Nick Fookes, Management Consulting Expert in London, United Kingdom
Nick Fookes

Management Consulting Expert in London, United Kingdom

Member since July 7, 2021
Nick is a CFA with a 27-year track record spanning 40+ countries in M&A, finance, strategy, and policy. He's supported executive decisions in 60 high-stake projects, including M&A transactions ($46 billion), radio-spectrum auctions and trades ($3.5 billion), public policy advocacy, government contract bids (worth $1 billion), go-to-market strategies, and raises for small caps and tech startups. Independent since 2001, Nick has enjoyed working in diverse markets, sectors, and cultures.
Nick is now available for hire

Career Highlights

Education

Select Certifications

Case studies

Expertise

Employment

  • Director

    2017 - PRESENT
    Invictus Strategy Associates
    • Advised Liberty Global during the £31-billion merger of Virgin Media with Telefónica UK (O2). Covered adjustments to equalization payments contingent on 5G spectrum-auction outcomes and a valuation of a spectrum license acquired by O2 from rival BT.
    • Guided a small-cap telco equipment vendor raising £5 million for disruptive product R&D and working capital needs. Delivered a flexible financial model to evaluate options and support the raise, an investment red-flag review, and investor pitch docs.
    • Counseled telecom regulators in Bahrain and Oman on the valuation of radio-spectrum licenses and public policy relating to the renewal of expiring usage rights and the allocation of incremental 5G frequency blocks.
    • Helped develop the strategy and pitch deck, securing $2.1 million from Y Combinator, Samsung Next, and other investors as a founding shareholder of Sitenna, a UK SaaS marketplace connecting mobile network operators with real-estate owners.
    • Advised an international IoT platform-solutions provider on their EU market entry; this included a review of relevant telecoms regulations and how they might affect operations and influence its value proposition.
    • Guided an innovative small-cap antenna manufacturer in Ireland on its global go-to-market strategy. Sized markets and ranked opportunities using weighted scores, leading to a targeted international marketing drive.
    Focus areas: Mergers & Acquisitions (M&A), Asset Valuation, Special Assets, Public Policy, Strategy, Market Entry, Financial Modeling, High-tech Startups, Small Caps, Regulatory Affairs, Term Sheets, Term Sheet Advisory, Term Sheet Negotiations, Creative Problem Solving, Quantitative Methods, Corporate Finance, Analysis, Risk Analysis, Relationship Management, Microsoft Excel, Microsoft PowerPoint, Startups, Leadership, Negotiation, Policy, Small & Medium-sized Enterprises (SME), Corporate Governance, Market Sizing, Forecasting, Market Sector, Sensitivity Analysis, Scenario Analysis, P&L Forecasting, Balance Sheets, Cash Flow, Cash Flow Modeling, Cash Flow Analysis, Fundraising, Cost of Capital, Capital Raising, Return on Invested Capital (ROIC), Digital Economy, Game Theory, Simulations, Cash Flow Forecasting, Revenue Analysis, DCF Valuation, Discounted Cash Flow (DCF), Benchmarking, Financial Benchmarking, Entrepreneurship, Excel VBA, Demand Sizing & Segmentation, Three-statement Modeling, Regulatory Analysis, Regulated Industries, P&L Analysis, DCF Modeling, Discounted Cash Flow Analysis, Residual Cash Flows, Projected Cash Flow, Advocacy, Financial Analysis, M&A (Buy-side), Industry 4.0, Internet of Things (IoT), Mobile, M&A Modeling, Real Options Reasoning, Industrial Internet of Things (IIoT), Business Models, Market Studies, Competitor Analysis & Profiling, Management Consulting, Management Consultant on Demand, Market Research, Pitch Decks, Revenue & Expense Projections, Business Plan Consulting, Business Development, Modeling, SaaS, Series A, Valuation, Financial forecasting, Financial Statements, Operating Models, Financial Forecasting, Profit & Loss (P&L), Presentations, Board Presentations, Strategy consulting, Excel Expert, Enterprise SaaS, Investment Analysis, Excel 365, Deal Structuring, Valuation Modeling, Financial Advisory, Marketplaces, Software as a Service (SaaS), Middle East, B2B, Platforms, Pitch Deck Consultant, Clean Energy, Energy, Financials, Value at Risk, Early-stage Venture Capital, Spreadsheets, Growth Capital Raising
  • Finance, Strategy, and Policy Advisor

