TMA UK eGuide Issue 1 - 2014

connect to Turnaround with TMA (UK) ISSUE 1 | WINTER/SPRING 2014 THE GUIDE FOR TURNAROUND MANAGEMENT ASSOCIATION | TMA (UK) WWW.TMA-UK.ORG

connect with our

10,000 members worldwide

IN THIS ISSUE:

STATE OF THE NATION

NETWORKING & EVENTS

TMA (UK) MEMBERS & SPONSORS

Find out more about the TMA (UK) and how it can help you develop your business.

Top tips to get you connected and help your business grow.

A full list of all our members and sponsors to help you find the resources you need.

TMA (UK) is pleased to announce that its next generation of UK Turnaround, NextGen, has now launched in the UK, offering networking and educational opportunities tailored to those in the early stages of their career.

Connect with new turnaround contacts and find your next deal through our young professional networking events.

OUR MISSION

To become the leading networking and education group for younger professionals in the turnaround industry and aim to attract a broad network of young professionals in the industry: investment bankers, distressed debt investors, PE firms, hedge funds, lenders, and workout professionals.

OUR PROMISE

We cannot promise that you will be the lucky winner of our “signature” raffle (which last time was an iPad mini) but we can promise to organise stimulating, educational, well-attended and enjoyable events that will broaden attendees’ networks and general educational debate in the field of turnaround.

NEXTGEN DIARY 2014

We successfully launched on 31 October 2013 and are now busy planning our next event, to be held in early 2014.

This is a fantastic opportunity to join the next generation of leaders in the UK turnaround industry. Please contact the TMA (UK) NextGen secretariat at secretariat@tma-uk.org for details or come and speak to a committee member at our next event.

Look out for our LinkedIn group, which is launching shortly.

Visit tma-uk.org for details of our next event and a link to our new website.

United Kingdom

CONTENTS | SPRING 2014 | CONNECT

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contents 04

06

10

STATE OF THE NATION

NETWORKING & EVENTS

CROSS BORDER TURNAROUNDS

Find out more about TMA (UK) and how it can help you. See our video from the President of TMA (UK).

Networking tips to help you and your business grow with TMA (UK).

Case Study examples of where TMA has provided international links to promote cross border development.

12 PROFESSIONAL INTERVIEW The current leadership meets the Next Generation to discuss the state of the UK turnaround market.

TMA (UK) IS PROUD TO BE SPONSORED BY ORGANISATIONS FROM A WIDE RANGE OF PROFESSIONS IN THE TURNAROUND AND RESTRUCTURING INDUSTRY. WITHOUT THEIR SUPPORT WE COULD NOT PROVIDE THE EDUCATION, TRAINING AND NETWORKING OPPORTUNITIES THAT ARE THE CORNERSTONE OF THE ORGANISATION.

15 TMA (UK) DIRECTORY An on-line directory of companies and members involved in the turnaround market – use this to find the skills you need be it from companies or individuals.

SPECIAL THANKS TO OUR CORPORATE PARTNERS:

AND ALL OUR SPONSORS AS FOLLOWS: Corporate Sponsors (Large Company) Duff & Phelps Ltd Freshfields Bruckhaus Deringer LLP JLT Specialty Ltd KSA Group Ltd PKF Cooper Parry Group Ltd Corporate Members Dentons Duff & Phelps Ltd Freshfields Deringer LLP FRP Advisory LLP Gordon Brothers Europe JLT Specialty Ltd KSA Group Ltd PKF Cooper Parry Group Ltd Rasenberger Toschek AG Quantuma Restructuring

Corporate Sponsors (Small Company) Atlantic Risk Management Services Ltd Bank of America Merrill Lynch Beer & Young Better Capital LLP Bibby Financial Services Ltd Bryan, Mansell & Tilley LLP BTG Financial Consulting Burdale Financial Ltd Centric Commercial Finance Consult Avila Limited CRI Group EPIC Private Equity Gener8 Finance Ltd Gordon Brothers Europe Hilco Valuation Services K2 Business Partners Kendra Sinclair Ludlowthompson Asset Management Pemberton Capital LLP Rcapital The MacDonald Partnership Plc Venesis

CONNECT | SPRING 2014 | STATE OF THE NATION

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The state of the nation I’m delighted to welcome you to our first edition of this e-guide from the Turnaround Management Association (TMA) for all those with an interest in the turnaround or corporate recovery community in the UK and internationally.

We’ve taken our guide on-line to allow you the flexibility of having the information you need at your fingertips when you need it. Within the on-line guide, you will find interesting and relevant articles, facts and the e-directory of key players in the turnaround community in the UK – an invaluable e-guide to those who have any involvement in assisting an underperforming business.

For those new to us, TMA (UK) is a not for profit association within the corporate restructuring space. Established in 2000, we do not restrict membership to a particular profession and our aim is to promote and develop the support framework within the UK for those involved with the improving of under-performing businesses. As such, our members span the spectrum of corporate turnaround and include, inter alia, shareholders, legal advisors, all types of finance providers, interim managers and accountants.

TMA (UK) is part of the worldwide TMA – an organisation with representation in 19 countries, 11 of which are in Europe.

Linked into this network we are able to develop the turnaround community both in the UK and abroad, encouraging the development of cross border links and reflecting the increasing trend for business to be international.

As those of you who are already members will know, we run some 35 educational and networking events each year both in London and the regions, all of which are CPD accredited. This extensive annual programme provides an important opportunity to keep abreast of technical and educational updates and to meet with industry colleagues to discuss business opportunities and developments. With almost 2,000 attendees at meetings last year alone, the events are a great networking opportunity.

Membership includes free attendance at all of our regular events programme and is much less expensive than you might think!

In addition to that regular programme, we also hold an annual conference in London in November which reflects the nature of the organisation in the breadth and experience of the contributors.

Our e-directory allows you to find and contact easily the organisations and experts that you need to help your business on the road to recovery and to link directly through to their corporate information and expertise.

During 2013, we were delighted to launch NextGen UK. This group fills a genuine need in the corporate restructuring market by providing a forum specifically for young, up and coming members of the turnaround community. NextGen will allow these future leaders to grow their own networks and establish their own programme of events focussing on the requirements of younger professionals.

At TMA (UK), we are part of a worldwide corporate restructuring organisation which is open to all those involved in turnaround. We welcome all those involved in the industry and encourage their involvement in developing and moulding the corporate recovery sector of the future. We exist to meet the needs of our members and sponsors. I do hope that this e-guide gives a flavour of our organisation, some useful industry updates and provides you with the contacts and details you need to be able to help under-performing businesses to flourish once more.

 35 events over in

11 regions

across the UK

STATE OF THE NATION | SPRING 2014 | CONNECT

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



Christopher Hart President of TMA (UK) launches the new online guide and discusses how TMA membership can benefit you.

TMA (UK) event attentees breakdown 2013 ABLS (6.5%) ACCOUNTANTS (14%) BANKERS (5.5%) CONSULTANTS (8%) INDUSTRY & CLIENT COMPANIES (2.5%) INVESTORS (7%) IPS & CORPORATE RECOVERY (15%) MARKETING & JOURNALISTS (2.5%) MISCELLANEOUS (11%) SOLICITORS (16%) SURVEYORS & REAL ESTATE (2.5%) TURNAROUND ADVISORS & MANAGERS (6.5%) WEALTH & ASSET MANAGEMENT (3%)

all events CPD accredited (except purely social events)

CONNECT | SPRING 2014 | NETWORKING & EVENTS

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HOW TO WALK INTO A ROOM AND MAKE MONEY IT’S NOTHING NEW!

TMA (UK) MEMBER JONATHAN REEVES, FROM BUSINESS DEVELOPMENT SPECIALISTS SET UP AND GO LTD, SHEDS SOME LIGHT ON HOW TO BE AN EFFECTIVE NETWORKER.

DEVELOPING YOUR BUSINESS THROUGH

NETWORKING

The Coffee Houses of 17th century London brought business people together face-to-face and helped to establish the great financial, insurance and commodities markets that remain with us to this day.

Meeting, greeting and even eating, were as much a part of the day’s business as the trading of stocks, shares, goods and services that ensued. The emporiums of that era– such as Lloyds, Jonathans and Tom Kings – have long-since gone, but the principle of meeting with like-minded people for the purpose of doing and developing business continues.

These days we call it networking, and there is much of it about!

Technology may have transformed the way we do what we do, but a great deal of business and business success still hinges on personal relationships. The more people you know, the greater your chance of success will be. However, you will need to be sure that they are the right sort of people, that you approach them effectively and that your relationship with them is correctly nurtured.

Here are some snippets of advice:

Finding a network ...  Use the internet to research local organisations  Start locally to practice getting your story straight  Start with a mix of organisations, then analyse and identify what works best for you  Build up to bigger events, join associations and trade bodies  You must be prepared to invest time, effort and money

 Ensure your LinkedIn profile looks and reads well; use a good picture of yourself  Invite connections, join groups and look for face-to-face LinkedIn-networking events  Use LinkedIn to research people before or after you meet them  Regularly update your profile and activities

Beware of NetWAFFLE If you find you are talking to time wasters then politely move on. Time is money and both time and money are in short supply!

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He who whispers down a well about the things he has to sell, will never make as many dollars as he who climbs a tree and HOLLAs

Entering a networking event ...

Not everyone is comfortable walking into a room of people and making an impact – let alone a living!

Here are some helpful hints on how to avoid feeling like an ugly duckling.  Get your story straight – tell people what do you do, make it precise and concise  Always carry your own name badge in case there is not one for you  Have ‘basic’ business cards – upgrade later – and plenty of them  Work the room, don’t get cornered  Be early, leave late  Go to give, not to receive  Be prepared to listen to what other people do and are saying  Help others to connect and ask them to introduce you to those they know  Attend regularly and build-up a reputation  Analyse the effectiveness of what you are saying and refine your pitch  Once you are sure of your offering, get your ‘marketing kit’ sorted: company name (not ABC Consulting), logo, branding, business cards, email, website, brochure etc

Avoid ...  Small networks, where everyone is a seller, no one is a buyer and/or no one has any influence higher up the food chain

Follow up ...  Obtain, retain and work through the attendees list  Collect & collate business cards and use them repeatedly to contact those you have met  Email people the next day, connect on LinkedIn and arrange to meet  Cross-fertilise your networks

CONNECT | SPRING 2014 | NETWORKING & EVENTS

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Networking with TMA (UK) Now that your networking skills have been acutely sharpened, why not let the TMA network work for you and your business?

We can assist in a number of dynamic ways: We hold over 35 events a year across the UK for you to attend, support or sponsor; you could even offer to speak! Events are held in 11 regions with regular meetings supported by representatives of UK-wide businesses as well as local business owners, directors and advisors. We have a wide range of influential

sponsors, members and affiliated organisations with whom you can interact.

 London alone hosts 9 monthly meetings, the Annual Conference and the Christmas lunch. Additional one-off events and invitations to affiliated activities are common.

All meetings include networking opportunities as well as informative presentations, discussions and debates.

For those still seeking further qualification, all our events (other than pure social events) qualify for CPD points and The European Association of Certified Turnaround Professionals accreditation programme is accessible through the TMA.

Being a TMA member affords you coverage in the TMA e-Guide and a profile on the website, where contacts you have made can search and discover your skill-set, abilities and contact details.

What about Women? TMA (UK) warmly welcomes the ladies who operate in the turnaround space and you will always find a fair representation of female attendees at meetings.

Am I too young? No, the TMA welcomes professional people of all ages and are making a concerted push towards the younger generation with the launch of NextGen – the next generation of TMA.

READY, STEADY, GO ...

Attending one or two meetings as a guest is a great way to start; the TMA will even refund the cost of your guest places when you become a member. But you have to be in it, to win it. So ... TMA (UK) provides the NET you just need to get to WORK using our structure, support and serious commitment to the Turnaround community..

If you wish to know more about any of the points raised above, or the support system offered to TMA Members and associates by Set Up And Go Ltd., please contact the author of this article, Jonathan Reeves, on: jreeves@setupandgo.org.uk or through the website www.setupandgo.org.uk.

NETWORKING & EVENTS | SPRING 2014 | CONNECT

9 worldwide  corporate restructuring We are part of a

organisation which is open to all those involved in turnaround

 2,000 attendees With

at meetings last year alone, the events are a great

Number of attendees and events by region



SCOTLAND

networking opportunity

50 (1 event)

NORTH EAST

 book events

100

Click

here to view and

(2 events) NORTH (LEEDS)

50

NORTH WEST (MANCHESTER)

(2 events)

50

MIDLANDS (EAST)

100

(1 event)

(2 events)

LONDON

1,000 (11 events) MIDLANDS (WEST)

150

THAMES VALLEY

200

(3 events)

(2 events) WALES & SOUTH WEST

100 (2 events)

SOUTH COAST

100 (2 events)

KENT & SUSSEX

50 (1 event)

CONNECT | SPRING 2014 | CROSS BORDER LINKS

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Cross border links Bridging borders, shrinking the world and facilitating success

For me perhaps one of the least understood and most important benefits of being a member of TMA (UK) is the international network the organisation provides.

TMA has some 10,000 members and chapters in 20 countries worldwide and is continuing to expand into new markets.

In Europe the TMA has chapters in 11 countries with a further 2 in formation.

