Additional work is agreed separately before it begins.
Delivery approvals stay with you
Commercial recommendations never override safety, permits, competence or approved design. Operational sign-off remains with your team.
Confidential by default
Client names, projects and findings are never shared or used as case material without written permission.
Contact
Discuss a commercial health review
Start with a confidential 30-minute call. Tell us what is worrying you, and we'll tell you whether a review will help and what it would cover.
Your business, turnover range and type of work
The decision, claim or concern behind the enquiry
Any timescale, such as a board meeting, bid deadline or sale process