    2004 - PRESENT
    Cogent Strategy Limited (Freelance)
    • Created a proprietary radio-spectrum valuation model and an integrated auction simulation, tracking, and decision-support toolkit underpinning $3.5 billion in spectrum investments across 31 spectrum auctions, awards, and trades in 19 countries.
    • Advised on multibillion-dollar asset-sharing deals between mobile operators in Asian and Western European markets—building common financial and operational models, using mutually confidential data, and facilitating negotiations on a clean-team basis.
    • Built the financial model and investment case, supporting a $3 million Series A raise for PoLTE Inc and enabling the development and commercialization of its high-precision indoor and outdoor positioning technology for low-cost asset trackers.
    • Developed the financial model underpinning the raise of $200 million in equity plus a $350 million warehouse-debt facility for a startup structured aircraft leasing fund.
    • Guided the Nigerian Broadcasting Commission on potential auction receipts from the award of digital dividend spectrum to mobile operators in Nigeria and on the scope to use auction proceeds to fund the analog-digital TV switchover.
    • Valued mobile licenses in Iraq and advised Ooredoo on auction bid strategy during the 2007 license award; valued Ooredoo's and its rivals' existing mobile assets in Iraq and assessed strategic M&A options in the event of failure to secure a license.
    • Led the commercial due diligence and investment appraisal for a prospective acquisition of Meditel, the second mobile network operator in Morocco.
    • Advocated for merger control on behalf of a Latin American mobile operator—drafting an expert report and making the case, supported by cross-country research, that consolidation would promote sector sustainability and improve retail market outcomes.
    • Advocated for reduced annual spectrum license fees in the UAE, generating $210 million in savings for mobile operator 'du'; challenged the regulator's spectrum-price benchmarking exercise and invoked wider public interest considerations.
    • Led a multidisciplinary team of specialists to develop MTN's market-entry strategy and its market-size/revenue forecasts for license valuation and produce the bid books supporting its bids for the second and third mobile licenses in Saudi Arabia.
    Focus areas: Mergers & Acquisitions (M&A), Financial Modeling, Asset Valuation, Corporate Finance, Business Planning, Negotiation, Market Entry, Strategy, Public Policy, Special Assets, Financial Planning & Analysis (FP&A), Forecasting, P&L Forecasting, Balance Sheets, Cash Flow, Cash Flow Modeling, Cash Flow Analysis, Market Sizing, Market Sector, Fundraising, Seed Fundraising, Cost of Capital, Capital Raising, Return on Invested Capital (ROIC), Economics, Digital Economy, Game Theory, Simulations, Simulations & Wargames, Cash Flow Forecasting, Revenue Analysis, Comparable Company Analysis, DCF Valuation, Discounted Cash Flow (DCF), Benchmarking, Financial Benchmarking, Price Analysis, Price Positioning, Business to Business (B2B), Business to Consumer (B2C), Market Segmentation, Demand Sizing & Segmentation, Three-statement Modeling, Regulatory Analysis, Regulatory Affairs, Regulated Industries, Econometrics, Economic Analysis, Weighted Average Cost of Capital (WACC), Creative Problem Solving, Financial Reporting, Quantitative Methods, Statistical Modeling, Analysis, Risk Analysis, Mobile Licence Tenders, Microsoft Excel, Microsoft PowerPoint, Python 3, Startups, Policy, High-tech Startups, Corporate Governance, Sensitivity Analysis, Scenario Analysis, Entry Strategy, Excel VBA, P&L Analysis, Cost Benchmarking, DCF Modeling, Discounted Cash Flow Analysis, Transaction Comparables, Residual Cash Flows, Projected Cash Flow, Advocacy, Financial Analysis, Total Addressable Market (TAM), Due Diligence, Due Diligence Consultant, M&A (Buy-side), Industry 4.0, Internet of Things (IoT), Mobile, M&A Modeling, Real Options Reasoning, Industrial Internet of Things (IIoT), Market Studies, Competitor Analysis & Profiling, Management Consulting, Management Consultant on Demand, Market Research, Pitch Decks, Revenue & Expense Projections, Business Plan Consulting, Market and Sector Analysis, Modeling, Series A, Valuation, Financial forecasting, Financial Statements, Operating Models, Financial Forecasting, Profit & Loss (P&L), Presentations, Board Presentations, Strategy consulting, Excel Expert, Enterprise SaaS, Investment Analysis, Excel 365, Valuation Modeling, Financial Advisory, Budgeting, Small & Medium-sized Enterprises (SME), Accounting, Software as a Service (SaaS), Financing, Middle East, Pitch Deck Consultant, Infrastructure, Python, Futures and options, Futures & Options, Financials, Spreadsheets, Monte Carlo Simulations, Private Equity, eCommerce, Growth Capital Raising
  • Finance Lead for a UK National Emergency Services Network Contract Bid

