Apparel Brands

Navigating New Horizons: A Q&A Session with Richard Monaghan CFO of Apparel Brands.

Our journey with Apparel Brands

Apparel Brands, known for its portfolio of brands including the flagship Bench, faced a new chapter following its acquisition by True Capital. DRG, having an established relationship with True Capital, was brought on board to conduct the audit working alongside Richard Monaghan, the newly appointed CFO of Apparel Brands.

Q: Thanks for joining us Rich. Could you start by sharing how DRG’s involvement began with Apparel Brands post-acquisition?

A: DRG was recommended by True Capital, given their existing relationship. The audit started shortly after I joined, covering various financial aspects crucial for our transition period.

Q: Being new to Apparel Brands, how did you find working with DRG during this important time?

A: It was quite helpful, actually. The timing allowed for a smooth handover with the previous CFO and a transparent audit process. DRG’s approach, particularly Rob’s leadership, ensured we were clear about every detail, even those that might seem trivial.

Q: What stood out about DRG’s service during the audit?

A: The level of communication and collaboration was exceptional. I had regular updates from Rob, and we tackled any potential issues together, ensuring nothing was left unaddressed. This proactive approach was invaluable.

Q: How did DRG’s audit process compare to your expectations?

A: It exceeded them. Despite some initial challenges, particularly with remote communication among junior members, the guidance and insights from Rob and Dan were spot on. Their commercial lens added significant value beyond the traditional audit scope.

Q: Given your positive experience, would you recommend DRG?

A: Absolutely. The relationship and transparency DRG offer are key for me. It’s about finding a balance between diligence and understanding the commercial realities of the business, and DRG navigated that brilliantly.

Q: Finally, any additional insights or suggestions for improvement?

A: The attentiveness and communication from DRG have been standout features. Maintaining this level of engagement is crucial, and I believe it’s what sets DRG apart as a trusted partner, not just an audit firm.

“It was great to work with Richard and support another of the True investments. This is a perfect example of how we approach our audits, with robustness and diligence but also with a focus on commercial value”

Dan Reid | Partner

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