TMA UK eGuide Issue 4 - Spring 2015

connect to Turnaround with TMA UK ISSUE 4 | SPRING 2015 THE GUIDE FOR THE 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.

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 us up on our LinkedIn group to find out more about NextGen.

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

United Kingdom

CONTENTS | AUTUMN 2014 | CONNECT

O3

contents 04

STATE OF THE NATION Find out more about TMA UK and how it can help you. See our video from the President of TMA UK.

06

PRIVATE EQUITY AND LEVERAGED FINANCE

09 TMA UK Board of Directors of TMA Official Posts

What is a high yield bond and why are they important?

18

12

20

NETWORKING & EVENTS

CROSS BORDER TURNAROUNDS

PROFESSIONAL INTERVIEW

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.

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

22 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:

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.

AND ALL OUR SPONSORS AS FOLLOWS: Corporate Sponsors (Large Company) Bibby Financial Services Ltd BTG Financial Consulting Duff & Phelps Ltd Freshfields Bruckhaus Deringer LLP Hilco Valuation Services JLT Specialty Ltd PKF Cooper Parry Group Ltd Corporate Members 4R Business Recovery Ltd Bank of America Merrill Lynch Duff & Phelps Freshfields Deringer LLP FRP Advisory LLP Gordon Brothers Europe JLT Specialty Ltd Mayer Brown International LLP McKinsey Recovery & Transformation Services PKF Cooper Parry Quantuma Restructuring Rasenberger Toschek AG Affiliate Sponsor BVCA

Corporate Sponsors (Small Company) AtlanticRMS Ltd Beer & Young Better Capital LLP Bryan, Mansell & Tilley LLP Burdale Financial Ltd Centric Commercial Finance Consult Avila Limited CRI Group EPIC Private Equity Gener8 Finance Ltd Gordon Brothers Europe K2 Business Partners Kendra Sinclair KSA Group Ltd Ludlowthompson Asset Management Pemberton Capital LLP Rcapital The MacDonald Partnership Plc Venesis Boutique Sponsor Hampshire Trust Bank plc

CONNECT | AUTUMN 2014 | STATE OF THE NATION

WWW.TMA-UK.ORG

4

The state of the nation I’m delighted to welcome you to our autumn 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.

Early last year, I wrote about our living in interesting times.

The themes of the time were the possibility of a triple dip recession, the Euro crisis and the fiscal cliff. Suddenly, 18 months seems like a very long time, doesn’t it? In Q2 2014, the UK economy passed its pre-crash peak and the latest forecasts are at levels we could only have dreamed of back then. Now, the talk is of when interest rates will begin to rise.

How the world has changed. In that benign economic context, one might expect things to be difficult in the world of turnaround and corporate restructuring.

Yet 2014 has been a good year for the TMA with membership rising through the course of this year and new sponsors coming on board.

What to make of that? Well, to say the climate is benign does not mean that problems do not exist. The problems in the Eurozone, by far our largest export market, have gone quiet, but have not gone away – a serious issue for a country which exports so much. At home, austerity is still with us and will be so for some time. Unemployment is falling, but wages are still lagging inflation. Investment in capital goods is too low. Long periods of little or no growth and very low interest rates merely bring a different set of challenges for companies, some of which are up to them and some of which are not.

And that, of course, is where the TMA comes in. As an organisation which welcomes members from all across the turnaround and corporate restructuring space, we are well placed to work with companies across a range of situations, from potential insolvency through to profit improvement.

From an international point of view, the TMA continues to offer considerable benefits. In addition to the 31 chapters across North America, there are now 19 chapters outside the United States, of which 11 are in Europe – with more coming. In the increasingly globalised modern world, this ability to tap into turnaround experience across the globe is second to none and is a hugely valuable asset to the organisation.

In the UK, our programme of events has been as varied and interesting as ever and we are seeing increasing numbers of attendees. Membership, too, is increasing and we are

welcoming new sponsors to TMA UK. The centrepiece of our annual events, the TMA UK Conference in November, is our opportunity to showcase the organisation to a wider world and has a superb programme. It reflects the growing stature of the organisation that we are able to attract such a high quality list of speakers.

From a personal point of view, I am now nearing the end of my term as President and will stand down at the end of the year.

In the last two years, we have made a number of changes to the organisation to enable it to prosper in difficult economic times. It has been hard, but enjoyable work and we are now seeing the results. I am very much in debt to my colleagues on the board of the TMA UK who have shared the vision and who have worked tirelessly to implement it. Thank you all for your efforts during my term.

We announced in early summer that my successor as President of TMA UK will be Adam Plainer of Weil Gotshal & Manges LLP. Adam has huge experience of turnaround and his high profile in the sector will be of great benefit to the organisation over the coming years. I wish him well for his term which I know will be a great success.

The TMA is a fantastic organisation. Its inclusivity and international reach are unique and of great value. If you are a member, you will be fully aware of the benefits of being a part of it. And if you are not yet a member, I look forward to welcoming you to the family!

 35 events over in

11 regions

across the UK

STATE OF THE NATION | AUTUMN 2014 | CONNECT

5





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 | AUTUMN 2014 | PRIVATE EQUITY

WWW.TMA-UK.ORG

6

Private Equity and Leveraged Finance market view The good times are coming?

What is a high yield bond and why are they important to us?

In my view, the trends in high yield issues are good indicators of where economic activity is heading.

A high yield bond is a debt security issued by a corporate with an investment grade lower than BBB. As there is greater chance of an issuer’s default it attracts a higher interest rate and borrowers have to accept more investor-friendly structures in the bond agreement – covenants and security – to attract the interest of institutional investors.

Take for example 2008 where there were almost no issues ahead of financial meltdown triggered post Lehman in September that year.

Source: S&P Capital IQ/LCD

European High Yield Bond Volume 80 70 60

€ Bn

50 40 30 20 10 0

2006

2007 Secured

2008

2009

2010

Unsecured

2011

2012

2013 9 months to Sept-14

Subordinated

2013 was a bumper year for high yield issuance, and the first nine months of 2014 are already at this level. This tells me that if we ever needed confirmation that risk taking is back in vogue this is it. So for restructuring professionals this means that mistakes will be made. Are the good times coming for turnaround professionals? I think so.

PRIVATE EQUITY | AUTUMN 2014 | CONNECT

7

Private Equity This industry has gone through a period of change since 2008 when whole funds were left under water and closed their doors or were spun out of banks, reluctant or unable to carry their heavy cost of capital. So I have picked two charts that demonstrate the change in the market.

Source: Preqin Funds in Market

Annual Europe-focused Fundraising 450 Aggregate capital raised (€ Bn)

The first shows how the number of funds closed in 2013 is less than half the 2008 market size but the amount of money raised has consistently risen since 2010. This is indicative of a consolidating market with bigger participants entering. It also tells me that the restructuring activity is likely to be in the large company space as big funds are attracted to big ticket deals.

400

396

350 300 262 250 214

223

214

200

174

150 100 50 0

2008

2009

2010

Number of funds closed

2011

2012

2013

Aggregate capital raised

The second chart shows that, after expectations of opportunities in 2011 and 2012 proved over-zealous, distressed fundraising in Europe is back to normal historical levels. I think this bodes well for our established distressed debt funds in the UK. In their mid-market space, competition might actually normalise.