After London hosted the TMA European Conference in 2013, the seventh European Conference will be held in Munich this year, while we will also be holding our first Eastern European Conference in Bucharest, an indication of the growth we are seeing in certain markets, and of course there is also the annual European Distressed Investing Conference, held annually in London.

Did you also know that TMA (UK) membership invariably gets you discounts at international conferences and events, including for example a minimum $550 saving on attending the TMA Distressed Investing Conference in Las Vegas in February, which means the membership cost more than pays for itself?

I thought one of the best ways to illustrate just how beneficial the TMA’s international presence can prove might be to briefly outline a couple of personal experiences / case studies and I know many other TMA members, particularly in Europe, have similar tales to tell.

A EUROPEAN-WIDE ROLE, BUT NO LOCAL SUPPORT As many of you will know, I had the good fortune for a couple of years to manage a restructuring and work-out team inside a bank dealing with a complex lending book across Europe.

When I took on this role one of the things that stood out immediately was just how poorly understood the legal and practical issues in many of the jurisdictions to which we were exposed actually were and how mired in misunderstandings and a lack of clarity resolution of many cases was.

It seemed to me I needed to find some strong, reliable advisors to assist in resolving these issues and getting cases moving. Now the first place one often looks in these situations is to UK-based firms with international offices, but the truth is even they are often the first to admit that they cannot always be sure of the quality of their local representation and this had certainly been my past experience.

As a result I turned to TMA and to contacts I had made through the European Conferences and other events, which incidentally had also provided me with a great grounding in the restructuring regimes and the challenges

for turnaround in many of the countries in which I was now operating, including Spain, Denmark, Germany, France, Portugal.

I approached contacts I’d made working in a similar field in their own countries and asked them to introduce their most trusted advisors who could hopefully help get me results and quickly, ideally while being commercial about costs as well!

There is no doubt in my mind that I found such advisors much quicker and more reliably through this route than I could have done without the TMA European network. Admittedly while this solved an external challenge, there were many bureaucratic internal challenges to overcome to achieve the results I wanted!

It is also worth mentioning at this stage that introductions to the two most valuable cross-border client opportunities I have ever been introduced to – one as a banker and one as an advisor – also came from contacts in other countries I made through the TMA.

MULTI-JURISDICTIONAL CRISIS AND SEEMINGLY ALL FUNDING OPTIONS EXHAUSTED More recently I was part of a team involved with an engineering business with operations in Germany, France, Poland, Ukraine, Greece and Turkey.

CROSS BORDER LINKS | SPRING 2014 | CONNECT

11 OVER 2,000 MEMBERS IN EUROPE ACROSS 11 COUNTRIES

The company had barely been scraping by for many months and the family office owners felt they had exhausted all options from a long-running sales process through their own corporate finance advisors. While we worked on solving the immediate cash flow issues and negotiating with credit insurers and suppliers to facilitate continued trading (many of the advisors involved in different countries in securing these agreements and other matters were once again either directly TMA contacts or recommendations from the TMA network), we reviewed the sales process and realised that while the efforts to find a buyer had been reasonably extensive in Europe, the Middle East and China (representative of the Corporate Finance boutique’s own network of course) and some interest for at least parts of the business which may have secured much of the group’s future had come from Italy and China before falling away during lengthy DD phases (this also demonstrated a lack of understanding of the perilous nature of the company’s position on the part of the owners, the interested parties and their advisors – not uncommon as many of us know only too well), there were many parts of the world where no contact had been attempted, not least North America.

As a result we got copies of the teaser document out to a variety of contacts we felt may be able to assist in drumming up further interest and for me this again meant tapping in to some TMA contacts operating in North America in particular.

OVER 10,000 MEMBERS WORLDWIDE While the eventual saviour did not come through this contact route, other potential interested parties did and this interest helped reinvigorate management and the workforce as an accelerated process was run by colleagues to reach a deal that at the time of going to press is expected to secure the future of operations in 4 of the 6 countries and continued employment for over 70% of employees in those countries, all without any need for any insolvency process.

EACTP One further example of fantastic collaboration between TMA’s international chapters is the agreement within TMA Europe to launch the European Association of Certified Turnaround Professionals accreditation programme, to be followed by a full study and exam-based qualification programme.

This allows members to become accredited across Europe with one certification, completing just one application and paying just one fee.

Building on the widely recognised CTP programme which the TMA launched 20 years ago in the US, this is just one more indication of how the TMA continues to bridge borders, shrink the world and facilitate success.

Matthew Quade

 email author For details of European events and EACTP details please use the following links:

 www.tma-europe.org  www.eactp.eu

CONNECT | SPRING 2014 | PROFESSIONAL INTERVIEW

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Busierbuta longthere’s still way to go The current leadership meets the Next Generation to discuss the state of the UK turnaround market

By John Willcock, Editor, Global Turnaround

JOHN WILLCOCK, EDITOR OF GLOBAL TURNAROUND, SPOKE TO THE TWO PROFESSIONALS ABOUT TRENDS IN THE RESTRUCTURING MARKET AND WHAT WE CAN ALL EXPECT OVER THE NEXT TWELVE MONTHS.

Q: ARE YOU GETTING BUSIER/LESS BUSY? HOW DO YOU SEE THE NEXT 12 MONTHS? WHICH AREAS OF THE MARKET ARE GETTING BUSY? Adrian Doble: “The UK mid-market is busy for restructurings.

These include a lot of ‘change of control’ deals rather than outright failure.”

M&A activity is picking up, Doble feels, and that is confirmed in the press as we go to print and is set to rise again in 2014.

Market statistics for Quarter 3 show demand for high yields loans has risen for two quarters running, the first rise since January 2011. And whenever there is an increase in lending, there should follow, in theory at least, an increase in corporate distress, leading in turn to restructuring work.

Chapter 11 is functioning again in the US, says Doble. The vital fuel for company rescues, DIP funding, has returned.

“But most Chapter 11s are pre-packaged,” he adds, “which means that the European market remains slow for me personally as my role is usually to support businesses through intense instability, and that is not happening.”

Will Needham: The Weil Gotshal associate puts it simply: “We are very busy at the moment and we expect that the next 12 months will be similarly demanding. The macro-economic position in Europe is settling down and capital markets are very much open,” says Needham. “The maturity wall will be pushed out even further as high yield continues to offer a source of refinancing. Our sense is that although corporate debt prices are still quite high, funds are looking at bespoke situations. If they can see a path to control and exit, they will commit capital,” says Needham.

number of private equity players and insurers look set to continue to fund the growing financing gap, particularly in the mid-market”.

Needham expects that balance sheet restructurings could also come into play where companies require new money, “although stronger credits can look to capital markets, in our experience of LBO restructurings, where a company has a new money requirement, which its sponsors are not willing or able to meet, banks are still not prepared to provide new money, meaning a proper balance sheet restructuring will be necessary”.

[Looking around Europe, Needham notes that in restructuring terms Spain and Italy are particularly busy.]

Q: WHAT ABOUT THE BALANCE BETWEEN OPERATIONAL TURNAROUNDS AND FINANCIAL RESTRUCTURINGS? Adrian Doble: “Most restructurings at the moment are financial, and I firmly believe that turnaround folk need to re-invent themselves,” says the FRP Advisory partner. “Fullblown CRO work has all-but disappeared,” says Doble, “and Independent Business Reviews (IBRs) have been disintermediated by targeted intervention. Traditional banks are very reluctant to force the pace of restructurings. The banks are still facing a lack of capital, which means they are less able to commit to financing the riskier situations, so I expect more portfolio sales.”

Will Needham added: “I agree, we are predominantly seeing financial restructurings.”

Q: WHAT ARE THE MOST IMPORTANT FACTORS

Weil Gotshal is currently advising on two high profile insolvencies, the US parent in Lehman Brothers and the UK Administrators of MF Global. “These are still very busy for us.

GENERATING ACTIVITY IN YOUR PART OF THE MARKETPLACE –A RISE IN INTEREST RATES, FOR INSTANCE?

Other activity we are seeing is the rise of restructurings of commercial mortgage-backed securitisations and an increasing number of non-performing loan portfolios being offered for sale by banks at deep discounts as banks look to rebuild their balance sheets.” Needham suggests this is bringing the funds into play and leading to proper surgery to the balance sheet, and not just ‘amend and extend’ activity seen so far in the downturn, “alternative credit funds and a

Adrian Doble: “This would dramatically increase the failure rate.”

Will Needham: “There still appear to be a large number of zombie companies surviving on low interest rates. The Bank of England has suggested with its ‘forward guidance’ that it may raise interest rates as early as next year, depending on how the unemployment figures go. A rate rise would test

PROFESSIONAL INTERVIEW | SPRING 2014 | CONNECT

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Adrian Doble

William Needham

is a partner with FRP Advisory in London and well known both as a seasoned restructuring professional and as a driving force in the Turnaround Management Association (TMA) in the UK.

of Weil Gotshal in London is an up-and-coming force, starting to make his mark on the industry, not least by helping to set up the TMA (UK)’s first meeting of NextGen, a networking tool for newcomers to the business. Already hugely popular in the US, NextGen has only just arrived here in the UK.

companies.” The Weil Gotshal associate adds: “A very important factor is the attitude of the banks to distressed customers. Banks don’t seem to want to force the pace, so I see more loan sales.”

Needham reckons that banks may differ in their willingness to support distressed borrowers, but that at the moment the atmosphere is generally supportive.

Needham says it is difficult to tell if banks will enforce their security once the economy picks up. On the one hand, there are likely to be more buyers for their assets, but on the other, a culture of forbearance and assistance has developed over the past few years.

Q:

ARE YOU ANTICIPATING BANKS SELLING MORE SINGLE CREDITS AND PORTFOLIOS OVER THE NEXT 12 MONTHS? Adrian Doble: “Massively. Currently, the sellers are banks that have been required to de-leverage as a consequence of State bail outs. As Basel III starts to bite then I think we will see a massive upturn in sale activity.”

Will Needham: “Yes. We have seen estimates for portfolio sales of €2.5 trillion – €3.5 trillion in value over the next seven years, prompted by Basel III, which requires the banks to improve their liquidity. Liquidity injected to date by the European Central Bank (ECB) has delayed large disposals by many European banks,” says Needham. “Recent reports put loan portfolio transactions at €46 billion in the first eight months of 2013. That’s equivalent to the whole of 2012.”

Q: WHERE IS YOUR BUSINESS COMING FROM? THE BANKS OR ALTERNATIVE CAPITAL PROVIDERS? FUNDS? PRIVATE EQUITY? OTHERS? Adrian Doble: “All of these. Our larger jobs are coming from left field. We have all had to work smarter. Routes to market have changed.”

Will Needham: “I agree. It is always difficult to predict where ‘big’ jobs will come from. “Distressed investors, hedge funds and PE houses are all dabbling in distress and providing opportunities. Investment banks continue to provide situations.”

Q:

ARE THERE ANY RECENT OR IMPENDING LAW CHANGES TO WORRY ABOUT? Adrian Doble: “Not to any event changing extent in the UK but European jurisdictions are changing by the month. I would argue that the greatest threat to the UK as a leader in restructuring is law change in jurisdictions like Germany, where a company can now restructure in an orderly and predictable way. In the less predictable past, a number of foreign jurisdictions used our Scheme of Arrangement to restructure. Activity here has slowed.”

Will Needham: “The latest global rules for bank capital adequacy, Basel III, have been implemented in the EU,” says Needham. “The bulk of the rules contained in the legislation will apply from 1 January 2014. In the UK there is also a new SIP 16 aimed at ‘pre-pack’ administration sales, which came into force on 1 November 2013. This aims to improve the transparency of such pre-negotiated deals,” says Needham.

“Lawyers and restructuring professionals will need to take account of these changes when acting in future.”

Q: WHAT ARE THE NEXT MOVES FOR NEXTGEN IN THE UK? NextGen is an international organisation created by the Turnaround Management Association as a means of providing networking and education opportunities for young professionals in turnaround management, corporate restructuring and distressed investing.

It has long been popular in the US, and in 2013 Needham was involved in launching it in the UK. He says: “NextGen is aimed at investment bankers, hedge funds, PE houses, lawyers, accountants, financial advisers and workout professionals.”

Its activities in 2014 include quarterly events with keynote speeches from leading senior figures in the industry.

“These will retain the format used in 2013; drinks, a speaker and plenty of networking,” says Needham. The events will continue to aim to attract representatives from the leading firms in the market.

“We aim to grow the membership to become recognised as the leading networking and educational opportunity for young professionals in turnaround industry,” declares Needham.

Getting involved with TMA (UK) If you are involved in turnaround or corporate recovery, can you afford not to be part of the world’s largest turnaround association?

We offer a number of Corporate Sponsorship or Individual Membership options:

Corporate partNership £7,500 p.A.  Worldwide membership  UK Board position  Full exposure of corporate logo

Large CompaNy spoNsorship £2,500 p.A. smaLL CompaNy £1,500 p.A.  Wide-ranging recognition package  priority to speak and host at events

Corporate membership FroM £450    

Includes discounts for bulk employee membership An ideal package for companies to develop employees Events qualify for CpD Can qualify as training not sponsorship

Discounts are available for term agreements and bulk employee membership.

iNdividuaL membership FroM £225  Includes complimentary attendance at all events  Individual listing on the website and our Directory  Events qualify for CpD

To find out more information call Nyree Magill on 0844 804 0116 or go to our website at www.tma-uk.org for a full list of benefits of being associated with TMA (UK).