    2014 - 2017
    EE Ltd (Contract)
    • Built the financial model for EE's bid for a £700-million contract to provide the UK's Emergency Services Network until 2022; it was also used to support internal investment appraisal, corporate governance processes, and in-life contract management.
    • Counseled on optimal pricing structure, taking account of the impact of pricing on: (a) the total bid price (under the tender assumptions); (b) returns in downside scenarios; and (c) the scope to maximize actual returns under EE's projected volumes.
    • Advised on the negotiation strategy as a member of EE's contract negotiations team interfacing with the UK government—helping secure more favorable terms, such as less onerous SLAs and penalties and pricing flexibility to address cost uncertainties.
    Focus areas: Public Tender, Corporate Governance, Negotiation, Financial Planning & Analysis (FP&A), Creative Problem Solving, Financial Reporting, Corporate Finance, Analysis, Risk Analysis, Microsoft Excel, Microsoft PowerPoint, Financial Modeling, Business Planning, Strategy, Sensitivity Analysis, Scenario Analysis, P&L Forecasting, Balance Sheets, Cash Flow, Cash Flow Modeling, Cash Flow Analysis, Contract Negotiation, Cash Flow Forecasting, Revenue Analysis, DCF Valuation, Discounted Cash Flow (DCF), Three-statement Modeling, P&L Analysis, DCF Modeling, Discounted Cash Flow Analysis, Residual Cash Flows, Projected Cash Flow, Financial Analysis, Mobile, Management Consultant on Demand, Revenue & Expense Projections, Business Plan Consulting, Modeling, Valuation, Financial forecasting, Financial Statements, Financial Forecasting, Profit & Loss (P&L), Presentations, Board Presentations, Excel Expert, Investment Analysis, Excel 365, Valuation Modeling, Budgeting, Accounting, Infrastructure, Financials, Value at Risk, Spreadsheets
  • Founder | CEO

    2001 - 2003
    InfoTerrier Limited
    • Founded and led a multimedia startup in the enhanced business search space, conceived as a market-entry vehicle for challengers in the online business directories sector (e.g., foreign yellow pages operators).
    • Raised £200,000 in seed funding, including the award of a £45,000 SMART Innovation grant from the UK Department of Trade and industry and £90,000 in vendor financing from IT/software development partners.
    • Mobilized a team, spanning platform developers, data management specialists, and branding and marketing experts.
    • Managed the R&D program from concept to platform prototype and oversaw patent applications for the company's abbreviated free-text interpretation technology.
    • Secured commercial alliances with data providers and a leading phone-based directory operator (a key initial distribution channel).
    Focus areas: Startups, Seed Fundraising, Entry Strategy, Business Development, Leadership, Product Development, Intellectual Property, Innovation Management, R&D, Business to Business (B2B), Business to Consumer (B2C), Entrepreneurship, Web Entrepreneurship, Creative Problem Solving, Relationship Management, Microsoft PowerPoint, Business Planning, Negotiation, Strategy, High-tech Startups, Market Sizing, Market Sector, Fundraising, Capital Raising, Total Addressable Market (TAM), Business Models, Market Studies, Competitor Analysis & Profiling, Market Research, Pitch Decks, Revenue & Expense Projections, Business Plan Consulting, Market and Sector Analysis, Modeling, Series A, Financial Statements, Operating Models, Financial Forecasting, Profit & Loss (P&L), Presentations, Investment Analysis, Excel 365, Valuation Modeling, Budgeting, Marketplaces, Financing, B2B, Platforms, Pitch Deck Consultant, Early-stage Venture Capital, Spreadsheets, Growth Capital Raising
  • International Corporate Developer