Source: Preqin Funds in Market

Annual Distressed Private Equity Fundraising in Europe

Aggregate capital raised (€ Bn)

12 10.6 10

9.4

8 6 4

4.0

4.0 3.1

2.8

Adrian Doble

2 0

Director, Private Equity & Leveraged Finance, TMA UK 2008

2009

2010

2011

2012

2013

 email author

Want to

stand out

from Europe’s turnaround crowd?

Want to gain a professional edge over colleagues in a competitive market?

Want to offer prospective clients proof

of your turnaround credentials?

Want to earn a globally recognised industry kitemark of quality accreditation?

European Association of Certified Turnaround Professionals

Prove you have the knowledge, experience and integrity for the next restructuring job by joining Europe’s premier turnaround body. Sign up to our pioneering, independent organisation to gain your place in the European turnaround community.

Applications are welcome from anyone across Europe who can prove a strong record in turnaround management, including lawyers, bankers, accountants, insolvency practitioners and managers.

For full details, and how to apply, see

www.eactp.eu or call +44 (0) 208 286 3025

Discounted membership fees on offer to members of TMA

TMA UK BOARD MEMBERS | AUTUMN 2014 | CONNECT

9

Board of Directors The TMA UK Board currently comprises the following executive positions:

Chris Hart

Adam Plainer

PRESIDENT

PRESIDENT ELECT

Business Development Director – International, Lloyds Bank, Commercial Finance

Head of Restructuring, Weil Gotshal & Manges

Mark Boughey

David Bryan

Director, EY

Principal, Bryan, Mansell & Tilley LLP

Andrew Cawkwell

Neil Chesterton

Certified Turnaround Professional

FINANCE DIRECTOR

Partner, Muckle LLP

Partner, The MacDonald Partnership

Adrian Doble

Ian Gray

Partner, FRP Advisory LLP

Principal, Baronsmead Consulting (London) LLP

CONNECT | AUTUMN 2014 | TMA UK BOARD MEMBERS

WWW.TMA-UK.ORG

10

Tony Groom

Chris Hall

Partner, K2 Partners

Group CEO, Hilco Valuation Services

Joanne Holland

Sonia Jordan

Director, Managing for Performance Ltd

Partner, Dentons

Garry Mumford

Andrew Pepper

COMPANY SECRETARY

Chief Operating Officer, Hilco Capital

Partner, Insight Associates

Board positions are offered for consideration at the AGM which is normally held in the Autumn.

Save the date Thursday 12 November 2015 TMA Annual Conference Royal College of Physicians, London

TMA Local Contact | Global Reach

TMA Local Contact | Global Reach

CONNECT | AUTUMN 2014 | NETWORKING & EVENTS

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12

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 | AUTUMN 2014 | CONNECT

13 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 present great

Number of attendees and events by region



SCOTLAND

networking opportunities

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 | AUTUMN 2014 | NETWORKING & EVENTS

WWW.TMA-UK.ORG

14

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!

NETWORKING & EVENTS | AUTUMN 2014 | CONNECT

15

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

u

tMa EuropE

FS ROUND TABLES TMA Europe is pleased to announce the inaugural FS Round Table discussions across Europe – London, Milan, Madrid and Frankfurt. u

Meet the who is who in your jurisdiction

u

Understand the current challenges

u

Have your say on the future shaping of Financial Services TMA Europe FS Round Table are a business event connecting the leaders in Financial Services turnaround. The leading voices of central banks, regulators, law firms, advisors and banks join to put their thoughts forward and will seek your input and feedback. Hear the latest from the industry leaders.

u

ď …

the Madrid FS round table discussion will be on Thursday 28 May 2015 at Hotel Wellington, Madrid.

Click here to view and book event

To subscribe to this event please contact Mandy Caruana at mcaruana@tma-europe.org or 07970 175 606

NETWORKING & EVENTS | AUTUMN 2014 | CONNECT

17

Calendar of events 2015 Networking is a key element of the Turnaround Management Association. We take great pride in our events programme which provides a forum for those with an interest in the Turnaround and Corporate Recovery markets to meet and keep up to date on topical issues, educational and technical developments, market knowledge and of course business referrals. The following events are planned for 2015:

JANUARY 2015

MAY 2015

SEPTEMBER 2015

Wed 7 Tue 13 Wed 21 Wed 21

Thu 7 Tue 12 Wed 13 Wed 27 TBC

Wed 9 Tue 15 Tue 15 Wed 16 Wed 23

London West Midlands North West South Coast

Thames Valley West Mids London Wales & South West South Coast

London West Mids North West Wales & South West South Coast

FEBRUARY 2015

JUNE 2015

OCTOBER 2015

Wed 4 Wed 11 Tue 24 Thu 26 Thu 26

Tue 9 Wed 10 Thu 25

Tue 6 Thu 8 Wed 14 Thu 15

North East London Wales & South West Thames Valley Sussex & Kent

North West London North East

Scotland North East London Thames Valley

MARCH 2015

JULY 2015

NOVEMBER 2015

Tue 3 Wed 11

Wed 8 Tue 14

Thu 12 Tue 17 Thu 19

Scotland London

London East Midlands

Annual Conference East Midlands Sussex & Kent

APRIL 2015

AUGUST 2015

DECEMBER 2015

Wed 15 Tue 28

Summer Break

Wed 2

London East Midlands

Dates of events may be subject to change. To see all the latest information on events and to book your place please go to www.tma-uk.org/events

Christmas Lunch

CONNECT | AUTUMN 2014 | CROSS BORDER LINKS

WWW.TMA-UK.ORG

18

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 | AUTUMN 2014 | CONNECT

19 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.

 email author

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

 www.tma-europe.org  www.eactp.eu

CONNECT | AUTUMN 2014 | PROFESSIONAL INTERVIEW

WWW.TMA-UK.ORG

20

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 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 | AUTUMN 2014 | CONNECT

21

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.

Baker Tilly Restructuring and Recovery Take action, take control.

With offices located around the UK and specialised expertise in a range of sectors we can help you make the most of any situation.

Contact us: Graham Bushby Head of Restructuring and Recovery T: +44 (0)20 3201 8109 graham.bushby@bakertilly.co.uk

www.bakertilly.co.uk Baker Tilly UK Audit LLP, Baker Tilly Tax and Advisory Services LLP, Baker Tilly Corporate Finance LLP, Baker Tilly Restructuring and Recovery LLP, Baker Tilly Risk Advisory Services LLP, Baker Tilly Creditor Services LLP and Baker Tilly Tax and Accounting Limited are not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

Baker Tilly & Co Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business activities. Š 2014 Baker Tilly UK Group LLP, all rights reserved. 0495

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23 Baker Tilly Restructuring and Recovery Baker Tilly is an independent firm of chartered accountants and business advisers. Our merger with RSM Tenon in September 2013 makes us one of the three principal mid-market accountancy firms, with almost 4,000 partners and staff generating a fee income of over £300 million. We are a national firm with a network of offices across the UK, making us your local firm with national strength.