SPONSORS | SPRING 2014 | CONNECT

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INSOLVENCY EVENTS OF DEFAULT: lenders test the boundaries The insolvency of the borrower is a standard event of default in facility agreements. As well as covering the borrower’s cash flow insolvency, these clauses also often cover other, earlier, signs of distress. Two recent cases have seen lenders try to exploit these outer reaches of their insolvency event of default clauses. Hayley Çapani and Adam Pierce explain why these cases are significant for parties negotiating new deals, and for lenders considering their enforcement options on existing deals.

Negotiations with creditors for rescheduling The Grupo Hotelero1 case was about a facility agreement with a Spanish hotel company as borrower. The events of default included the borrower, “by reason of actual or anticipated financial difficulties, begin[ning] any negotiations with any creditor for the rescheduling of any of its indebtedness”. The company had several other facilities, and had been in negotiations with some of its other lenders over renewing and amending their facilities. The parties disagreed on whether these negotiations triggered the event of default.

The High Court found that they did. In doing so the court analysed separately the key words and phrases in the clause.

It found that “rescheduling” implies a degree of formality and that “financial difficulties” must be of a substantial nature. It also implied that a lender may not be able to cite financial difficulties it was aware of at the point of entering the agreement. But it still found in favour of the lender on the facts, largely because “beginning negotiations with any creditor” covered such wide ground.

Why is this significant?

Even before Grupo Hotelero, this clause had been a common focus of negotiation between parties. Often as a result of these discussions, any negotiations by the borrower with a finance party would be carved out of the clause so as not to make it an event of default.

Although Grupo Hotelero creates no new law, seeing a lender successfully enforce this clause may encourage borrowers, particularly those with multiple facilities, to push harder to dilute this clause in other ways. For example, they may seek to carve out negotiations with trade creditors, or argue the negotiations must be with whole “classes” of creditors.

Balance sheet insolvency Companies’ liabilities sometimes exceed their assets, even when they are not insolvent, or even close to insolvent, on a cash flow basis. Can a lender call an event of default if this happens to its borrower? Should it be able to?

In Eurosail2, the Supreme Court had to decide whether an event of default had occurred under some notes issued by a securitisation vehicle. Under the notes, it would be an event of default if the issuer was deemed unable to pay its debts as they fall due “within the meaning of section 123(1) or (2) (as if the words ‘it is proved to the satisfaction of the court’ did not appear in section 123(2) of the Insolvency Act 1986)”.

Under section 123(2), a company is deemed unable to pay its debts “if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities”. This is the closest thing to a balance sheet insolvency test under English law.

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The issuer’s assets were less than its liabilities. The note trustee argued this was an event of default. The Supreme Court disagreed on the basis that section 123(2) is not simply an assets against liabilities test. It is about whether a company has, and will have, sufficient assets to meet its liabilities when they are due. In this case, the issuer’s liabilities were all long term. It was therefore a “matter of speculation” whether the issuer’s negative net asset position now indicated that it would be unable to meet its long term liabilities when they fell due.

In its earlier judgment in the same case, the Court of Appeal had found that section 123(2) only applies once a company has reached “the point of no return”. The Supreme Court decided this went too far. But it did agree that, where a company is not cash flow insolvent, a court “should proceed with the greatest caution in deciding that the company is in a state of balance sheet insolvency”.

Why is this significant?

Some insolvency event of default clauses refer expressly to section 123(2). Others refer simply to “insolvency” or “insolvency under applicable law”. Eurosail shows that in these situations the lender should not assume it can call a default simply because the borrower’s latest accounts show it has negative net assets.

However, both borrowers and lenders should also not assume the Eurosail analysis is always relevant when interpreting all insolvency events of default clauses. It is not unusual to see facility agreements refer to balance sheet insolvency in the following way: “The value of the assets of the Borrower, or any member of the Group, is less than its liabilities (taking into account contingent and prospective liabilities).” This seems to be a straight balance sheet test, rather than a balance sheet test with the ultimate purpose of determining whether a company is deemed “unable to pay its debts”. If that is right, notwithstanding the Eurosail decision, the parties will be bound to apply their contractual test when assessing whether there has been an event of default, rather than section 123 (as interpreted by Eurosail). Therefore, on new deals, Eurosail may encourage borrowers to argue that their contractual test for balance sheet insolvency should be closely aligned to section 123.

For more information, please contact Sonia Jordan, Hayley Çapani or Adam Pierce.

Law stated as at 1 October 2013.

Grupo Hotelero Urvasco SA v. Carey Value Added SL and another; Carey Value Added SL v. Groupo Urvasco SA [2013] EWHC 1039 BNY Corporate Trustee Services Ltd v. Neuberger Berman Europe Ltd; BNY Corporate Trustee Services Ltd v. Eurosail-UK 2007-3BL plc [2013] UKSC 28

Meet Dentons.

The new global law firm created by Salans, FMC and SNR Denton.

Know the way.

Your dedicated Restructuring and Turnaround key contacts: Nigel Barnett, Partner London D +44 20 7320 5530 nigel.barnett@dentons.com

Sonia Jordan, Partner London D +44 20 7320 6186 sonia.jordan@dentons.com

dentons.com Š 2013 Dentons. Dentons is an international legal practice providing client services worldwide through its member firms and affiliates.

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Please see dentons.com for Legal Notices.

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17 Dentons Our restructuring and insolvency group is one of the largest and most highly regarded teams of dedicated specialists in the world. We advise our clients where-ever they trade or invest, meeting those needs through our core team in Europe, the UK, Russia and the CIS, the Middle East, the US and Canada.

Dentons One Fleet Place London EC4M 7WS t. +44 (0) 20 7242 1212 www.dentons.com

We regularly advise our clients not just on the legal framework in different countries but also on how to protect their interests by identifying those jurisdictions and laws that are best suited to address their needs. The team has significant expertise acting for accounting firms, financial institutions, corporate borrowers and investors.

Our group is supported by a team of lawyers from the fields of finance, corporate, litigation/dispute resolution, real estate, intellectual property, employment and pensions. Due to our long history and experience in the field, those teams have an innate understanding of the particular needs of clients in the restructuring arena.

We are adept at creative litigation strategies and also structuring settlements and workouts. We pride ourselves in bringing a practical, business-minded, cost-effective focus to restructuring, insolvency and other financial distress situations.

About the firm Dentons is a global firm with more than 2,500 lawyers and professionals in 79 locations in 52 countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia and the CIS, the UK and the US who are committed to challenging the status quo to offer creative business and legal solutions.

Dentons is built on the solid foundations of three highly regarded law firms. We were formed by the March 2013 combination of international law firm Salans LLP, Canadian law firm Fraser Milner Casgrain LLP (FMC) and international law firm SNR Denton. Each built its outstanding reputation and valued clientele by responding to the local, regional and national needs of a broad spectrum of clients of all sizes—individuals; entrepreneurs; small businesses and start-ups; local, regional and national governments and government agencies; and mid-sized and larger private and public corporations, including international and global entities.

Nigel Barnett Partner and Head of the Restructuring and Insolvency Group D. +44 (0) 20 7320 5530 click here to email Nigel Sonia Jordan Partner D. +44 (0) 20 7320 6186 click here to email Sonia Byron Nurse Partner D. +44 (0) 20 7246 7050 click here to email Byron

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18

UNINTENDED CONSEQUENCES: AN OPPORTUNITY FOR PE AND DISTRESSED DEBT INVESTORS? Markets react quickly to new paradigms. In the 80s de-regulation created product innovation and a consequential crash on an unparalleled scale. Now, in 2013 we are seeing a revolution in investment activity as the market reacts to re-regulation of the worlds’ banking markets.

2013 has been a defining year for restructuring professionals as the consequences of the regulatory response to the 2008 crash have emerged. Many of those consequences were strikingly unintended and I hope you enjoy reading this article for the TMA, one such organisation benefitting greatly from the changing financial world. Come and join us.

In 2008 who would have predicted Lloyds selling a portfolio of mid-market corporate loans to Goldman Sachs and TPG, but this is exactly what happened in 2012 when project LUNDY delivered on its objectives for Lloyds of releasing capital for investment elsewhere. If we awoke tomorrow to an announcement that the Coop Bank had disposed of its entire book of corporate loans would we be surprised? These new dynamics are now entirely feasible consequences of regulatory arbitrage.

Regulatory arbitrage – can I be one of the first to coin that expression?

As demonstrated by the chart below, (courtesy of SVP Global) many household banks are sellers or planning loan sales.

The key to understanding regulatory arbitrage is that most of these alternative investors are not subject to Basel III stress tests and capital adequacy requirements.

Some buyers of debt are anonymous trader-style money funds, driving the price up on loan sales and creating a sellers’ market. Many though are targeted funds, pursuing a workout or loan-to-own strategy and fishing to buy portfolios. Others such as Better Capital or Endless are already well known, with deep relationships with sellers and are looking at transactions from banks unwilling or unable to lend more to already distressed investors. Almost none are other banks.

The consequence is that routes to market for restructuring professionals are changing. The work providers of the past are not necessarily going to be the work providers of the future.

As traditional lenders are constrained by the capital requirements laid down by their regulators so will they prioritise to whom they lend. Alternative funders, subject to different rules, will fill the void. So as high risk credits are turned aside, new lenders will jump in.

This can be seen most clearly in the explosion of activity in Crowd Funding and Peer-to-Peer lending which has at times been derided as a fad, yet the fact is that over £500m has been lent already in the UK this year and projections are that this will pass £1bn well before the year end.

In the real-estate backed CMBS space there have been changes too. Just a few years ago the name “Special Servicer” was foreign to most. Yet now, for our valuation community, or LPA Receiver community, these new drivers of activity are key introducers as investors take control of situations in distress.

The need to de-gear, started by State supported banks, has created huge opportunities for investment funds that are drawn to London as a centre for investment.

The UK banks are undercapitalised by over £20bn according to the FT. My guess is that this is driving consequences that most regulators never imagined because they expected banks to rebuild balance sheets slowly and prudently raise new capital over time before returning to ‘business as usual’. The market, however has invented an alternative solution – the debt sale.

Selling debt is capital efficient. Non-Basel III regulated buyers like that.

Barclays aside, (having successfully raised capital as we go to print) the overriding reaction to Basel III capital adequacy requirements has been a push to a massive reduction in WRAs, Weighted Risk Assets. This is manifest in loan sales, particularly in the real estate and shipping sectors where the numbers are mind boggling but also in the mid-market corporate loan pool.

The Asset Manager has come of age too. These are the managers that create and implement the strategy on behalf of the principal investor group. Five years ago, the banks drove the pace of restructuring across the UK but, post portfolio sale; the Asset Manager is the go-to person. These are the people engaged by the investor to plan and execute strategy.

In summary, I think that Private Equity and Distressed Debt have seen the need to rethink and re-invent and on the whole are doing it rather well. In the space of just a few years capital has found new routes to market. Our restructuring community needs to understand this and re-invent too.

Adrian Doble is a Partner with FRP Advisory LLP

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19 FRP Advisory LLP Restructuring • Performance Improvement • Recovery • Insolvency FRP Advisory offers services to businesses and individuals who are facing financial or operational uncertainty. This includes restructuring, performance improvement, debt rescheduling advice, operational change management support, refinancing and fund raising, interim management, insolvency and recovery, plus a range of acquisition support tools for clients purchasing distressed businesses. Key objectives of our partners are helping businesses survive and prosper, safeguarding jobs and stakeholder value.

Adrian Doble Partner FRP Advisory LLP 10 Furnival Street London EC4A 1YH t. +44 (0) 20 3005 4000 m. +44 (0) 7767 205680 f. +44 (0) 20 3005 4400 www.frpadvisory.com email sponsor

FRP Advisory has 225 experienced restructuring, recovery and insolvency specialists across the UK with an excellent reputation and track record for creating, preserving and recovering value for their clients. We are represented across the major city centres of London, Birmingham, Manchester, Leeds, Bristol, Edinburgh and Aberdeen. With 12 offices in the UK we are geographically well placed to help all our clients across all sectors and situations, find the right solution when facing corporate challenges.

With our strong relationships with the UK clearing banks, asset based lenders, venture capitalists, shareholders and regulatory bodies, we are well placed to provide specialist advice across a wide range of services including: • • • • • • • • • • •

CRO, board appointments and restructuring advice Commercial and asset finance brokerage Interim management Insolvency services Pension scheme advice Performance improvement Crisis management Independent Business Reviews Asset recovery Banking support Charity advisory services

Please get in touch to find out how we can help you, your business or your clients: FRP Advisory locations: London and International East Midlands Eastern Region Kent North East North Northern Home Counties South West Sussex West Midlands

020 3005 4000 0116 303 3333 01708 458211 020 8294 7050 0113 831 3555 0161 833 3344 01727 811 111 0117 370 5000 01903 222 500 0121 710 1680

Scotland: Aberdeen Edinburgh Inverness

0330 055 5455 0330 055 5455 0330 055 5455

Collaborative, results driven, accountable, leadership in all we do.

listening to the numbers

listening to your instincts

One financial advisory and investment banking services firm excels at navigating complex financial issues: Duff & Phelps. Our people have the analytical skills to get to the heart of issues and the experience to know which variables matter more. We find the right balance between analysis and instinct—that sweet spot that powers sound decisions. Learn more at www.duffandphelps.com

Investment banking services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Transaction opinions are provided by Duff & Phelps, LLC. M&A advisory and capital raising services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd., which is authorised and regulated by the Financial Conduct Authority. Š2013 All Rights Reserved.

