1. Strengthening the finance foundation
The first phase of the work focused on making Meridian’s finance setup more useful for decision-making. Working alongside the internal team, we reviewed how information moved from daily operations into the ledger and then into management reports. Based on that review, the existing setup was simplified and migrated onto a more modern accounting system that could support cleaner monthly reporting without adding unnecessary complexity for users.
The focus was not on changing the mechanics of individual entries for its own sake, but on improving the clarity and consistency of information. We tightened the way activity was captured so revenue, direct costs, and key overheads could be viewed more consistently across the main parts of the business. Month-end routines were also formalized so management accounts could be produced more quickly and with fewer follow-up questions. The books are now closed and reconciled every month, with the profit and loss, balance sheet, and cash flow all tying to each other and to the bank.
Some of the work looked backwards. Balances carried over from the previous system had never been properly reconciled, so the starting point itself could not be trusted. We worked through the legacy accounts with management, cleared what could be verified, and brought the balance sheet to a point where every line can be explained.
2. Improving the link between operations and finance
Alongside the finance work, we looked at how operational activity was being captured. The legacy aviation software and manual processes made it difficult to record trips, allocate costs, and generate reliable reports. We supported the adoption of modern software platforms to handle core operational workflows and link them more cleanly to billing and finance.
We supported Meridian in configuring the new software platforms, mapping them to the new accounting system, and integrating them so operational activity would flow through into financial reporting with less manual intervention and greater consistency. This reduced reliance on fragmented manual processes and gave management a cleaner picture of how day-to-day activity affected financial results.
3. Tightening commercial terms around owner agreements
In parallel, we reviewed the agreements Meridian had in place with aircraft owners. The analysis showed that in many cases the contract structure limited Meridian’s ability to pass through reimbursable expenses incurred on behalf of owners. Over time, this had created leakage between the true economics of operating and managing aircraft and the amount the business was able to recover.
We worked through the main agreement types, highlighted the clauses constraining reimbursement, and recommended practical changes to contract structure so future and renewed agreements would better reflect the underlying economics. This helped management think more clearly about how commercial terms, operating activity, and financial outcomes needed to align.
4. Reducing the cost base
Better reporting is only useful if it changes decisions, and the first area it changed was cost. We set out payroll and overheads department by department so management could see clearly where the money was going, then supported a restructuring of the cost base.
These were lasting reductions, not a one-off saving. The business now runs at a much lower monthly cost, which brought down the revenue it needs to break even. Revenue varies month to month in this business, so that lower breakeven matters more than any single month’s result. It gives Meridian more room to stay profitable in quieter periods.
5. Bringing clarity to cash and receivables
Money owed to the business had built up over several years without being reconciled properly, so it was hard to tell what was genuinely collectable. Through the monthly close, we brought the underlying records and card spending onto a consistent footing, and worked through the owner accounts one by one. Management now has a clear view of who owes what, and can focus collection effort where the numbers hold up.
6. Evaluating a strategic on-airport platform opportunity
With a stronger foundation in place, Meridian began exploring the acquisition of an on-airport FBO operator at a strategic location. Management wanted to understand whether the opportunity could complement the existing charter, management, and maintenance businesses and provide a sensible path toward greater service integration.
We built a focused model combining the target’s economics with Meridian’s current and expected activity. Rather than overengineering the analysis, the work concentrated on a practical set of corporate finance questions: when the acquisition would meet Meridian’s return expectations, how it would affect cash and risk in the early years, and what would need to be true for the platform to strengthen the business rather than simply add scale.
Because the finance environment, treatment of reimbursable expenses, and link between operational systems and accounting had already been improved, management had a much cleaner base of information from which to evaluate the opportunity. That made it easier to see how owner agreements, pass-through costs, and field-level operations would interact with the economics of an on-airport platform.
7. Preparing the business for a capital conversation
The same foundation supported the bigger question of capital. Working with management, we built a five-year forecast under a conservative and a higher-growth case. It ties back to the aircraft, customers, and costs that are now properly documented, so the numbers can be traced rather than simply asserted.
We then prepared the investor materials, including the pitch deck used with prospective investors and partners. It sets out the turnaround the business has been through, and where the next stage of growth sits across management, charter, and maintenance. It also makes clear what a new investor or partner would be backing.