Graham Bushby Baker Tilly 25 Farringdon Street London EC4A 4AB

Straight forward and accessible advice is essential. That’s why we’ve separated our offering into a range of simple to understand products: • Accelerated M&A

• Debt services

• Asset based lending

• Distressed Real estate

t. +44 (0) 20 3201 8000 f. +44 (0) 20 3201 8001

• Corporate insolvency

• HMRC liaison services/Time to pay

• Corporate simplification

• Insolvency and fraud asset tracing

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• Creditor services

• Interim management

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• Crisis cash management/working capital options

• Lenders services

• Cross-border restructuring • CVAs

• Personal insolvency • Restructuring • Strategic performance reviews

Our faculty has a wealth of knowledge and experience across a wide range of industry sectors. However, we do have particular specialisms in the following sectors: • Covenant assessment services/pensions • Construction • Corporate simplification • Energy and renewables • Financial services • Food and drink • Healthcare • Leisure and hospitality • Manufacturing • Media and tech

• Motor • Not for profit • Printing • Professional services • Public sector • Real estate • Recruitment • Retail • Transport and logistics • Travel

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.

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25

FAIR GAME administration rents and creditors’ returns In recent years some high profile (and controversial) court decisions have swelled the list of liabilities that must be paid as expenses of an administration. Administration expenses enjoy "super priority", being payable out of floating charge realisations ahead of the claims of preferential creditors and floating charge holders. So, when an otherwise unsecured claim ranks as an administration expense, it clearly benefits the relevant creditor, but at the expense of the floating charge holder. It can also consume valuable resources which could otherwise be available to trade an ailing business.

Recently though, the tide has been turning. In July last year, the Supreme Court held that financial support directions, or contribution notices, issued to a company by the Pensions Regulator will rank as a "provable debt" of a company, and not as an expense of the administration.

Now, in the context of the administration of the Game group of companies, the Court of Appeal has revisited the rules on payment of rent as an administration expense. It has ruled that administrators should pay rent as an administration expense pro rata for the period that they use a property for the benefit of the administration. This is regardless of when the relevant rent payment day falls or whether the rent is payable in arrears or in advance.

1 Payment of rent in administration – the position before Game Historically, where leasehold property was used for the purposes of an administration (for the benefit of a company's creditors), the equitable Lundy Granite or "salvage" principle could apply. This provided that rent attributable to the part of the property used for the period of use was payable as an administration expense. Any remaining rent due would rank as a provable debt in the insolvency process.

More recently though, two High Court decisions set some controversial "all or nothing" rules on whether rent is payable as an expense of the administration.

Goldacre (Offices) Ltd v. Nortel Networks UK Ltd related to a lease where the rent was payable quarterly in advance and the company had gone into administration before the rental payment date. The High Court held that, if the administrator causes the company to use leasehold property, the entire amount of rent that falls due under the lease is payable as an administration expense. This is the case even if the company only uses part of the leasehold property or uses the property for only a few days beyond the rent payment date. This principle provided a potential windfall to landlords (who would otherwise have to claim in the administration as an unsecured creditor).

Leisure (Norwich) II Ltd v. Luminar Lava Ignite Ltd was the corollary of the Goldacre decision. In this case the High Court ruled that a landlord could not recover, as an administration expense, rent which fell due prior to the administration (i.e. before the administrators were in office). This decision led to the arbitrary practice of appointing administrators on the day immediately following a rent payment date. This way the company (or a buyer) would benefit from a rent-free period and a greater proportion of realisations would be preserved for floating charge holders.

2 Game changer Administrators were appointed to the Game group of companies on 26 March 2012, the day after £10 million of rent fell due across several hundred leasehold properties. Some stores were closed immediately. However, a representative selection of the affected landlord creditors sued for the unpaid rent in respect of the properties where trading continued (amounting to around £3 million).

At first instance, the High Court in Game was obliged to follow the Goldacre and Luminar decisions, but gave leave to appeal.

The Court of Appeal, bemoaning that the previous decisions had left the law "in a very unsatisfactory state", overruled both decisions. It unanimously held that the equitable Lundy Granite principle should apply (and that any reference to the Apportionment Act 1870, which only allows apportionment of rent payable in arrears, was irrelevant).

Although Game concerned an administration, the principles would also apply in a liquidation.

So, following the Game decision, rent (whether payable in advance or arrears) should be payable as an expense of the administration (or liquidation) for the duration of any period the administrator or liquidator retains possession of the property for the benefit of the administration (or winding-up).

The rent will be treated as accruing from day to day. Rent falling due outside the period of "beneficial retention" will be provable as any other unsecured debt. The duration of the period during which the insolvent estate gets the benefit of the property will depend on specific facts and may give rise to questions of interpretation.

The decision may mean reduced returns for floating charge holders (because tactical timing of administration appointments can no longer engineer an effective rent-free period). However, property companies and insolvency practitioners alike have welcomed the decision, as it provides a seemingly fairer way of dealing with rents owed from a tenant in administration or liquidation.

We may not have heard the last on this issue. Although the Court of Appeal refused permission to appeal, the Supreme Court's permission to appeal has recently been sought directly.

Pillar Denton & Others v. Jervis & Others [2014] EWCA Civ 180.

Law stated as at 22 April 2014.

Laura Gowing laura.gowing@dentons.com +44 20 7246 7342

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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

ĂžĂ€ÂœÂ˜ĂŠ Ă•Ă€Ăƒi]ĂŠ*>Ă€ĂŒÂ˜iĂ€ London D +44 LĂžĂ€ÂœÂ˜Â°Â˜Ă•Ă€ĂƒiJ`iÂ˜ĂŒÂœÂ˜ĂƒÂ°Vœ“

dentons.com Š 201{ Dentons. Dentons is an international legal practice providing client services worldwide through its member firms and affiliates. Attorney Advertising.

Please see dentons.com for Legal Notices.

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27 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

Advisory

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29 FRP Advisory LLP Restructuring • Performance Improvement • Recovery • Insolvency FRP Advisory has in excess of 200 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, Aberdeen and Inverness. With 13 offices in the UK we are geographically well-placed to help all our clients across all sectors and situations find the right solution.

Adrian Doble Partner FRP Advisory LLP 110 Cannon Street London EC4N 6EU t. +44 (0) 20 3005 4000 m. +44 (0) 7767 205680 f. +44 (0) 20 3005 4400 www.frpadvisory.com

Company restructurings and performance improvement are a core strength. 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: • Financial and operational restructuring • Performance improvement • Interim management • Independent Business Reviews • CRO, board appointments and restructuring advice • Insolvency services • Pension scheme advice • Asset recovery

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• Charity advisory services • Alternative Funding 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 North East North Northern Home Counties South West Sussex West Midlands

020 3005 4000 0116 303 3333 01277 503333 0113 831 3555 0161 833 3344 01727 811 111 0117 203 3700 01903 222 500 0121 710 1680

Scotland: Aberdeen Edinburgh Glasgow Inverness

0330 055 5455 0330 055 5455 0330 055 5455 0330 055 5455

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31 Duff & Phelps Ltd Duff & Phelps is a solution-driven advisor to stakeholders of midmarket businesses. Our more than 200 restructuring and insolvency professionals include qualified accountants, bankers and TMA members who are based throughout the UK, The Republic of Ireland and North America.

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 t. +44 (0) 20 7089 4700 m. +44 (0) 7770 616 103 f. +44 (0) 20 7089 4701 www.duffandphelps.co.uk email sponsor

Our suite of services in the UK includes:

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

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

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

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 Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute consulting, M&A and restructuring. The firm’s more than 1,000 employees serve a diverse range of clients from offices in North America, Europe and Asia.