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21 Duff & Phelps Ltd The UK Restructuring practice of Duff & Phelps is a solution-driven advisor to stakeholders of midmarket businesses. Our experts are based from offices in the key regions and comprise more than 150 professional staff including qualified accountants, bankers and TMA members.

We provide advice that is conflict-free, independent and objective. In every engagement, we draw on our specialist sector teams in order to deliver practical solutions that enable our clients to prosper through times of change and financial difficulty.

Paul Clark Duff & Phelps Ltd The Shard 32 London Bridge Street London SE1 9SG

Our suite of services in the UK includes:

Business Consulting Advice to lenders and corporate borrowers on turnaround solutions, business viability and profit improvement

Corporate Restructuring Recovery and restructuring advice to businesses, including insolvency services

t. +44 (0) 20 7089 4700 m. +44 (0) 7770 616103 f. +44 (0) 20 7089 4701 www.duffandphelps.co.uk email sponsor

Debt advisory Provides advice and works in partnership with corporate clients and their stakeholders to ensure the most effective and appropriate funding solutions are in place

Tax Arrears Solutions Cash management and consulting services to assist in rescheduling HM Revenue & Customs debt in circumstances where liquidity issues exist and viability may be in question

Receivables Management Debt collection and sales ledger management services, including ledger review and reconciliation work

Finance Brokers Advice on commercial financing solutions to corporates, appropriate to their individual business needs

Personal Financial Solutions Debt management and insolvency advice to unincorporated businesses and individuals The Global Restructuring Advisory practice serves clients across a broad range of industries and situations, from operational and financial underperformance to insolvency including special situation transactions. Our professionals provide advisory services in profit and loss improvement, working capital management and debt and capital structuring. Our specialists take a hands-on approach through a senior team accustomed to challenging and quickly evolving environments. Many of our complex assignments involve actions in multiple jurisdictions outside the UK, which the global team is ideally positioned to support given Duff & Phelps global reach and depth of expertise.

About Duff & Phelps As a leading global financial advisory and investment banking firm, Duff & Phelps leverages analytical skills, market expertise and independence to help clients make sound decisions. The firm advises clients in the areas of valuation, M&A and transactions, restructuring, alternative assets, disputes and taxation – with more than 1,000 employees serving clients from offices in North America, Europe and Asia. For more information, visit www.duffandphelps.com.

Investment banking services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Transaction opinions are provided by Duff & Phelps, LLC. M&A advisory and capital raising services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd., which is authorised and regulated by the Financial Conduct Authority.

Every angle considered For pragmatic, proactive and multidisciplinary advice, contact Tyrone Courtman on 07770 738277 or tyronec@pkfcooperparry.com www.pkfcooperparryrestructuring.com

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23 PKF Cooper Parry Group Ltd With offices in the Midlands and London PKF Cooper Parry is a leading firm of advisers to private business with 22 Partners and a client focused team of over 200.

We are a member firm of PKF International, one of the top 11 global networks of accounting firms and are one of only three firms in the UK, and the only PKFI member in the Midlands.

Working with ambitious businesses, we deliver the same level of professionalism, integrity and innovation regardless of turnover. We believe we have the strongest skills and resources in our region and our clients’ results prove that point.

Tyrone Courtman PKF Cooper Parry Group Ltd 1 Colton Square Leicester Leicestershire LE1 1QH t. +44 (0) 116 262 9922 m. +44 (0) 7770 738 277 f. +44 (0) 116 262 8219 www.pkfcooperparryrestructuring.com email sponsor

Above all, we think about our clients in a holistic way to help them achieve their business and personal goals.

We understand that at the heart of every business relationship people are key. Our people work with clients to make things happen.

The PKF Cooper Parry mindset is simple. Everything we do is about enhancing our client’s business. Our vision “To be No.1 in our chosen markets by growing, protecting and realising value for our clients”.

Business Turnaround Our partner led team has vast experience of turning privately-owned businesses around.

In such situations, there is no alternative to rolling up your shirt sleeves and applying a hands-on approach. Critically we must first understand and focus on the business’ aims and objectives. Key issues must be identified and an agreed strategy must be put in place. At each phase we will work closely with the management team, offering advice that is practical, pragmatic and supportive.

With a network of supporting advisers and funders, we create honest and practical solutions. Above all, we deliver them with speed, accuracy and total commitment.

We take a multidisciplinary approach, bringing our considerable resources to make things happen. We are committed to helping ailing businesses to survive and prosper.

Business Reorganisation and Insolvency As one of the most experienced and respected business and recovery and insolvency teams in the Midlands, our starting point is simple – can anything be done to save the business? Wherever possible, we’ll endeavour to help avoid insolvency by implementing business rescue mechanisms and by delivering constructive business solutions for management, lenders and owners.

Other contacts Derby Office 3 Centro Place, Pride Park, Derby DE24 8RF t. +44 (0) 1332 295 544 f. +44 (0) 1332 295 600 Tyrone Courtman e. tyronec@pkfcooperparry.com Leicester Office 1 Colton Square, Leicester, LE1 1QH t. +44 (0) 116 262 9922 f. +44 (0) 116 262 8219 Tyrone Courtman e. tyronec@pkfcooperparry.com Lee Brocklehurst e. leeb@pkfcooperparry.com London Office 42, Level 7, 25 Old Broad Street, London, EC2N 1HN t.+44 (0) 27 193 5745 Tyrone Courtman e.tyronec@pkfcooperparry.com Nottingham Office 14 Park Row, Nottingham, NG1 6GR t. +44 (0) 115 958 0212 f. +44 (0) 115 958 8800 Tyrone Courtman e. tyronec@pkfcooperparry.com Nick Edwards e. nicke@pkfcooperparry.com

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24 Freshfields Bruckhaus Deringer LLP Freshfields Bruckhaus Deringer LLP is a leading international law firm with a network of offices in Europe, the Middle East, Asia and the USA, providing a comprehensive worldwide service to national and multinational corporations, financial institutions and governments.

Richard Tett Freshfields Bruckhaus Deringer LLP 65 Fleet Street London EC4Y 1HS

Key Deals

t. +44 (0) 20 7936 4000 m. +44 (0) 7710 623211 f. +44 (0) 20 7108 7627

We also advise a wide range of non-bank investors and funds on a variety of transactions (as highlighted further below) and provide regulatory, legal compliance and tax advice on the establishment, listing and operation of funds. Our specialist team comprises lawyers from a range of disciplines across a number of offices, so we can help our clients however and wherever they need our support.

www.freshfields.com email sponsor

We have built up a reputation for acting at the cutting edge of the legal profession, solving complex problems and delivering a number of legal firsts. The past 12 months have been no exception, we have led on many groundbreaking deals acting for corporates, creditors, regulators, borrowers, lenders and insolvency practitioners on a broad range of advisory and restructuring work.

Our recent experience includes acting on new money deals, special situations and restructurings. The past year has been a year of schemes with the technology being pushed to the next level. The team has advised senior lenders/co-coms on ETG, Biffa, Primacom and Travelodge. The last three of these involved complex intercreditor dynamics. Travelodge was also notable as involving complex inter-conditional schemes of arrangement and a company voluntary arrangement. We have also advised sponsors on high profile deals, including NCP and Estro. In the latter, two schemes of arrangement were prepared in tandem with a consensual deal.

We have continued to consolidate our position as a market leader for technically complex, often multi-jurisdictional transactions. Particular highlights for us include advising: Mouchel, Bulgarian Telecommunications Company AD, Deutsche Annington, Metrovacesa, La Seda de Barcelona and Pfleiderer.

Quotes ‘Financial Restructuring of the Year’ Institute for Turnaround 2013 ‘They have this ability to staff a deal with all the resources, bodies and expertise you could ever need – an excellent network and a firm at the top of its game.’ Chambers 2014 ‘Praised for its ‘innovative approach’, the team is regularly at the forefront of developments in the market.’ IFLR 1000 2014

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25 JLT Specialty Ltd JLT Specialty is a leading insurance and risk management company providing innovative risk solutions for Corporate Restructure Officers, Turnaround Practitioners, Insolvency Practitioners and Professional Service Firms.

J

Jayne Field JLT Specialty Ltd 8th Floor St Philips Point Temple Row Birmingham B2 5AB t. +44 (0) 121 626 7821

The creation of JLT Specialty’s Practice for TMA is our response to the emergence of insurance products offering faster and more creative solutions to the turnaround and restructuring process.

Practitioners face exposure to a wide range of highly complex risks in their attempts to help companies recover from distressed situations. Since 1988, JLT Specialty has been a leading provider of insurance and risk management solutions to the corporate recovery profession. From investigation through to appointment, we advise Insolvency Practitioners, Corporate Restructure Officers and Turnaround Funders and their teams on all insurance, risk management and claims issues, with services including:

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For more information about our products and services please contact: Adrian Lamasz

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26 KSA Group Ltd KSA Group advises distressed companies, investors and debt providers with hands-on turnaround management, CVA led company rescues and innovative corporate recovery techniques.

KSA Directors, Regional Managers and Licensed Insolvency Practitioners have over 100 years of experience driving turnarounds, across all commercial and not-for-profit sectors.

The professional expertise of the group is supported by a suite of online guides and leading edge applications, covering almost every aspect of the corporate recovery and insolvency space; these are free-of-charge to directors and creditors alike.

Keith Steven KSA Group Ltd Level 7 Tower 42 25 Old Broad Street London EC2N 1HN

The speciality, expertise and passion of the KSA Group is ‘company rescue’ and the directors, regional managers and support staff have many years of experience in the turnaround, recovery and insolvency marketplace.

t. +44 (0) 207 877 0050 m. +44 (0) 7974 086779 f. +44 (0) 1289 309 429

For nearly 20 years KSA Group has been assisting distressed SME’s to cope with corporate crisis, experiencing almost all of the traumas and emotional pressures that poor performance and potential insolvency can inflict.

www.ksagroup.co.uk

The team has extensive knowledge of the options open to a distressed business and has a reputation for delivering innovative solutions, which will enable businesses to realise maximum value, for the benefit of all stakeholders.

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Furthermore, the company has an extensive internet support service and web-based resources for company directors, investors, lenders, creditors and employees of distressed companies. The website www.companyrescue.co.uk is the largest such site on the entire web, with over 1,000 pages of free information and guides which are read by thousands of business people per month.

Working at board level with directors, investors, lenders, shareholders as well as professional bodies and institutions, the group’s principal aim is to achieve the best possible outcome, often without formal insolvency procedures being used.

Many companies find themselves in irreversible trouble because the directors FAIL TO ACT soon enough; if the KSA Group is invited to advise ahead of the critical point-of-noreturn, it is possible that – with restructuring and debt reorganisation, perhaps coupled with an injection of alternative forms of finance or the sale of assets – the situation might be redeemed. Where at all possible, decisions will be arrived at through consensual negotiation.

Should this “diet and exercise” approach not work, the licensed insolvency practitioners within the KSA Group, can move to the ‘surgery’ stage of CVA, administration or the closure of the company through liquidation. This is always the last resort; rescue and recovery being the over-riding aim.

Following an initial meeting, the KSA Group directors and the relevant regional manager will produce a full written report, setting out the options and recommended strategy for the survival of the business. There is no charge for this report, indeed, no fees are involved until the KSA Group is appointed and a formal letter of engagement is approved by directors of the distressed company.

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27 Atlantic Risk Management Services Ltd Established in 1997 as a specialist provider of due diligence and sales ledger management services, we are active within the Private Equity, Turnaround and Asset Based Lending Sectors. With an experienced team located in the UK, Chicago, Dublin and Hong Kong, we are

able to respond quickly and discreetly and develop a bespoke strategy which responds to the requirements of the situation. AtlanticRMS’s unique approach provides investors, lenders and stakeholders with speed, expertise, visibility and clarity.

Joanna Bennett-Coles Atlantic Risk Management Services Ltd 4th Floor 1 Euston Square 40 Melton Street London NW1 2SD t. +44 (0) 20 3574 4840 f. +44 (0) 20 7681 1696 www.atlanticrms.com email sponsor

Bank of America Merrill Lynch Bank of America Business Capital Europe (BABC) is a specialised business unit within Bank of America, located in London, providing senior secured lending to meet immediate working capital as well as longer term debt needs.

Having pioneered asset-based lending in Europe, BABC delivers financial flexibility for European companies that may not meet traditional bank lending requirements by tailoring loan facilities based on an analysis of inventory, receivables and other assets in a combination of currencies.

Beer & Young Beer & Young Ltd are turnaround finance specialists, and are market leaders in delivering equity solutions to the SME sector.

We manage the largest and most active network of private investors active in turnaround business finance and offer practical advice to entrepreneurs who face challenging circumstances.

Our core business has been, and always will be, raising new capital quickly. We have an expanding but mature network of investors who act at short notice, typically investing sums between £50,000 and

£2 million. In addition to raising capital, we help re-structure businesses where necessary, giving the business the maximum chance of revival and growth for the future.

We can and do deliver investment into companies in distress, however it is important to add that not all of our clients are in a turnaround situation. Many clients simply have an urgent need for capital that cannot be satisfied through their principal bankers.