    1997 - 2001
    BT (British Telecom Plc)
    • Developed financial, (DCF) valuation, and operational models supporting acquisitions and bids for mobile licenses in overseas markets; supported investment appraisal through comparative multiples benchmarking and assessed group synergies.
    • Valued the mobile assets—highlighting challenges posed by Japan Telecom's fragmented regional networks and organizations and NTT's market dominance—for BT's £1.2-billion joint acquisition with AT&T of a 30% stake in JT (now owned by Softbank).
    • Facilitated the $1.3 billion acquisition of a 33% stake in Maxis Cellular, Malaysia, by valuing the mobile assets (DCF and comparable multiples) and taking plausible industry-consolidation scenarios into account.
    • Developed the business plan underpinning Telfort's, Netherlands (a BT JV), bid for a mobile license and key radio-spectrum assets; initiated and led a study into fixed-mobile synergies, justifying the winning €250-million auction bid.
    • Valued mobile operators in Brazil during the privatization of Telebras; advised against acquisition on the grounds that the benefits of control didn't justify the premium (i.e., BT shareholders would be better off buying free-float equity or ADRs).
    • Conducted commercial due diligence on a mobile operator in Hong Kong and assessed shareholder value-creation upside from market consolidation.
    • Developed the financial model and business plan supporting BT's bid for the 3rd mobile license in the Czech Republic and co-wrote the bid book; used the model to value the license and assess the total market-entry investment.
    • Prepared board papers and briefings and presented, successfully defending M&A and license, plus market-entry investment proposals, at the BT executive committee level.
    • Represented BT at Airtel (now Vodafone Spain) shareholder meetings—liaising with telco co-equity holders on corporate governance and shareholder strategy.
    • Recruited, trained, and managed three finance and strategy professionals.
    Focus areas: Mergers & Acquisitions (M&A), Market Entry, Financial Modeling, Asset Valuation, Corporate Finance, Business Planning, Forecasting, Sensitivity Analysis, Scenario Analysis, Corporate Governance, Financial Reporting, Analysis, Risk Analysis, Mobile Licence Tenders, Relationship Management, Microsoft Excel, Microsoft PowerPoint, Leadership, Market Sizing, Market Sector, P&L Forecasting, Balance Sheets, Cash Flow, Cash Flow Modeling, Cash Flow Analysis, Cost of Capital, Cash Flow Forecasting, Revenue Analysis, DCF Valuation, Comparable Company Analysis, Discounted Cash Flow (DCF), Benchmarking, Financial Benchmarking, Demand Sizing & Segmentation, Three-statement Modeling, Regulated Industries, P&L Analysis, Cost Benchmarking, DCF Modeling, Discounted Cash Flow Analysis, Transaction Comparables, Residual Cash Flows, Projected Cash Flow, Financial Analysis, Due Diligence, Due Diligence Consultant, M&A (Buy-side), Cross-border M&A, Mobile, M&A Modeling, Real Options Reasoning, Market Studies, Competitor Analysis & Profiling, Market Research, Revenue & Expense Projections, Business Plan Consulting, Market and Sector Analysis, Modeling, Valuation, Financial forecasting, Financial Statements, Financial Forecasting, Profit & Loss (P&L), Presentations, Board Presentations, Excel Expert, Investment Analysis, Excel 365, Deal Structuring, Valuation Modeling, Accounting, Financing, Middle East, B2B, Financials, Spreadsheets, Investor Reporting
  • Financial Analyst | Account Manager

    1994 - 1997
    MeesPierson Bank NV
    • Developed cash-flow models to evaluate non-recourse financing proposals in the (at the time nascent) mobile communications industry and the cable and pay-TV sectors. Used the models to bring key elements of risk into focus.
    • Managed relationships with existing clients and across banking syndicates and developed new prospects, a potential acquirer of the Amsterdam cable network and a regional cable operator in France.
    • Presented and successfully defended $10-$100 million infrastructure financing proposals at the credit committee level.
    Focus areas: Project Finance, Market and Sector Analysis, Relationship Management, Risk Analysis, Business Development, Fixed Income, Financial Planning & Analysis (FP&A), Market Sizing, Market Sector, Term Sheets, Term Sheet Negotiations, Financial Reporting, Analysis, Microsoft Excel, Financial Modeling, Business Planning, Sensitivity Analysis, Scenario Analysis, Cash Flow, Cash Flow Modeling, Cash Flow Analysis, Cash Flow Forecasting, Revenue Analysis, Three-statement Modeling, Projected Cash Flow, Financial Analysis, Due Diligence, Due Diligence Consultant, Mobile, Revenue & Expense Projections, Business Plan Consulting, Modeling, Financial forecasting, Financial Statements, Financial Forecasting, Profit & Loss (P&L), Presentations, Board Presentations, Excel Expert, Investment Analysis, Excel 365, Deal Structuring, Financing, Infrastructure, Financials, Value at Risk, Spreadsheets

Education

  • Master's Degree in Electrical and Electronic Engineering
    1987 - 1993
    Delft University of Technology - Delft, The Netherlands

Certifications

  • Chartered Financial Analyst (CFA)
    JUNE 2019 - PRESENT
    CFA Institute

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