M&A advisory, capital raising and restructuring services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, 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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33 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 Sky View Argosy Road East Midlands Airport Castle Donington DE74 2SA

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

t. +44 (0) 1332 411163 f. +44 (0) 1332 639919

Business Turnaround

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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”.

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 offices London Tower 42 Level 7 25 Old Broad Street London EC2N 1HN

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34 Bibby Financial Services With over 29 years’ experience supporting SMEs, Bibby Financial Services is a trusted partner to businesses worldwide. Globally, we provide cashflow funding to 10,000 businesses, handling annual client turnover of £8.3 billion.

David Postings Bibby Financial Services Endeavour House Banbury Office Village Noral Way Banbury Oxfordshire OX16 2SB t. +44 (0) 800 91 95 92 www.bibbyfinancialservices.com email sponsor

In the UK, we are the largest independent invoice finance provider and work with businesses every day – regardless of size or location across 300 industry sectors – helping them to maximise opportunities and realise their growth potential.

We are members of the Asset Based Finance Association and have 18 regional offices throughout the UK, enabling us to provide tailored solutions with personalised service to all of our customers.

This capability, speed of response and flexibility is echoed throughout our global operations. With a presence in 46 locations across four continents, we have over 1300 employees worldwide. Our global coverage combined with local market expertise provides the infrastructure to deliver integrated, international funding solutions to SMEs across the world.

Our belief in setting the standards for service and value for clients is reflected in being awarded ‘2013 UK Asset Based Lender of the Year’ (Acquisition International M&A Awards), ‘Factoring and Invoice Discounting Firm of the Year 2013’ (InterContinental Finance Magazine) and ‘Best Factor and Invoice Discounter 2013’ (National Association Commercial Finance Brokers), for the sixth consecutive year and ninth in total.

In 2011, 2012 and 2014 we were awarded a place in the Times 100 Best Companies.

Bibby Financial Services is supported by our parent the Bibby Line Group, a business-tobusiness services group involved in ship owning and operation, shallow water accommodation, offshore oil and gas services, contract logistics, financial services, memorial parks, employment law and health and safety advisory services, specialist plant and equipment hire, and retail.

The company was founded by Liverpool entrepreneur John Bibby in 1807 and has its head office in Duke Street, Liverpool.

To find out more about Bibby Financial Services visit: www.bibbyfinancialservices.com.

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

BTG Financial Consulting is a specialist advisory boutique providing a proactive, hands-on and innovative approach to supporting all types of stakeholders across a variety of sectors.

Mark Fry National Head of Restructuring email sponsor

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

David Abbot Partner email sponsor

• • • • •

Restructuring Refinancing Turnaround Asset tracing Security risk consulting

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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.

BTG Financial Consulting 31st Floor 40 Bank Street London E14 5NR

Global Presence, Local Expertise

t. +44 (0) 20 7717 5203 f. +44 (0) 20 7516 1501

Core Service Areas

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Utilising the extensive capabilities of our domestic teams as well as over 100 specialist firms around our international network, we can advise UK and international clients facing strategic, financial and commercial challenges in order to protect and enhance their enterprise value.

At BTG Financial Consulting we are committed to understanding the needs of all of our clients and formulating and delivering bespoke, well-tailored solutions using our expertise in our four core service areas.

Restructuring and Turnaround Our services include: • Debt restructuring • Diagnostic business review • Corporate simplification • Contingency planning • Optimised exit services

Financial Consulting Our services include: • Valuation • Debt advisory • Corporate finance • Strategic planning

Technology Consulting Our services include: • E-disclosure • Computer forensic investigations • Electronic fraud pattern analysis • Data mining and database analysis • System security assessments

Forensic and Risk Consulting We offer advice in relation to: • Commercial disputes • Fraud and financial crime • Investigative due diligence • Asset, people and information tracing • Security risk consulting and project management

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36 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.

The Restructuring & Insolvency Group has built 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 ground-breaking deals acting for debtors, creditors, regulators, and insolvency practitioners on a broad range of advisory, and restructuring and insolvency work.

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

Key Deals

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Our recent experience includes acting on new money deals, distressed-debt situations and restructurings (including insolvencies). The use of schemes of arrangement has continued to be a key restructuring tool in 2014 for both English and foreign companies.

The team has advised both debtors and creditors on most of the key schemes in the market, including Deutsche Annington, Bulgarian Telecom/ Vivacom, La Seda de Barcelona, Primacom, M6 Toll Road, Stemcor, New World Resources and Guardian Digital Communications.

We have continued to consolidate our position as a market leader for technically complex, often multi-jurisdictional transactions. Particular highlights for us include advising on the restructurings of: Monarch, IVG, Endemol, WRG Group, PHS, UK Coal, Mouchel, Excel, Vestas, Biffa, NCP and Travelodge.

Quotes ‘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 “The firm has a broad practice though and also picks up work right across the board including debt restructurings, schemes of arrangement and insolvency matters.” IFLR 2014 Praised for its ‘innovative approach’, the team is regularly at the forefront of developments in the market’ UK Legal 500 2014

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37 Hilco Valuation Services Hilco Valuation Services is one of the world’s largest and most diversified business asset appraisers and valuation advisors. A trusted resource to companies, their lenders and professional services advisors, Hilco Valuation Services provides value opinions across virtually every business asset category.

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

Unique to Hilco Valuation Services is the ability to affirm asset values through proprietary market data obtained from the worldwide asset disposition and acquisition experiences of Hilco Global. Access to this real-time information, in contrast with the aged data relied upon by others, ensures clients of more reliable valuations, which is crucial when financial decisions and fortunes are at stake.

Valuation experience includes, but is not limited to: • • • • • • • • • • • • • • •

Retail, consumer, and industrial inventory appraisals Machinery and equipment appraisals Enterprise and business valuations Intellectual property and other intangibles valuations FAS 141, 142, and 157 valuations Litigation support Dispute resolution Real estate appraisals Portfolio valuations Ad Valorem Asset verification and tagging Account Receivable Field Examinations Repair & Maintenance Studies Insolvency Advice and Consultancy Asset Disposals

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.

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38 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.

Jayne Field JLT Specialty Ltd 3rd Floor 45 Church Street Birmingham B3 2RT

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. From initial investigation through to successful exit, we advise the Turnaround community and their teams on all insurance, risk management and claims issues, with services including:

t. +44 (0) 121 626 7821 www.jltgroup.com email sponsor

JLT Specialty Limited. Lloyd’s Broker. Authorised and regulated by the Financial Conduct Authority.

A member of the Jardine Lloyd Thompson Group.

Registered Office: The St Botolph Building, 138 Houndsditch, London EC3A 7AW. Registered in England No. 01536540. VAT No. 244 2321 96.

SPONSORS | AUTUMN 2014 | CONNECT

39 AtlanticRMS Ltd Established in 1997, AtlanticRMS is a specialist provider of Due Diligence and Sales Ledger Management services. We work with Turn around Professionals, Private Equity, Lenders and Corporates, providing detailed, focussed and bespoke reviews of receivables and inventory collateral.

We have the expertise and capability to develop and execute sales ledger management, monitoring and work out strategies to support our client’s needs.

Our experience of numerous industry sectors is extensive and this enables us to accurately detail and explain issues and dilutions which can reduce collateral values.

We have a unique reach with offices in London, Chicago, Dublin and Hong Kong.