Jeremy Harrison Bank of America Merrill Lynch Business Capital Europe Bank of America N.A 2 King Edward Street London EC1A 1HQ t. +44 (0) 20 7996 4546 m. +44 (0) 7734 973474 www.bankofamerica.com email sponsor

Nicholas Young Beer & Young 57-58 Russell Square London WC1B 4HS t. +44 (0) 20 7637 7755 m. +44 (0) 79 5736 7783 f. +44 (0) 20 7637 8585 www.beerandyoung.com email sponsor

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28 Better Capital LLP Better Capital comprises a small number of experienced and proven turnaround investment professionals. It is actively seeking investment opportunities in businesses which require restructuring, both operationally and financially.

Typically, the Fund will invest in UK or Continental European businesses with a turnover of up to £500 million, requiring an investment up to £50 million.

Mark Aldridge Better Capital LLP 39-41 Charing Cross Road London WC2H 0AR t. +44 (0) 20 7440 0840 f. +44 (0) 20 7440 0841 www.bettercapital.co.uk email sponsor

The Fund focuses on the provision of investment capital for the acquisition and operational turnaround of underperforming businesses.

Bibby Financial Services Ltd Bibby Financial Services (BFS) is the UK’s leading independent invoice finance specialist, currently providing cash flow funding for over 4,000 businesses, handling annual client turnover of £3.9 billion and advancing in the region of £400million. With a network of 16 local offices throughout the UK, BFS has the expertise and flexibility to make informed funding decisions quickly and efficiently.

BFS provides a range of solutions for businesses such as invoice finance, export finance and trade services, including purchase funding. It supports businesses in both the UK and overseas, utilising expert knowledge from more

than 28 years’ experience, helping businesses of all sizes across a range of industry sectors.

In 2011 and 2012, the company was awarded a place in The Sunday Times 100 Best Companies to Work For and in 2013 BFS was awarded the NACFB award for Best Factor and Invoice Discounter for the sixth consecutive year and ninth in total.

With over 20 years’ experience in turnaround, founded by senior executives, former CEO’s and CFO’s with hands on experience across a range of industries, BM&T focuses on consensual turnaround solutions preserving enterprise value outside of insolvency process, maximising both debtor interests and creditor returns.

t. +44 (0) 800 91 95 92 www.bibbyfinancialservices.com email sponsor

BFS is part of the family owned Bibby Line Group, a 200-year-old business-tobusiness services group.

Bryan, Mansell & Tilley LLP BM&T is an award winning turnaround and restructuring firm working in the UK mid-market / SME market and in the cross border market through its international links as a founder member of European Restructuring Solutions and its association with US turnaround specialist, Conway Mackenzie.

David Postings Bibby Financial Services Endeavour House Banbury Office Village Noral Way Banbury Oxfordshire OX16 2SB

BM&T is independent of vested interest. It represents all stakeholder interests by identifying underlying business problems, stabilizing then improving operational and financial performance and leading refinancing and capital structure change.

BM&T professionals are equally comfortable in small and large company situations, workouts, turnarounds and start-ups. We bring real experience, integrity and tenacity to all the work we undertake.

Alan Tilley Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP t. +44 (0) 1865 858 738 m. +44 (0) 7950 808 777 www.bmandt.eu email sponsor

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29 BTG Financial Consulting

Nigel Atkinson BTG Financial Consulting 32 Cornhill London EC3V 3BT

BTG Financial Consulting is a UK advisory firm providing practical consulting services that improve financial and operational performance in challenging conditions.

Our senior, partner-led team has extensive experience of managing complex stakeholder relations whilst advising on a broad range of services, such as:

Our experienced specialists come from a broad spectrum of disciplines, sectors and industries. This combined expertise provides breadth and depth to the advice we can offer, not only in relation to our services but also on specific sector and industry issues and challenges.

• Restructuring

www.btgfc.com

• Refinancing

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t. +44 (0) 20 7717 5203 m. +44 (0) 7785 310 169 f. +44 (0) 20 7398 3799

• Turnaround • Litigation and investigation • Merger and acquisition • Ongoing risk management

Burdale Financial Ltd Burdale Financial Limited, a Wells Fargo Company, provides comprehensive asset-based lending (CABL) to a wide spectrum of companies across the U.K. with credit needs starting at £10 million.

Established in 1992 and with offices in London, Birmingham and Manchester, we bring a strong and proven track record of working with clients to develop their businesses. Through CABL, we provide a flexible financing option for companies facing a variety of situations, including: growth, leveraged buyouts, refinancing, restructuring, early and mid-staged turnarounds, mergers and acquisitions.

As part of Wells Fargo & Company, a leading financial services provider with a long-standing reputation for strength and stability, we can also offer access to a wide range of products and services aimed at helping companies succeed.

Centric Commercial Finance Invoice Discounting is our core offering, which provides an immediate injection of cash and on-going working capital to create headroom. Specific Loan to Values are attributed to Stock, Plant & Machinery and Property to create a total funding package. We provide facilities from £500k to £15m.

Steven Chait Burdale Financial Ltd 5th Floor, Bow Bells House 1 Bread Street London EC4M 9BE t. +44 (0) 20 7664 5665 www.burdale.co.uk email sponsor

Andrew Rutherford Centric Commercial Finance 69 Park Lane Croydon Surrey CRO 1JD t. +44 (0) 7825 805663 www.centriccf.com email sponsor

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30 Consult Avila Limited Consult Avila works in partnership with clients formulating and executing turn around strategies leading to significant and sustainable improvements business performance. Its unique mix of insight, experience and focus on pace and results, has created a strong reputation for partnering with organisations to turn ideas into strategies leading to actions, change and benefits.

Consult Avila provides consultancy services to a wide variety of businesses, including FT 100 companies, mediumsized businesses, Private Equities and privately owned businesses. It has experience in a number of sectors, including defence, aerospace, packaging, retail, automotive, industrial products and FMCG.

CRI Group CRI is Cyprus’ leading firm in corporate recovery and turnarounds, with offices in all major cities. We are unique in our innovative approach to providing solutions to business challenges. You’ll find us proactive and understanding when listening and creative and commercial when advising. CRI provides management services to companies seeking

EPIC Private Equity EPIC Private Equity LLP is an independent investment manager, advisory boutique and placement agent focused on UK-based small and mediumsized companies. We seek to invest £2–10m in distressed, growth or buyout opportunities, using a range of debt and equity instruments. EPIC Private Equity will consider most industry sectors and structures.

professional help. We perform an initial diagnosis to determine the landscape and areas requiring attention. In addition to the experience we bring to the engagement we provide objective analysis to help you pinpoint problems and develop a turnaround strategy.

Dr Jose Guzman-Bello, CEng Consult Avila Limited Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8AG t. +44 (0) 1564 711181 m. +44 (0) 7810 512742 f. +44 (0) 1564 711426 www.consultavila.com email sponsor

Chris Iacovides CRI Group 20 Nikis Avenue Office 400 1086 Nicosia CYPRUS 1086 t. 00357 22 455545 m. 00357 97 777740 f. 00357 22 515212 www.crigroup.com.cy email sponsor

Giles Brand EPIC Private Equity 3rd Floor Audrey House 16-20 Ely Place London EC1N 6SN t. +44 (0) 20 7269 8860 www.epicpe.com email sponsor

SPONSORS | SPRING 2014 | CONNECT

31 Gener8 Finance Ltd

Mark Riches Gener8 Finance Ltd 68G Milton Park Abingdon Oxfordshire OX14 4RX

Gener8 Finance, one of the UK’s leading independent invoice finance companies, provides flexible service focused, cash flow finance products for companies up to £10m turnover from new start. Rapid turnaround and communication with clients at the outset and ongoing differentiates Gener8 from most other providers, with the ability to talk to decisions makers, usually a key USP for most Gener8 clients.

t. +44 (0) 333 121 8888 f. +44 (0) 333 121 8889 www.gener8finance.com email sponsor

Finance Facilities range in size from £25k to £500k.

Gordon Brothers Europe Gordon Brothers Europe is the trading name of Gordon Brothers International LLC, a wholly owned subsidiary of Gordon Brothers Group LLC, a global advisory, restructuring and investment firm specialising in retail, wholesale, commercial & industrial, brand and property sectors.

leverage a global network of specialists, including former CEOs, CFOs, heads of retail, wholesale, buying, property and industrial operations and executives with other industry, legal and financial expertise.

Frank Morton Gordon Brothers Europe 2nd Floor, Nations House 103 Wigmore Street London England W1U 1QS t. +44 (0) 20 7647 5126 m. +44 (0) 7876 391 374 f. +44 (0) 20 7647 5121 www.gordonbrotherseurope.com email sponsor

Founded in 1903, Gordon Brothers Group operates from offices based in Boston, Atlanta, Chicago, Dallas, New York, San Francisco, London, Birmingham, Manchester, Cologne and Tokyo. Gordon Brothers Group is comprised of 250 professionals and has the ability to

Hilco Valuation Services Globally we do nearly 3,000 appraisals a year, large and small, covering every asset on the balance sheet. And, we invest the same expertise and attention to detail in each project, regardless of its size. Over 100 professional staff get the job done on time, on budget, anywhere in the world and for any category or combination of assets.

We provide comprehensive valuations for Machinery and Business Assets, Retail, Consumer Products and Industrial Inventory, Accounts Receivable, Trade Names and Other Intellectual Property, Real Estate and Enterprise Valuations.

Chris Hall Hilco Valuation Services 3 St. Helen’s Place London EC3A 6AB t. +44 (0) 8453 130 140 m. +44 (0) 7795 832 658 f. +44 (0) 8453 130 150 www.hilcoglobal.com email sponsor

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32 K2 Business Partners For over 20 years, K2 has provided Business Rescue advice and support to help directors and shareholders save their business. We avoid conflicts of interest by not taking formal insolvency appointments. This leaves us free to develop rescue solutions based on informal restructuring tools, as well as formal insolvency procedures. Our experienced team of advisers includes a company doctor, two chartered accountants, a licensed insolvency

practitioner, turnaround marketing and personnel specialists and a solicitor. In addition to insolvency, restructuring and reorganisation, we also understand the commercial challenges, legal complexities and personalities that need to be managed during a turnaround assignment. Offices in London, Reading, Brighton and Cambridge.

Kendra Sinclair Kendra Sinclair is a specialist Executive Search Firm with an unrivalled network of contacts across the corporate restructuring, turnaround and operational performance improvement sectors. Our aim is to maintain close links with all the most important clients in this arena and by developing strong, long-term relationships with our candidates we are able to match the demands of the markets with the goals of our candidates.

Our unique position enables us to provide both clients and candidates with the very latest salary and hiring trends. Kendra Sinclair feel that they are able to provide the best informed and tailored recruitment solution to either a firm or potential candidate.

Ludlowthompson Asset Management Ludlowthompson is a leader in the London & M25 residential letting, Buy-ToLet and Property Investment market, and an expert in Asset Management from our bespoke operation at Apex Park in Worcester. LTAM assist with the interim management of distressed assets, which includes the Lettings & Estate Agency sector itself. We can also advise on disposal to a database of over 70,000 established investors looking for opportunities. LTAM can enhance residential property asset values at almost any point in the lettings and asset management lifecycle – acting fast,

understanding the problems and delivering practical solutions for the key stakeholders. Request a copy of our online presentation about the key areas where LTAM can provide support and expertise to business recovery professionals and lenders.

Tony Groom K2 Business Partners 64 Lower Sloane Street London SW1W 8BP t. +44 (0) 844 80 40 420 m. +44 (0) 7973 630646 f. +44 (0) 709 222 7720 www.k2-partners.com email sponsor

Clare Grimes Kendra Sinclair 27 Austin Friars London EC2N 2QP t. +44 (0) 203 642 1404 www.kendrasinclair.com email sponsor

Stephen Ludlow Ludlowthompson Asset Management Ground Floor 3 Apex Park Worcester WR4 9FN t. +44 (0) 7812 356284 www.ludlowthompson.com email sponsor

SPONSORS | SPRING 2014 | CONNECT

33 Pemberton Capital LLP Pemberton Capital LLP makes controlling investments exclusively in small and medium sized UK businesses with established and defensible market, product or service positioning but which are underperforming or in some form of financial distress, with a view to applying sound financial and management inputs to facilitate value creation.

We focus on three sectors: food and beverages, niche industrials and support services. We will only invest in established and viable businesses where the business can be acquired for good value, sometimes immediately prior to or during a formal insolvency process.

financially restructuring the business, forming strong partnerships with management and rebuilding operations.

Rcapital seeks to invest between £5m and £200m in SMEs with turnover ranging from £200K to £20 million.

TMP provides professional and technical advice in structuring turnaround deals.

Where appropriate we take insolvency appointments. We advise on complex areas of finance and law, implementing the turnaround deals and process, introducing new finance and enhancing this process with management skills and support. TMP’s professional team have the highest level of professional qualifications and very extensive turnaround experience.

www.pembertoncapital.co.uk

Jamie Constable Rcapital 5th Floor 24 Old Bond Street London W1S 4AW t. +44 (0) 845 293 9888 f. +44 (0) 845 293 9889 www.rcapital.co.uk email sponsor

The MacDonald Partnership Plc The MacDonald Partnership plc (TMP) specialises in turnarounds of financially distressed businesses.

t. +44 (0) 20 7287 1958 m. +44 (0) 7961 054083 f. +44 (0) 20 7299 7727

email sponsor

Rcapital Rcapital is a private investment business that provides turnaround and growth funding to UK companies. Started 9 years ago by Jamie Constable and Peter Ward, Rcapital uses its own capital to rescue, invest and grow stressed and distressed businesses. Since its inception in 2004, Rcapital has revived over 35 businesses with significant financial and operational challenges. The Rcapital team has a unique skill set in reversing the fortunes of small and medium sized firms by

Nicholas Brainsby Pemberton Capital LLP 5th Floor 207 Regent Street London W1B 4ND

TMP are leaders in structuring and obtaining turnaround finance for distressed businesses. This includes making investments as principal and working with independent equity providers.