AtlanticRMS understand the need for speed and we are able to respond to requests for assistance within a matter hours.

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.

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.

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

Typically, the Fund will invest in UK or Continental European businesses with a turnover between £50 million and £500 million, requiring an investment up to £100 million.

Joanna Bennett-Coles AtlanticRMS 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

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

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

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40 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.

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

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.

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 £20m.

t. +44 (0) 1865 858 738 m. +44 (0) 7950 808 777 www.bmandt.eu email sponsor

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.

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.

Alan Tilley Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP

Steven Chait Burdale Financial Ltd 5th Floor, Bow Bells House 1 Bread Street London EC4M 9BE t. +44 (0) 845 641 8888 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

SPONSORS | AUTUMN 2014 | CONNECT

41 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 medium-sized 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

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42 Gener8 Finance Ltd Gener8 Finance, one of the UK's leading independent invoice finance companies, provides flexible service focused, cash flow finance products for companies up to ÂŁ10m turnover from new start. Rapid turnaround and communication with clients at the outset and on-going differentiates Gener8 from most other providers, with the ability to talk to decisions makers, usually a key USP for most Gener8 clients.

Finance Facilities range in size from ÂŁ25k to ÂŁ750k.

Gener8 focuses in the invoice discounting sector allowing clients to retain control of

the chasing of their customers. Facilities are generally offered on a confidential basis meaning clients can continue to maintain important customer relationships without 3rd Party interference.

Gener8 offers flexible fee structures and contract terms in line with the clients funding requirements and growth plans.

Gener8 can also offer selective debt protection cover with no insistence on paying for all turnover. The management team have combined experience of over 100 years ensuring clients benefit from a true relationship driven consultative approach.

Gordon Brothers Europe Gordon Brothers Europe is the European advisory, restructuring and investment affiliate of Gordon Brothers Group.

Utilising its international presence, industry knowledge and financial resources, Gordon Brothers Europe provides asset valuation and due diligence services, as well as restructuring and disposition solutions, supported with capital, to the retail, wholesale, commercial & industrial, brand and property sectors.

Gordon Brothers Europe is the trading name of Gordon Brothers International LLC., a wholly owned subsidiary of Gordon Brothers Group LLC. Founded in 1903, Gordon Brothers Group is headquartered in Boston, and operates 11 offices across the globe.

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

Frank Morton Gordon Brothers Europe 3rd Floor 13 Hanover Square London W1S 1HN t. +44 (0) 20 7647 5126 m. +44 (0) 7876 391 374 f. +44 (0) 20 7647 5121 www.gordonbrotherseurope.com email sponsor

K2 Business Partners For almost 25 years, K2 has invested in and provided turnaround, transformation and finance support to directors and shareholders. We develop creative financial and operational solutions aimed at survival and growth and in particular do not take formal insolvency appointments. Our mandate normally involves the saving of a company through consensual restructuring, although in some cases we advise that the business can only be saved via a formal insolvency procedure. Our experienced team of advisers include chartered accountants,

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

an insolvency practitioner, turnaround, marketing and personnel specialists, and a solicitor. We also have commercial, marketing and fund raising experience and understand the challenges, legal complexities and personalities that are normally need to achieve a successful outcome for our clients. Come and see us in either London, Reading or Cambridge.

Tony Groom K2 Business Partners 23 Berkeley Square London W1J 6HE t. +44 (0) 20 7720 8000 t. +44 (0) 844 80 40 420 m. +44 (0) 7973 630 646 www.k2-partners.com email sponsor

SPONSORS | AUTUMN 2014 | CONNECT

43 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.

KSA Group Ltd KSA Group Ltd advises distressed companies, investors and debt providers with hands-on turnaround management, and innovative corporate recovery techniques. We cover the whole of the UK from our offices in London, Birmingham, Gateshead, Edinburgh, Manchester and Bristol.

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.

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.

Or ring us on 0800 9700539

For more information then please take a look at our website www.companyrescue.co.uk

t. +44 (0) 203 642 1404 www.kendrasinclair.com email sponsor

Keith Steven KSA Group Ltd 99 Bishopsgate London EC2M 3XD t. +44 (0) 20 7887 2667 m. +44 (0) 7974 086779 f. +44 (0) 1289 309 429 www.ksagroup.co.uk email sponsor

We can supply a USB insolvency toolkit for all professionals. Ring Robert Moore on 07584 583884 to receive yours.

Ludlowthompson Asset Management Ludlowthompson is a leader in the London & M25 residential letting, Buy-To-Let 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 100,000 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,

Clare Grimes Kendra Sinclair 27 Austin Friars London EC2N 2QP

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.

Through LTAM we can provide an acquisition and disposal service for distressed residential property.

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

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44 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.

firms by financially restructuring the business, forming strong partnerships with management and rebuilding operations. Rcapital seeks to invest between £500K and £20 million in SMEs with turnover ranging from £5 million to £200 million.

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

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.

t. +44 (0) 20 7287 1958 m. +44 (0) 7961 054083 f. +44 (0) 20 7299 7727 www.pembertoncapital.co.uk email sponsor

Rcapital Rcapital is a private investment business that provides turnaround and growth funding to UK companies. Started 10 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 40 businesses with significant financial and operational challenges. The Rcapital team has a unique skill set in reversing the fortunes of small and medium sized

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.

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

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

SPONSORS | AUTUMN 2014 | CONNECT

45 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

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

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.

Hampshire Trust Bank plc Hampshire Trust Bank plc brings years of experience, outstanding service standards and specialist skills to the provision of commercial finance, residential development finance, asset finance and savings accounts for individuals and businesses The Commercial Finance division provides comprehensive asset based finance secured on the borrower’s trading assets, including receivables, inventory, plant & machinery, real estate, consumer finance

receivables and contracts with recurring revenues. We also provide cash flow loans where credit quality is strong.

Our team has a combined experience of 60 years in providing market leading commercial finance solutions. Together with our flat management structure, enabling a streamlined decision making process, we aim to deliver innovative, structured and competitively priced funding solutions.

Adrian Giles Venesis 3 Lloyd’s Avenue London EC3N 3DS t. +44 (0) 207 947 4063 m. +44 (0) 7879 404764 www.venesis.com email sponsor

Tracy Turner Hampshire Trust plc 6th Floor 131 Finsbury Pavement London EC2A 1NT t. +44 (0) 0207 862 6236 www.htb.co.uk email sponsor

CONNECT | SPRING 2015 | MEMBERS

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46 CORPORATE MEMBERS

INDIVIDUAL MEMBERS

A–B 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  email member Neil Christie McKinsey Recovery & Transformation Services 1 Jermyn Street London SW1Y 4UH UK t. +44 (0) 207 961 7571 www.mckinsey.com/client_servic e/recovery_and_transformation_ services  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  email member Tyrone Courtman PKF Cooper Parry Group Ltd Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA UK t. +44 (0) 1332 411163 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 Jeremy Harrison Bank of America Merrill Lynch Business Capital Europe Bank of America N.A. 2 King Edward Street London EC1A 1HQ UK t. +44 (0) 20 7996 4546 m. +44 (0) 7734 973474 www.baml.com/businesscapital16  email member

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 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