We are independent and act for a wide variety of stakeholders in the turnaround of distressed businesses, including directors, shareholders, their advisors, providers of finance and creditors.

Neil Chesterton The MacDonald Partnership Plc 4th Floor 100 Fenchurch Street London EC3M 5JD t. +44 (0) 20 3298 0830 f. +44 (0) 20 3298 0831 www.tmp.co.uk email sponsor

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34 Venesis Venesis is a boutique strategy consultancy and business venture company that specialises in providing business acceleration and turnaround solutions targeted at the SME market.

We have been delivering a mix of company rescue and accelerator services, blended together with practical hands on turnaround consultancy since 2005.

Venesis has the expertise to delivery practical business recovery solutions.

These include crisis management, negotiating proactively with creditors and

Adrian Giles Venesis 3 Lloyd’s Avenue London EC3N 3DS

lenders, and raising fresh capital where appropriate in order to preserve the business.

t. +44 (0) 207 947 4063 m. +44 (0) 7879 404764

We have an extensive network of business angels and capital providers who look to invest in turnaround opportunities. In addition to sourcing business critical funding, Venesis also operates its own accelerator fund and may co-invest alongside other capital providers on both an equity or debt basis.

www.venesis.com email sponsor

GL BALTURNAROUND Global Turnaround is the leading independent source for news and comment on international and cross-border insolvencies and restructurings. Keep up to date with what deals your peers are working on, and how they are doing them.

Now available online as well as the monthly magazine, Global Turnaround will guide you through the fall out from the Eurozone financial crisis as well as the influx of distressed investors.

There are three levels you can choose from; Platinum, Gold and Standard Platinum subscribers: ■

■

■

■ ■

Online access for unlimited number of users Online access to all issues including current issues Fully searchable database of all back issues since 2000 Substantial discounts for print copies Ad hoc email alerts

Gold subscribers: ■

■

■

■

Annual subscription to print copy magazine Five online users with access to a fully searchable archive of back issues since 2000 Tiered fee structure for additional print copies over five Ad hoc email alerts

Standard subscribers: ■

■

■

Annual subscription to print copy magazine Tiered fee structure for additional copies over five.

Ad hoc email alerts.

For more details, go to: www.globalturnaround.com

MEMBERS | SPRING 2014 | CONNECT

35 CORPORATE MEMBERS

INDIVIDUAL MEMBERS

Ed Brittain JLT Specialty Ltd 8th Floor St Philips Point Temple Row Birmingham B2 5AB UK t. +44 (0) 121 626 7821 m. +44 (0) 7795 400 877 www.jltgroup.com

Frank Morton, CEO Gordon Brothers Europe 2nd Floor Nations House 103 Wigmore Street London W1U 1QS UK t. +44 (0) 207 647 5126 m. +44 (0) 7876 391 374 www.gordonbrotherseurope.com

 email member

 email member

Paul Clark, Partner Duff & Phelps The Shard 32 London Bridge Street London SE1 9SG UK t. +44 (0) 20 7089 4700 m. +44 (0) 7770 616103 www.duffandphelps.co.uk

Kevin Pritchard 4R Business Recovery Ltd Grove Business Park 1st Floor, Gateway House 4 Penman Way Enderby Leicestershire LE19 1SY UK t. +44 (0) 800 902 0123 www.4rbusinessrecovery.co.uk

 email member

 email member Tyrone Courtman Cooper Parry Group Ltd 1 Colton Square Leicester Leicestershire LE1 1QH UK t. +44 (0) 116 262 9922 m. +44 (0) 7770 738 277 www.cooperparryrestructuring.com  email member Adrian Doble, Partner FRP Advisory LLP 10 Furnival Street London EC4A 1YH UK t. +44 (0) 20 3005 4000 www.frpadvisory.com  email member Chandran Gnanakuru, Director Rasenberger Toschek AG World Trade Centre Avene de Gratte Paille 2 1000 Lausanne 0330 Switzerland t. +44 (79) 73 640043 www.r-t.com  email member Carl Jackson, Partner Quantuma Restructuring 30 Oxford Street Southampton SO14 3DJ UK t. +44 (0) 23 8033 6464 m. +44 (0) 7745 548067 www.quantuma.com  email member

Keith Steven, Managing Director KSA Group Ltd Level 7 Tower 42 25 Old Broad Street London EC2N 1HN UK t. +44 (0) 207 877 0050 m. +44 (0) 7974 086779 www.ksagroup.co.uk  email member Richard Tett Freshfields Bruckhaus Deringer LLP 65 Fleet Street London EC4Y 1HS UK t. +44 (0) 20 7936 4000 m. +44 (0) 7710 623211 www.freshfields.com  email member

AFFILIATE SPONSOR Tommy Nguyen BVCA 1st Floor North Brettenham House Lancaster Place London WC2E 7EN UK t. +44 (0) 207 420 1800  email member

A–B

B

Luca Allegri Private Equity Investor K2 Business Partners 23 Berkeley Square London W1J 6HE UK t. +44 (0) 20 7720 8000 m. +44 (0) 7824 646660

Paul Below Interim Manager Below & Below 24 Wheatley Road Ilkley West Yorkshire LS29 8TS UK m. +44 (0) 7515 631072

 email member

 email member

Stephen Anderman Consultant Adviser Schwartz Heslin Group LLC Horsegrove Osmers Hill Wadhurst East Sussex TN5 6QJ UK t. +44 (0) 1892 784967

Allan G Booth Turnaround Practitioner Active Strategic Management Ltd 143 Cheltenham Road Cirencester Gloucestershire GL7 2JF UK t. +44 (0) 1285 659222 m. +44 (0) 7771 987570

 email member

 email member

Lisa Ashe Surveyor / Valuer AlixPartners UK LLP 20 North Audley Street London W1K 6WE UK t. +44 (0) 20 7098 7527 m. +44 (0) 7825 191738

Lee Bramley Lawyer The Endeavour Partnership Westminster St Marks Court Teesdale Business Park TS17 6QP UK t. +44 (0) 1642 610300

 email member

 email member

Kevin Aston Corporate Recovery Specialist Business Rescue Centre Ltd Office 11 The Maylands Business Centre Redbourne Road Hemel Hempstead Hertfordshire HP2 7ES UK t. +44 (0) 1442 233123

Nigel Brindley Infrastructure Investment / Asset Management Infraquest Limited 42 Cicada Road London SW18 2NP UK t. +44 (0) 845 0030 795 m. +44 (0) 7803 262 795  email member

 email member Mark Beesley Turnaround Practitioner Beesley Corporate Solutions Astute House Wilmslow Road Handforth Cheshire SK9 3HP UK t. +44 (0) 1625 544777 m. +44 (0) 7779 154109  email member Volker Beissenhirtz Lawyer Beissenhirtz – Business Law Schuetzenstrasse 18 Berlin 10117 Germany t. +49 (30) 206 1373 21  email member

Suzanne Brooker MIPA FABRP Insolvency Practitioner Pitmans LLP 47 Castle Street Reading Berkshire RG1 7SR UK t. +44 (0) 118 9570516 m. +44 (0) 7702 894063  email member David Bryan Turnaround Practitioner Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP UK t. +44 (0) 20 3178 4902 m +44 (0) 7801 034764  email member

CONNECT | SPRING 2014 | MEMBERS

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36 B–C

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C

C–D

John Burdett Corporate Recovery Specialist Palladio Limited 11 Lawn Crescent Richmond Surrey TW9 3NR UK t. +44 (0) 20 8940 4145 m. +44 (0) 7909 926500

Michael Chamberlain Corporate Recovery Specialist Chamberlain & Co Ltd Resolution House 12 Mill Hill Leeds Yorkshire LS1 5DQ UK t. +44 (0) 113 242 0808 m. +44 (0) 7973 382487

Stephen Clancy Turnaround Practitioner Duff & Phelps The Chancery 58 Spring Gardens Manchester M2 1EW UK t. +44 (0) 161 827 9021 m. +44 (0) 7920 269 681

Tony Costigan Turnaround Practitioner Phoenix Company Consultants Ltd 19 Staple Gardens Winchester Hampshire SO23 8SR UK t. +44 (0) 845 862 1400 m. +44 (0) 7770 666896

 email member

 email member

Alan Clark Corporate Recovery Specialist Carter Clark Recovery House 15-17 Roebuck Road Hainault Business Park Ilford Essex IG6 3TU UK t. +44 (0) 20 8524 1447

Tyrone Courtman Restructuring & Insolvency Practitioner Cooper Parry Group Ltd 1 Colton Square Leicester Leicestershire LE1 1QH UK t. +44 (0) 116 262 9922 m. +44 (0) 7770 738277

 email member

 email member

Paul Clark Insolvency Practitioner Duff & Phelps The Shard 32 London Bridge Street London SE1 9SG UK t. +44 (0) 20 7089 4700 m. +44 (0) 7770 616103

Norman Cowan Corporate Recovery Specialist Wilder Coe 233-237 Old Marylebone Road London NW1 5QT UK t. +44 (0) 20 7724 2345

 email member

 email member Chris Burford Turnaround Practitioner Pathfinder Strategic Partners LLP The Royd 40 Duchy Road Harrogate HG1 2ER UK t. +44 (0) 8451 306252 m. +44 (0) 7714 218560  email member Paul Burke Davenham Asset Finance 55 King Street Manchester M2 4LQ UK t. +44 (0) 161 832 8484

Richard Chapman Financial Advisor SL Capital Partners LLP 1 George Street Edinburgh EH2 2LL UK t. +44 (0) 131 245 3295  email member Peter Charles Turnaround Practitioner Peter Charles Limited 7 Antrobus Road London W4 5HY UK m. +44 (0) 7973 193855  email member

 email member Nick Callaghan Turnaround Practitioner Arca Group Ltd The Old Chapel Union Way Witney OX28 6HD UK t. +44 (0) 1993 849310 m. +44 (0) 7766 867699

Neil Chesterton Insolvency Practitioner The MacDonald Partnership 4th Floor 100 Fenchurch Street London EC3M 5JD UK t. +44 (0) 20 3298 0830 m. +44 (0) 7770 780195  email member

 email member Andrew Callen Financial Investor Jacob, Hopkins & McKenzie LLP 40 The Drive Esher Surrey KT10 8DJ UK t. +44 (0) 208 3392590 m. +44 (0) 7515 853808  email member Andrew Cawkwell Lawyer Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne Tyne and Wear NE1 4BF UK t. +44 (0) 191 211 7957 m. +44 (0) 7776 208244  email member

Murtaza Chevel Turnaround Practitioner Union Properties PJSC PO Box 476005 Dubai United Arab Emirates t. + 971 4885 1555 m. + 971 50 455 6935  email member Peter Child Turnaround Practitioner PFC Associates Limited 34 College Road Maidenhead Berkshire SL6 6AT UK t. +44 (0) 1628 632300 m. +44 (0) 7966 232558  email member

 email member Simon Colledge Lawyer Maclay Murray & Spens LLP One London Wall London EC2Y 5AB UK t. +44 (0) 20 7002 8536 m. +44 (0) 7736 156964

 email member Paul Craig Surveyor / Valuer SIA Group B65 New Covent Garden London SW8 5HH UK t. +44 (0) 207 498 4900 m. +44 (0) 7712 790744  email member

 email member Kate Collyer Turnaround Practitioner Riverhorse Business Advisory Services Ltd Rickstones Fox Lane Lower Chaddesley Kidderminster Worcestershire DY10 4QR UK t. +44 (0) 1562 777951 m +44 (0) 7971 192126  email member

Steve Currigan Interim Manager FD4 Limited Higher Yedbury Pennymoor Tiverton Devon EX16 8LH UK m. +44 (0) 776 444 8485  email member Karthik Dasari Financial Investor Tern Capital 207 Regent Street London W1B 3HH UK t. +44 (0) 20 8621 1797 m. +44 (0) 79 0100 0036  email member

MEMBERS | SPRING 2014 | CONNECT

37 D

D–F

F–G

G

Nigel Davies Financial Advisor Wyn River Limited 21-26 Garlick Hill London EC4V 2AU UK m. +44 (0) 7967 663547

Andrew Dunbar Surveyor / Valuer Winterhill Largo Plc 28 Bruton Street London W1J 6QW UK t. +44 (0) 20 7659 5620 m. +44 (0) 7816 905404

Andrew Feather Turnaround Practitioner Orient Hall Management Consultancy Ltd 32 School Lane Halifax West Yorkshire HX2 9QW UK m. +44 (0) 787 612 4934

Jordan Glen Surveyor / Valuer Empire Auctions & Valuations 27 Old Gloucester Street London WC1N 3AF UK t. +44 (0) 845 680 5618

 email member

 email member Niels de Coninck-Smith Turnaround Practitioner Decon Advisory Ltd Martlet House E1 Yeoman Gate Yeoman Way Worthing BN13 3QZ UK m. +44 (0) 7912 514743  email member

 email member Michael Edginton Surveyor / Valuer Acasta Consulting Limited 1 Farnham Road Guildford Surrey GU2 4RG UK t. +44 (0) 1483 549828 m. +44 (0) 7789 866966