Carl Jackson, Partner Quantuma Restructuring Floor 14, Dukes Keep 1 Marsh Lane Southampton SO14 3EX UK t. +44 (0) 23 8033 6464 m. +44 (0) 7745 548067 www.quantuma.com  email member Sonia Jordan, Partner Dentons One Fleet Place London EC4M 7WS UK t. +44 (0) 20 7320 6186 m. +44 (0) 7973 802893 www.dentons.com  email member Ashley Katz Mayer Brown International LLP 201 Bishopsgate London EC2M 3AF t. +44 (0) 20 3130 3000 www.mayerbrown.com  email member

AFFILIATE SPONSOR Leon de Bono BVCA 5th Floor Chancery House 53-64 Chancery Lane London WC2A 1QS UK t. +44 (0) 20 7492 0400  email member

Luca Allegri Turnaround Practitioner BM&T 23 Austin Friars London EC2N 2QP t. +44 (0) 203 178 4902 m. +44 (0) 7824 646660  email member Eli Appelbaum Financial Investor Gordon Brothers Europe 13 Hanover Square London W1S 1HN t. +44 (0) 207 647 5142 m. +44 (0) 7557 265073  email member Neil Armour Consultant Advisor Eagle Orchid 10 (Basement) Albyn Terrace Aberdeen AB15 6BT t. +44 (0) 1224 561528 m. +44 (0) 7740 631871  email member Jarv Ashford Turnaround Practitioner Canonbury Partners Limited Flat 26, 64 Ecclesbourne Road Islington London N1 3GG m. +44 7803 611853  email member David Bailey Operations Improvement Advisor Seraph Partners LLP Portland House Bressenden Place London SW1E 5RS t. +44 (0) 208 433 6663 m. +44 (0) 7887 540400  email member

Frank Morton, CEO Gordon Brothers Europe 3rd Floor, 13 Hanover Square London W1S 1HN UK t. +44 (0) 207 647 5126 m. +44 (0) 7876 391 374 www.gordonbrotherseurope.com  email member

Sush Bapna Strategy Adviser AVIM Capital International House 24 Holborn Viaduct London EC1A 2BN m. +44 (0) 7747 303812  email member

MEMBERS | SPRING 2015 | CONNECT

47 B

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B

B–C

Aleksander Baranski Hedge Fund Perry Capital 4 Grosvenor Place London SW1X 7HJ m. +44 (0) 7976 008071

Massimo Bertoni Academic Angel House 1 Courtnell Street London W2 5BU

Nigel Brindley Turnaround Practitioner Stratus Infrastructure Limited 10th Floor 88 Wood Street London EC2V 7RS t. +44 (0) 207 127 0610 m. +44 (0) 7803 262795

Chris Burford Turnaround Practitioner Pathfinder Strategic Partners LLP The Royd 40 Duchy Road Harrogate HG1 2ER t. +44 (0) 8451 306252 m. +44 (0) 7714 218560

 email member

 email member Tino Bauer Stressed / Distressed Retail Investment GA Europe Prinzregentenstr 18 Munich 80538 t. +44 (0) 207 318 0583 m. +49 173 26 91 436  email member Andy Beckingham Corporate Recovery Specialist Leonard Curtis Business Solutions 30 Queen Square Bristol BS1 4ND t. +44 (0) 117 929 4900 m. +44 (0) 7715 749813  email member Mark Beesley Turnaround Practitioner Beesley Corporate Solutions Astute House Wilmslow Road Handforth Cheshire SK9 3HP t. +44 (0) 1625 544777 m. +44 (0) 7779 154109  email member Volker Beissenhirtz Rechtsanwalt / FCTP (EACTP) Beissenhirtz – Business Law Schuetzenstrasse 18 Berlin 10117 t. +49 (30) 206 1373 21 m. +49 (172) 758 47 45  email member Paul Below Interim Manager Below & Below 24 Wheatley Road Ilkley West Yorkshire LS29 8TS m. +44 (0) 7515 631 072  email member

Linton Bloomberg Lawyer Weil Gotshal & Manges 110 Fetter Lane London EC4A 1AY  email member John Bloor Interim Management Provider John Bloor and Associates Ltd Crimscott Street Atherstone Hill Atherstone on Stour Stratford on Avon Warwickshire CV37 8TY m. +44 (0) 7831 504981  email member Keith Bordell Lawyer Osborne Clarke One London Wall London EC2Y 5EB t. +44 (0) 207 105 7606 m. +44 (0) 7775 673962  email member Mark Boughey Insolvency Practitioner EY The Paragon Counterslip Bristol Avon BS1 6BX m. +44 (0) 0776 9727477  email member Lee Bramley Lawyer The Endeavour Partnership Tobias House St Marks Court Teesdale Business Park TS17 6QW t. +44 (0) 1642 610300  email member

 email member

 email member Jason Brookbanks Accountant HW Fisher & Company Acre House 11-15 William Road London NW1 3ER t. +44 (0) 207 874 7954 m. +44 (0) 7709 452802  email member Suzanne Brooker MIPA FABRP Solicitor/Insolvency Practitioner Pitmans LLP 47 Castle Street Reading Berkshire RG1 7SR t. +44 (0) 118 957 0516 m. +44 (0) 7702 894063  email member David Bryan Turnaround Practitioner Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP t. +44 (0) 203 178 4902 m. +44 (0) 7801 034764  email member James Buchanan Turnaround Practitioner Black Ven Farm Down Street Nutley Sussex TN22 3EH m. +44 (0) 7785 278822  email member

Paul Burke Davenham Asset Finance 55 King Street Manchester M2 4LQ t. +44 (0) 161 832 8484  email member Alexander Cakir Financial Investor Monarch Alternative Capital 52 Conduit Street, 6th Floor London W1S 2YX t. +44 (0) 207 440 2458  email member Nick Callaghan Turnaround Practitioner Arca Group Ltd The Old Chapel Union Way Witney OX28 6HD t. +44 (0) 1993 849310 m. +44 (0) 7766 867699  email member Andrew Cawkwell Certified Turnaround Professional & Restructuring Lawyer Muckle LLP Time Central 32 Gallowgate Newcastle upon Tyne Tyne and Wear NE1 4BF t. +44 (0) 191 211 7957 m. +44 (0) 7776 208244  email member

John Burdett Corporate Recovery Specialist Palladio Limited 11 Lawn Crescent Richmond Surrey TW9 3NR t. +44 (0) 208 940 4145 m. +44 (0) 7909 926500  email member

Peter Charles Turnaround Practitioner Peter Charles Limited 7 Antrobus Road London W4 5HY m. +44 (0) 7973 193855  email member

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48 C

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D–E

Neil Chesterton Insolvency Practitioner The MacDonald Partnership 4th Floor 100 Fenchurch Street London EC3M 5JD t. +44 (0) 203 819 8600 m. +44 (0) 7770 780195

Tania Clench Lawyer asb law LLP Origin Two 106 High Street Crawley RH10 1BF t. +44 (0) 1293 861224

Norman Cowan Corporate Recovery Specialist Wilder Coe 233-237 Old Marylebone Road London NW1 5QT t. +44 (0) 207 724 2345

Julian Donnelly Consultant Advisor James Rosa Associates Ltd The Old Rectory Business Centre Springhead Road Northfleet Kent DA11 8HN t. +44 (0) 845 680 7217 m. +44 (0) 7852 980672

 email member Peter Child Turnaround Practitioner PFC Associates Limited 34 College Road Maidenhead Berkshire SL6 6AT t. +44 (0) 1628 632 300 m. +44 (0) 7966 232558  email member Georgios Christoforou Corporate Recovery Specialist U Turn Consultants Mesogeion Avenue 303 Halandri Attica 152 31 t. +30 210 6722 210 m. +30 6943 430003  email member Adam Clancy Corporate Recovery Specialist Atlantic RMS Ltd 4th Floor One Euston Square 40 Melton Street London NW1 7FD t. +44 (0) 203 574 4840 m. +44 (0) 7896 119956  email member Alan Clark Corporate Recovery Specialist Carter Clark Recovery House 15-17 Roebuck Road Hainault Business Park Ilford Essex IG6 3TU t. +44 (0) 208 524 1447  email member Paul Clark Insolvency Practitioner Duff & Phelps The Shard 32 London Bridge Street London SE1 9SG t. +44 (0) 207 089 4700 m. +44 (0) 7770 616103  email member

 email member

 email member Simon Colledge Lawyer Maclay Murray & Spens LLP One London Wall London EC2Y 5AB t. +44 (0) 207 002 8536 m. +44 (0) 7736 156964

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

 email member

 email member

Joe Considine Turnaround Practitioner Gresham Considine Holland House 4 Bury Street London EC3A 5AW m. +44 (0) 7710 397569

Steve Currigan Interim Manager FD4 Limited Higher Yedbury Pennymoor Tiverton Devon EX16 8LH m. +44 (0) 7764 448485

 email member

 email member Jon Cookson Strategy Consultant Colliers International 50 George Street London W1U 7GA t. +44 (0) 207 487 1621 m. +44 (0) 7917 616490  email member Stephen Cork Insolvency Practitioner Cork Gully LLP 52 Brook Street London W1K 5DS t. +44 (0) 207 2682150 m. +44 (0) 7880 788164  email member Tyrone Courtman FCA Restructuring Partner PKF Cooper Parry Group Ltd Sky View Argosy Road East Midlands Airport Castle Donington Derby DE74 2SA t. +44 (0) 1332 411163 m. +44 (0) 7770 738277  email member

Nigel Davies Financial Advisor Wyn River Limited Dittonfield 3 Summerfield Lane Long Ditton Surrey KT6 5DZ m. +44 (0) 7967 663547  email member Adrian Doble Profit Improvement and Company-side support FRP Advisory LLP 110 Cannon Street London EC4N 6EU t. +44 (0) 203 005 4000  email member Andrzej Dobrzyniecki-Cartier Lawyer Recall Dobrzyniecki & Partners Law Office LLP Tower 42 London City 25 Old Broad Street London United Kingdom EC2N 1HN t. +44 (0) 207 877 1080  email member

 email member Rashmi Dubé Lawyer Legatus Law 41 St Pauls Street Leeds West Yorkshire LS1 2JG t. +44 (0)113 302 1330 m. +44 (0) 7958 920709  email member Andrew Dunbar Surveyor Valuer Winterhill Limited 23 Hanover Square London W1S 1JB t. +44 (0) 203 705 8025 m. +44 (0) 7816 905404  email member Diane Dunion Insolvency Practitioner Dunion & Co Limited Boulevard House 166 High Street Tunstall Stoke on Trent Staffordshire ST6 5TT t. +44 (0) 1782 828733 m. +44 (0) 7947 521923  email member Daniel Edgar Surveyor Valuer GA Europe Valuations 14 Berkeley Street Mayfair London W1J 8DX m. +44 (0) 7827 999332  email member Michael Edginton Surveyor Valuer Acasta Consulting Limited 1 Farnham Road Guildford Surrey GU2 4RG t. +44 (0) 1483 549828 m. +44 (0) 7789 866966  email member

MEMBERS | SPRING 2015 | CONNECT

49 E–F

F–G

G–H

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Paul Elphick Turnaround Practitioner Roebuck Interim Executives Ltd 59 Dartmouth House Royal Quarter Seven Kings Way Kingston-upon-Thames Surrey KT2 5BJ t. +44 (0) 208 546 9398 m. +44 (0) 7973 618074

Hugh Francis Interim Manager Interim Finance Director 40 Topstreet Way Harpenden Hertfordshire AL5 5TT m. +44 (0) 7801 651565

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

Peter Hamblin Turnaround Practitioner Hybeck Estates Ltd The Barns Main Street Gumley Leicestershire LE16 7RU t. +44 (0) 1162 793199 m. +44 (0) 7786 918145

 email member Kirsten Erichsen Legal Weil, Gotshal & Manges LLP 110 Fetter Lane London EC4A 1AY t. +44 (0) 207 903 1000  email member Winn Faria Consultant Advisor Wefway Ltd Magnolia 29 Wood Ride Haywards Heath West Sussex RH16 4NL t. +44 (0) 1444 414223 m. +44 (0) 7958 431258  email member Andrew Feather Corporate Recovery Specialist Orient Hall Management Consultancy Ltd 32 School Lane Halifax West Yorkshire HX2 9QW m. +44 (0) 7876 124934  email member Mark Fennessy Lawyer Proskauer Rose LLP Ninth Floor Ten Bishops Square London E1 6EG t. +44 (0) 207 539 0682 m. +44 (0) 7785 254911

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 email member Amy Gallimore Lawyer RPC Tower Bridge House St Katharine's Way London E1W 1AA  email member Anna Gilmore Lawyer Wragge Lawrence Graham & Co 4 More London Riverside London SE1 2AU t. +44 (0) 207 759 6536  email member Bill Gore Manfield Partners 38 Great Portland Street London W1W 8QY t. +44 (0) 203 397 2791 m. +44 (0) 7768 262621  email member Bjorn Gravsholt Financial Investor Hereford Capital 43-45 Portman Square London W1H 6HN  email member Ian Gray Turnaround Practitioner Baronsmead Consulting 6 Baronsmead Road London SW13 9RR m. +44 (0) 7702 200053  email member

 email member Philip Fernandes Accounts Payable Reviews Hilco Profit Recovery Limited 80 New Bond Street London W1S 1SB t. +44 (0) 207 054 7863 m. +44 (0) 7919 344341

Bryan Green Investor / Private Equity TNUI Capital LLP Bantalls Pipps Industrial estate Basildon Essex SS14 3BY m. +44 (0) 7931 557737

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 email member Clive Gresham Independent Executive & Advisor Gresham Considine LLP Holland House 4 Bury Street London EC3A 5AW t. +44 (0) 207 961 0737 m. +44 (0) 7772 435823

Simon Harrison Turnaround Practitioner Ideas Afresh Ltd Dove Cottage 7 Middlegarth Drive South Cave East Yorks HU152AY m. +44 (0) 7809 666132

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Mike Grieshaber Insolvency Practitioner MLG Associates Unit 4, Sunfield Business Park New Mill Road Finchampstead Wokingham Berkshire RG40 4QT t. +44 (0) 118 973 7776 m. +44 (0) 7777 687988