Lukas Fecker Financial Consultant KPMG 15 Canada Square London E14 5GL UK m. +44 (0) 7786 313098  email member

 email member Adrian Doble Profit Improvement and Company-side support FRP Advisory LLP 10 Furnival Street London EC4A 1YH UK t. +44 (0) 20 3005 4000  email member Andrzej Dobrzyniecki Lawyer Dobrzyniecki & Partners Law Office LLP Tower 42 London City 25 Old Broad Street London UK EC2N 1HN UK t. +44 (0) 207 877 1080  email member Rashmi Dubé ExpLawyer Legatus Law 41 St Pauls Street Leeds West Yorkshire LS1 2JG UK t. +44 (0) 113 302 1330 m. +44 (0) 7958 920709  email member Stephen Dugard Surveyor / Valuer Apex Group 47 Middle Street Brighton East Sussex BN1 1AL UK t. +44 (0) 1273 224466 m. +44 (0) 7803 716517  email member

Paul Elphick Turnaround Practitioner Roebuck Interim Executives Ltd 59 Dartmouth House Royal Quarter Seven Kings Way Kingston-upon-Thames Surrey KT2 5BJ UK t. +44 (0) 20 8546 9398 m. +44 (0) 7973 618074  email member Winn Faria Consultant Advisor Wefway Ltd Magnolia 29 Wood Ride Haywards Heath West Sussex RH16 4NL UK t. +44 (0) 1444 414 223 m. +44 (0) 7958 431 258  email member Peter Farthing Macquarie Corporate & Asset Finance Level 10, Ropemaker Place 28 Ropemaker Street London EC2Y 9HD UK t. +44 (0) 203 037 5591 m. +44 (0) 7912 394123  email member

Mark Fennessy Lawyer Proskauer Rose LLP Ninth Floor Ten Bishops Square London E1 6EG UK t. +44 (0) 20 7539 0682  email member

 email member Robert Grange Corporate Recovery Specialist Wilder Coe LLP Oxford House Campus Six Caxton Way Stevenage Herts SG1 2XD UK t. +44 (0) 1438 847200 m. +44 (0) 7738 515192  email member Devreaux Gravell Lawyer Eversheds LLP 1 Wood Street London EC2V 7WS UK t. +44 (0) 845 497 0523  email member

Alexandra Fenzl Turnaround Practitioner 3 The Paddocks Shutlanger Northamptonshire NN12 7YA UK m. +44 (0) 7795 236474  email member Hugh Francis Interim Manager Interim Finance Director 40 Topstreet Way Hertfordshire AL5 5TT UK m. +44 (0) 7801 651565  email member Amy Gallimore Lawer RPC Tower Bridge House St Katharine’s Way London E1W 1AA UK  email member Steven Geerlings Lawyer McGuireWoods London LLP 11 Pilgrim Street London EC4V 6RN UK t. +44 (0) 207 632 1731  email member

Malcolm Gray Consultant Adviser KSA Group Ltd 63 Latchmere Lane Kingston Upon Thames Surrey KT2 5SF UK t. +44 (0) 208 546 4865 m. +44 (0) 7739 325 009  email member Ian Gray Turnaround Practitioner Baronsmead Consulting (London) LLP 6 Baronsmead Road London SW13 9RR UK m. +44 (0) 7702 20053  email member Bryan Green Lawyer TNUI Capital LLP Bantalls Pipps Industrial estate Basildon Essex SS14 3BY UK m. +44 (0) 7931 557737  email member

CONNECT | SPRING 2014 | MEMBERS

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38 G– H

H

H

I–J

Andrew Gregory Corporate Recovery Specialist DWF Solicitors 1 Scott Place 2 Hardman Street Manchester M3 3AA UK t. +44 (0) 161 603 5125 m. +44 (0) 7798 700464

Nicki Hawksley Insolvency Practitioner Dains LLP Charlotte House Stanier Way The Wyvern Business Park Derby Derbyshire DE21 6BF UK t. +44 (0) 845 555 8844 m. +44 (0) 7800 709793

David Hole Turnaround Practitioner Galen Partners Galen House 7 Egerton Road Hale Altrincham Cheshire WA15 8EE UK t. +44 (0) 844 576 0402 m. +44 (0) 7976 758 246

Iain Imray Interim Manager Abacist Partners Ltd 41 Hammersmith Road Aberdeen AB10 6NA UK m. +44 (0) 7967 67700

 email member

 email member

James Hayward Turnaround Practitioner BOSS LLP 2 Winchendon Road London SW6 5DR UK m. +44 (0) 7973 559567

Joanne Holland Turnaround Practitioner Managing for Performance Ltd 4 Bryanston Mansions York Street London W1H 1DA UK t. +44 (0) 207 7248772 m. +44 (0) 77696 94466

 email member Mike Grieshaber Insolvency Practitioner MLG Associates Unit 4, Sunfield Business Park New Mill Road Finchampstead Wokingham Berkshire RG40 4QT UK t. +44 (0) 118 973 7776 m. +44 (0) 7777 687 988  email member Tony Groom Turnaround Practitioner K2 Business Partners Blythe Farm Mill Street Gamlingay Cambridgeshire SG19 3JW UK t. +44 (0) 1767 651600 m. +44 (0) 7973 630646  email member Cameron Gunn Corporate Recovery Specialist ReSolve Partners LLP One America Square Crosswall London EC3N 2LB UK t. +44 (0) 20 7702 9775

 email member Ian Henderson Interim Manager Henderson Services LLP 16, Stileman Way Sharnbrook Beds MK44 1HZ UK t. +44 (0) 1234 783259 m. +44 (0) 7831 397118  email member Rob Hendy Interim Manager Hendys Commercial Services Walnut House The Green Little Kineton Warwick Warwickshire CV35 0DN UK m. +44 (0) 7985 021297  email member

 email member Christopher Hart Asset Based Lender Lloyds TSB Commercial Finance Boston House Little Green Richmond Surrey TW9 1QE UK t. +44 (0) 208 727 2193 m. +44 (0) 7525 240 139  email member

Russell Hobson Surveyor / Valuer GVA 3 BrindleyPlace Birmingham West Midlands B1 2JB UK t. +44 (0) 121 609 8446 m. +44 (0) 7770 794385  email member

 email member

 email member Jonathan Ingram Lawyer Maclay Murray & Spen LLP One London Wall London EC2Y 5AB UK t. +44 (0) 207 0028541  email member Marc Isaacs McGuireWoods London LLP 11 Pilgrim Streeet London EC4V 6RN UK t. +44 (0) 207 632 1720 m. +44 (0) 7827 981 219

Mark Hollinshead Corporate Recovery Specialist Financial Guardian (UK) Ltd Ground Floor Duxbury Court 42 Preston Road Standish Lancashire WN6 0HS UK t. +44 (0) 800 043 50 43 m. +44 (0) 7884 074 214

Ian Jack Lawyer Baker & McKenzie 100 New Bridge Street London EC4V 6JA UK t. +44 (0) 207 9191 700

 email member

 email member

Jonathan Hughes Asset Based Lender Leumi ABL Ltd Davidson House Forbury Square Reading Berkshire RG1 3EU UK t. +44 (0) 118 900 1610 m. +44 (0) 7584 630762

Mike James Consultant Advisor The Russell Partnership 17 Cavendish Square London W1G 0PH UK t. +44 (0) 207 665 1888 m. +44 (0) 7973 267504

 email member Mark Humphrey MRICS Surveyor / Valuer Key Appraisal Temple Chambers 3-7 Temple Avenue London EC4Y 0DA UK t. +44 (0) 20 7936 4196 m. +44 (0) 7825 016388  email member

 email member

 email member Martin Jesper Turnaround Practitioner Rootcorz Limited 21 Washington Terrace North Shields Tyne & Wear NE30 2HG UK m. +44 (0) 7775 612094  email member Nigel Johnson Insolvency Practitioner Lucas Johnson 32 Stamford Street Altrincham Cheshire WA14 1EY UK t. +44 (0) 161 929 8666 m. +44 (0) 7836 345133  email member

MEMBERS | SPRING 2014 | CONNECT

39 J–K

K–L

L–M

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Simon Jones Corporate Recovery Specialist Syntony Partners 29 Perrott Close North Leigh Witney Oxon OX29 6RU UK t. +44 (0) 1993 880316 m. +44 (0) 79564 19249

John Kut Banker London Business School Regents Park London NW1 4SA UK t. +44 (0) 20 7043 4398 m. +44 (0) 7989 410 668

Neil Lovatt-Smith Consultant Advisor Active Corporate Partners 18 High Street Tetsworth Oxfordshire OX9 7AS UK t. +44 (0) 1844 281852 m. +44 (0) 7500 003017

Carl-Darren Marx Consultant Adviser Projects CDM Limited 17 Chandos Fold Leeds West Yorkshire LS8 1QE UK m. +44 (0) 7973 204009

 email member Sonia Jordan Corporate Recovery Specialist Dentons One Fleet Place London EC4M 7WS UK t. +44 (0) 20 7320 6186 m. +44 (0) 7973 802893  email member

 email member Georgina Kyriacou Lawyer Colman Coyle Wells House 80 Upper Street London N1 0NU UK t. +44 (0) 207 354 3000  email member

David Lunn Turnaround Practitioner Trasu Support Ltd The Old Vicarage Market Place Castle Donington Derby DE74 2JB UK t. +44 (0) 1283 762454 m. +44 (0) 7539 310985

Lee Joyce Surveyor / Valuer Sanderson Weatherall LLP Elsley Court 20-22 Great Titchfield Street London W1W 8BE UK t. +44 (0) 207 851 2140 m. +44 (0) 7717 558 213

Alain Le Berre Financial Advisory, Operational Turnarounds and M&A in Continental Europe AlpahaConsulting Chemin des Coteaux 18 Arzier CH-1273 Switzerland t. +41 225 66 89 67 m. +41 799 608 599

Andrew Mace Lawyer Gowlings (UK) LLP 125 Old Broad Street 15th Floor London EC2N 1AR UK t. +44 (0) 207 448 3789

 email member

 email member

 email member

Neville Kahn Accountant Deloitte LLP Athene Place 66 Shoe Lane London EC4A 3BQ UK t. +44 (0) 20 7007 3017

Jan Leigh Turnaround Practitioner JVL Consultants 12 Gamlen Road London SW15 1AB UK t. +44 (0) 20 8785 1677 m. +44 (0) 7710 455822

 email member

 email member

Stephen Macro Turnaround Practitioner Connect Business Management Ltd 71 Harrington Rd Loddington Northants NN14 1JZ UK t. +44 (0) 1536 712021 m. +44 (0) 7736 667641

Jonathan Kay Robson Kay & Co Ltd Tilson Road Roundthorn Industrial Estate Baguley Manchester M23 9PH UK t. +44 (0) 161 998 8111

Vas Lenis Turnaround Practitioner PwC PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT UK m. +44 (0) 7768 252 9 17

 email member

 email member

 email member

 email member Francis Maietta Turnaround Practitioner FrancisM Consulting 11 Neville Road Kinsgton-upon-Thames Kt1 3QX UK m. +44 (0) 7956 206536  email member

John Keane Accountant Clybee Consulting Churchill House 137-139 Brent Street London Select NW4 4DJ UK t. +44 (0) 208 457 2701 m. +44 (0) 7778 307186  email member

 email member

 email member

Mel Loades Innate Wisdom Ltd Dephna House 24/26 Arcadia Avenue London N3 2JU UK m. +44 (0) 77 34567 446  email member

Farooq Ahmad Mann Insolvency Practitioner Wong Mann & Associates PAC Blk 492C Tampines Street 45 #02-292 Singapore 522492 Singapore t. +65 6222 7496 m. +65 9853 6484  email member

Vivek Mehta Academic Imperial College London C-406 Gradpad Studios 88 Woodland London W12 0BZ UK  email member Carl Mifflin Lawyer Shakespeares Park House Friar Lane Nottingham Nottinghamshire NG1 6DN UK t. +44 (0) 115 945 3765 m. +44 (0) 7824 485512  email member David Mitchell Turnaround Practitioner Bryan, Mansell & Tilley LLP 66 Williams Way Radlett Herts WD7 7HB UK t. +44 (0) 203 178 4902 m. +44 (0) 7769 708868  email member Susan Moor FRP Transition 10 Furnival Street London EC4A 1AB UK t. +44 (0) 20 3005 4095 m. +44 (0) 7787 124626  email member Nick Moser Lawyer Taylor Wessing LLP 5 New Street Square London EC4A 3TW UK t. +44 (0) 207 300 7000  email member

CONNECT | SPRING 2014 | MEMBERS

WWW.TMA-UK.ORG

40 M–N

N–O

Andrew Moser Asset Based Lender Salus Capital Partners LLC 197 First Avenue Suite 250 Needham 2494 United States t. 617-420-2670

David Nisbet Corporate Broker Clarity Turnaround Limited Copsham House 53 Broad Street Chesham Buckinghamshire HP5 3EA UK t. +44 (0) 1494 798180 m. +44 (0) 7739 207562

 email member

 email member Maurice Moses Turnaround Practitioner EY 1 More London Place London SE1 2AF UK t. +44 (0) 20 7951 6635 m. +44 (0) 7768 467007  email member Tim Moynihan Lawyer RPC Tower Bridge House St Katharines Way London E1W 1AA UK  email member Garry Mumford Financial Director Insight Associates Insight House Riverside Business Park Stoney Common Road Stansted Mountfitchet Essex CM24 8PL UK t. +44 (0) 1279 647447 m. +44 (0) 7850 592124  email member Sarah Murphy Turnaround Practitioner Quince International Consulting Ltd Beach House Amroth Dyfed SA67 8ND UK m. +44 (0) 7875 310429  email member Christopher Newman Lawyer 20 Essex Street London WC2R 3AL UK t. +44 (0) 20 7842 1200 m. +44 (0) 7811 134 782  email member

P Arif Patala Bankruptcy and Liquidation Consultant Justice Goddard Ltd First Floor 184 Cheetham Hill Road Manchester Greater Manchester M8 8LQ UK t. +44 (0) 844 8220845 m. +44 (0) 7708 500816  email member

Richard Norton Turnaround Practitioner R & E Finance Ainmoor Grange Mickley Lane Stretton Derbyshire DE55 6ES UK t. +44 (0) 1773 520608 m. +44 (0) 7885 202850

Andy Pear Insolvency Practitioner BM Advisory LLP 82 St John Street London EC1M 4JN UK t. +44 (0) 20 7549 2918 m. +44 (0) 7949 205414  email member

 email member Natalia Nowak Asset Based Lender ESO Capital Palladium House 1-4 Argyll Street London W1F 7TA UK t. +44 (0) 203 642 2618 m. +44 (0) 7500 80 53 11

Ian Pegler Turnaround Practitioner Distinctive Visions Ltd High Meadows 42 Denham Lane Chalfont St Peter Gerrards Cross Buckinghamshire SL9 0ET UK m. +44 (0) 7973 612642

 email member

 email member

Byron Nurse Lawyer Dentons One Fleet Place London EC4M 7WS UK t. +44 (0) 207 246 7050 m. +44 (0) 7887 744475

Andrew Pepper Turnaround Practitioner Hilco UK Ltd 80 New Bond Street London W1S 1SB UK

 email member Wayne O’Neil Lawyer Maclay Murray & Spens LLP One London Wall London London EC2Y 5AB UK t. +44 (0) 207 0028 525 m. +44 (0) 7966 015204  email member

 email member Stephane Perche Investor Sequor Investments 29 Oberstein Road London SW11 2AE UK m. +44 (0) 7901 555 996  email member Simon Poulton Turnaround Practitioner Starfield Management Ltd 15 Oakdene Beaconsfield Buckinghampshire HP9 2BZ UK t. +44 (0) 1494 670935 m. +44 (0) 7780 684182  email member

P–Q Peter Powell Turnaround Practitioner Corporate Turnaround 1 Tweedsmuir Close Oakwood Derby DE21 2JL UK m. +44 (0) 795 190 2416  email member Stijn Proost Strategy Consultant Proost Ventures Fortweg 17 Lier 2500 Belgium m. +44 (0) 79207 51819  email member Byron Pull FCMA FStratPS CGMA Turnaround Practitioner Intensive Management Support Ltd Elm Tree House 2 Elm Tree Lane Leavenheath Colchester Essex CO6 4UL UK t. +44 (0) 1206 263261 m. +44 (0) 7850 821130  email member Martin Purvis Consultant Advisor Holdserve Limited and others Fenetters Melfort Road Crowborough East Sussex TN6 1QT UK t. +44 (0) 1892 662378 m. +44 (0) 78132 12224  email member Matthew Quade Consultant Advisor Advantage Business Partnerships Ltd Suite LP22971 Lower Ground Floor 145 – 157 St John Street London EC1V 4PW UK t. +44 (0) 203 3840276 m. +44 (0) 7879 846423  email member

MEMBERS | SPRING 2014 | CONNECT

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Ben Rambaut Turnaround Practitioner Aiuto Ltd 8 Coneygar Road Quenington Gloucestershire GL7 5BY UK t. +44 (0) 1285 750687 m. +44 (0) 7841 141705

Tim Rosser Turnaround Practitioner Turning Circle Solutions Limited 8 Belgrade Road Hampton Middlesex TW12 2AZ UK t. +44 (0) 20 8941 6608 m. +44 (0) 7768 141178

Andrew Sheridan Insolvency Practitioner FRP Advisory LLP Kings Orchard 1 Queen Street Bristol BS2 0HQ UK t. +44 (0) 117 203 3670 m. +44 (0) 7774 196881

 email member

 email member

 email member

Stephen Starkey Operations Improvement Advisor Lee House 67 Lees Farm Drive Madeley Telford Shropshire TF7 5SU UK m. +44 (0) 777 985 1129  email member

Jonathan Reeves Consultant Advisor Set Up and Go Ltd 61a Scotts Lane Bromley Kent BR2 0LT UK t. +44 (0) 208 658 2352 m. +44 (0) 7764 193 094

Stuart Ruben Corporate Recovery Specialist KLR & Company Limited PO Box 265 Radlett Herts WD7 0DD UK m. +44 (0) 7801 458809  email member

 email member

 email member Mark Riley Turnaround Practitioner Atherton Bailey LLP 28 - 30 High Street Guildford Surrey GU1 3HY UK t. +44 (0) 1483 243 333 m. +44 (0) 7810 892 500

Charles Russam Interim Management Provider Russam GMS Ltd 48 High Street North Dunstable Beds LU6 1LA UK t. +44 (0) 1582 666970 m. +44 (0) 7785 297059  email member

 email member Jamie Robertson-McIsaac Risk Management & Insurance Buyer Robertson-McIsaac Insurance Brokers Ltd Adderstone House Adderstone Crescent Jesmond Newcastle upon Tyne NE2 2HH UK t. +44 (0) 191212 1234 m. +44 (0) 7860 830869  email member Hilary Robson Surveyor / Valuer Driver Corporate Services 1-3 Norton Place London E1 6DB UK t. +44 (0) 20 7377 0005 m. +44 (0) 7930 880265

Maria Sheytanova Turnaround Practitioner CTM Bulgaria 84 Al. Stamboliiski blv. floor 4, office 17 Sofia 1303 Bulgaria t. 00 35988 8986952

Ian Searle Lawyer Setfords Jenner House 1a Jenner Road Guildford Surrey GU1 3PH UK t. +44 (0) 203 301 0801 m. +44 (0) 7917 323 122  email member

Sue Staunton Turnaround Practitioner James Cowper LLP 2 Chawley Park Chumnor Hill Oxford Oxon OX2 9GG UK t. +44 (0) 1865 861166 m. +44 (0) 7887 561131  email member

Steve Smith Insolvency Practitioner Mercer & Hole Chartered Accountants Fleet Place House 2 Fleet Place London EC4M 7RF UK t. +44 (0) 20 7236 2601 m. +44 (0) 7912 125093

Justin Stephenson Lawyer Jeffrey Green Russell 7-12 Noel Street London W1F 8GQ UK t. +44 (0) 20 7339 7071 m. +44 (0) 7712 790509

 email member

 email member

Philip Smith Turnaround Practitioner Forster Smith Ltd 19 Bowers Way Harpenden Herts AL5 4EP UK t. +44 (0) 1582 766568 m. +44 (0) 7770 733612

Keith Stevens Turnaround Practitioner Wilkins Kennedy Gladstone House 77/79 High Street Egham Surrey TW20 9HY UK t. +44 (0) 1784 435561 m. +44 (0) 7880 601961

 email member

 email member

Graham Seaton Surveyor / Valuer Graham Seaton Ltd 10 Dunstable Road Tilsworth Leighton Buzzard Bedfordshire LU7 9PU UK t. +44 (0) 1525 210761 m. +44 (0) 7900 681816

Mike Smith Turnaround Practitioner Jameson Smith & Co 2nd Floor Afon House Worthing Road Horsham West Sussex RH12 1TL UK m. +44 (0) 79123 44394

Andrew Swan Surveyor / Valuer Allsop LLP 33 Park Place Leeds LS1 2RY UK t. +44 (0) 113 236 6689 m. +44 (0) 7887 565120

 email member

 email member

 email member

 email member Neil Sharma-Burford Turnaround Practitioner UK m. +44 (0) 7850 519905  email member

Steve Swayne Turnaround Practitioner Kingsgate Woodlands Margery Wood Lane Tadworth Surrey KT20 7AY UK m. +44 (0) 780 2933585  email member

CONNECT | SPRING 2014 | MEMBERS

WWW.TMA-UK.ORG

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Declan Taite Insolvency Practitioner RSM Farrell Grant Sparks Molyneux House Bride Street Dublin 8 Ireland t. 00353 1 4182086 m. 00353 86 2111485

Jonathan Timmis Turnaround Practitioner Lunesdale Business Consulting Holme Farm Farleton Lancaster LA2 9LF UK m. +44 (0) 7725 031487

Chris Walsh Consultant Advisor Driver Corporate Services Driver House 4 St Crispin Way Haslingden Lancashire BB4 4PW UK t. +44 (0) 1706 223999 m. +44 (0) 7590 777394

Paul Wood Insolvency Practitioner Smith & Williamson Portwall Place Portwall Lane Bristol BS1 6NA UK t. +44 (0) 117 376 2269 m. +44 (0) 7867 978108

 email member

 email member John Tallon Surveyor / Valuer Tallon & Associates Asset Valuers & Auctioneers 475 Chester Road Manchester M16 9HF UK t. +44 (0) 161 872 7000 m. +44 (0) 7715 110093  email member

Frank Tschentscher Lawyer Attorney (Germany) & Solicitor (England and Wales) Schultze & Braun GmbH Rechtsanwaltsgesellschaft Raboisen 16 20095 Hamburg Germany t. +49 40 30 60 457-110  email member

James Wheeler Consultant Advisor PILOTpartners 21-26 Garlick Hill London EC4V 2AU UK +44 (0) 780 859 0176  email member

Mark Taylor Turnaround Practitioner Bluesky Associates LLP Homer House 8 Homer Road Solihull West Midlands B91 3QQ UK m. +44 (0) 7958 701552

Vivien Tyrell Lawyer RPC Tower Bridge House St Katharines Way London E1W 1AA UK t. +44 (0) 203 060 6153

 email member

 email member

 email member

William Tebbit Trade Finance / Supply Chain Finance Trade Finance Partners 30 Cannon Street London EC4M 6XH UK

Jaco van Niekerk Turnaround Practitioner 36 Finchley way London N3 1AH UK m. +44 (0) 784 048 5465

Greg Whitehead Insolvency Practitioner Northpoint CBX Cobalt Park Way Newcastle upon Tyne Tyne & Wear NE28 9NZ UK t. +44 (0) 191 2804191

 email member

Lisa Tennant Interim Manager 50 Queen Square Glasgow Lanarkshire G41 2AZ UK m. +44 (0) 7770 445355  email member Alan Tilley Turnaround Practitioner Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP UK t. +44 (0) 20 3178 4902 m. +44 (0) 7950 808777  email member

Andrew Vaughan Surveyor / Valuer Edward Symmons LLP Charles House 148/149 Great Charles Street Birmingham West Midlands B3 3HT UK t. +44 (0) 121 200 7620 m. +44 (0) 7702 289611  email member Christoph von Wilcken Lawyer Schultze & Braun GmbH Rechtsanwaltsgesellschaft Krausenstraße 8 Berlin D-10117 Germany t. 030 3083038 120 m. +49151 18202252  email member

Jo Wright Turnaround Practitioner De Novo Advisory Limited 1st Floor 15 Colmore Row Birmingham B3 2BH UK t. +44 (0) 121 663 0126 m. +44 (0) 7770 381237  email member

David Whitehead Accountant Larking Gowen Larking Gowen King Street House 15 Upper King Street Norwich NR3 1RB UK t. +44 (0) 1603 624181 m. +44 (0) 7786 056989

 email member

 email member

 email member

 email member Andrew Williams Interim Manager Rotherbank Clare Gardens Petersfield Hampshire GU31 4ET UK t. +44 (0) 1730 231751 m. +44 (0) 7532 243696  email member Philip Winterborne Lawyer Clarke Willmott LLP 1 Georges Square Bath Street Bristol BS1 6BA UK t. +44 (0) 845 209 1296 m. +44 (0) 7825 183401  email member

The British Private Equity & Venture Capital Association (BVCA) is the industry body and public policy advocate for the private equity and venture capital industry in the UK. Our aim is to aid understanding around the activities of our members, promote our industry to entrepreneurs and investors as well as to Government, the EU, trade unions, international media and the general public. We communicate the industry’s impact and reinforce the crucial role our members play in the global economy as a catalyst for change and growth.

REPRESENTATION

Public policy and communications

INSIGHT

Research and publications

ACCESS

Events and conferences

KNOWLEDGE

Training and professional development

REGISTER ONLINE TO RECEIVE EXCLUSIVE UPDATES www.bvca.co.uk British Private Equity & Venture Capital Association 1st Floor North, Brettenham House, Lancaster Place, London WC2E 7EN T +44 (0)20 7420 1800 bvca@bvca.co.uk www.bvca.co.uk

www.tma-uk.org Turnaround Management Association (UK) 3rd Floor, Millennium Bridge House 2 Lambeth Hill London EC4V 4AJ t. 0844 804 0116

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The TMA (UK) e-guide providing you with the information you need when you need it.

TMA (UK)