Christopher Hart Asset Based Lender BNP Paribas Commercial Finance 60 Cannon Street London EC4N 6NP m. +44 (0) 7776 371013

 email member Tony Groom Turnaround Practitioner K2 Business Partners Blythe Farm Mill Street Gamlingay Cambridgeshire SG19 3JW 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 t. +44 (0) 207 702 9775  email member Christopher Hall Surveyor Valuer Hilco Valuation Services 3 St Helen's Place London EC3A 6AB t. +44 (0) 845 313 0140  email member

 email member Nicki Hawksley Insolvency Practitioner Dains LLP Charlotte House Stanier Way The Wyvern Business Park Derby Derbyshire DE21 6BF t. +44 (0) 845 555 8844 m. +44 (0) 7800 709793  email member James Hayward Turnaround Practitioner BOSS LLP 2 Winchendon Road London SW6 5DR m. +44 (0) 7973 559567  email member Ullash Hazarika Business Analytics University of Oxford Said Business School Park End Street Oxford Oxfordshire OX1 1HP m. +44 (0) 7500 863403  email member

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Ian Henderson Interim Manager Henderson Services LLP 16 Stileman Way Sharnbrook Bedfordshire MK44 1HZ t. +44 (0) 1234 783259 m. +44 (0) 7831 397118

Mark Hollinshead Corporate Recovery Specialist Financial Guardian (UK) Ltd Ground Floor Duxbury Court 42 Preston Road Standish Lancashire WN6 0HS t. +44 (0) 800 043 5043 m. +44 (0) 7884 074214

Ian Jack Lawyer Baker & McKenzie 100 New Bridge Street London EC4V 6JA t. +44 (0) 207 919 1700

Nigel Johnson Insolvency Practitioner Lucas Johnson 32 Stamford Street Altrincham Cheshire WA14 1EY t. +44 (0) 161 929 8666 m. +44 (0) 7836 345133

 email member Nicholas Hill Solicitor Howard Kennedy FSI LLP 1 London Bridge London SE1 9BG t. +44 (0) 203 755 6000  email member Carolyn Hobbs Corporate Recovery Specialist Complete Cash Management Limited Unit 36F New Forest Enterprise Centre Chapel Lane Totton Southampton Hants SO40 9LA t. +44 (0) 238 000 1145 m. +44 (0) 7753 422596  email member David Hole Turnaround Practitioner Galen Partners Galen House 7 Egerton Road Hale Altrincham Cheshire WA15 8EE t. +44 (0) 844 576 0402 m. +44 (0) 7976 758246

 email member Paul Hooper-Keeley Interim Manager Intervallum Limited 12 Denyer Court Fradley Lichfield Staffordshire WS13 8TQ t. +44 (0) 15434 44262 m. +44 (0) 7958 155705  email member Jonathan Hughes Asset Based Lender Leumi ABL Ltd Davidson House Forbury Square Reading Berkshire RG1 3EU t. +44 (0) 118 900 1610 m. +44 (0) 7584 630762  email member Mark Humphrey MRICS Surveyor Valuer Key Appraisal Temple Chambers 3-7 Temple Avenue London EC4Y 0DA t. +44 (0) 207 936 4196 m. +44 (0) 7825 016388

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Joanne Holland Turnaround Practitioner Managing for Performance Ltd 4 Bryanston Mansions York Street London W1H 1DA t. +44 (0) 207 724 8772 m. +44 (0) 7769 694466

Jonathan Ingram Lawyer Maclay Murray & Spens LLP One London Wall London EC2Y 5AB t. +44 (0) 207 002 8541

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 email member Marc Isaacs McGuireWoods London LLP 11 Pilgrim Streeet London EC4V 6RN t. +44 (0) 207 632 1720 m. +44 (0) 7827 981219  email member

 email member Ian Jackson Financial Advisor Lansdowne House 57 Berkeley Square London W1J 6ER  email member Mike James Consultant Advisor The Russell Partnership 17 Cavendish Square London W1G 0PH t. +44 (0) 207 665 1888 m. +44 (0) 7973 267504  email member Danny Jamieson Corporate Recovery Specialist BRS Consulting Ltd Centrum Offices 38 Queen Street Glasgow G1 3DX t. +44 (0) 141 548 8210 m. +44 (0) 7800 826682  email member Ben Jeffs Turnaround Practitioner TiDi Limited 11 Palefield Road Monkspath Solihull West Midlands B90 4TN m. +44 (0) 7768 238663  email member Martin Jesper Turnaround Practitioner Rootcorz Limited 21 Washington Terrace North Shields Tyne & Wear NE30 2HG m. +44 (0) 7775 612094  email member

 email member Brian Johnson Head of Business Recovery and Insolvency HW Fisher & Company Acre House 11-15 William Road London NW1 3ER t. +44 (0) 207 380 4989 m. +44 (0) 7919 365230  email member Simon Jones Turnaround Practitioner Syntony Partners 29 Perrott Close North Leigh Witney Oxon OX29 6RU t. +44 (0) 1993 880316 m. +44 (0) 7956 419249  email member Chris Jones Lawyer Gunnercooke LLP 53 King Street Manchester M2 4LQ m. +44 (0) 7753 799386  email member Simon Jones Surveyor Valuer American Appraisal Aldermary House 10-15 Queen Street London EC4N 1TX t. +44 (0) 207 778 0809 m. +44 (0) 7711 378265  email member Lee Joyce Surveyor Valuer Sanderson Weatherall LLP Balfour House 46-54 Great Titchfield Street London W1W 7QA t. +44 (0) 207 851 2140 m. +44 (0) 7717 558213  email member

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

Edward Kreiman Turnaround Practitioner 72 Oakley Street London SW3 5HF m. +44 (0) 7903 810884

Jonathan Levine Finance / Investment Grovepoint 8-12 York Gate London NW1 4QG m. +44 (0) 7740 042816

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

 email member Susan Kelly Corporate Recovery Specialist Squire Patton Boggs (UK) LLP Trinity Court 16 John Dalton Street Manchester Greater Manchester M60 8HS t. +44 (0) 0161 830 5006 m. +44 (0) 07740 924773  email member Olya Klueppel Investment Management ESO Capital UK Ltd Palladium House 2nd Floor 1-4 Argyll Street London W1F 7TA t. +41 79 297 4153  email member Georgios Kondylis Corporate Recovery Specialist Synergis Consulting 31 Katsibiri Street Cholargos Athens 15561 t. +30210 6533105 m. +30693 2744258  email member Andreas Konstantinou Accountant HLB Hellas SA 184 A Kifissias Avenue Athens Attica 17124 t. +30694 2619966  email member Andreas Koutsouris Turnaround Practitioner Ithaka Capital Partners 6 Linden Gardens London W2 4ES m. +44 (0) 7769 961063  email member

 email member

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

 email member Jessica Ling Lawyer Ropes & Gray International LLP 5 New Street Square London EC4A 3BF t. +44 (0) 203 122 1191 m. +44 (0) 7768 629547  email member

Stuart Laird Turnaround Practitioner SWL Consult Limited Fir Tree Farm House Fir Tree Lane Horton Heath Eastleigh Hants SO50 7DF t. +44 (0) 2380 696949 m. +44 (0) 7739 669117  email member Alain Le Berre Financial Advisory, Operational Turnarounds and M&A in Continental Europe AlpahaConsulting Chemin des Coteaux 18 Arzier CH-1273 t. +41 225 6689 67 m. +41 799 608 599  email member Jan Leigh Turnaround Practitioner JVL Consultants 12 Gamlen Road London SW15 1AB t. +44 (0) 208 785 1677 m. +44 (0) 7710 455822  email member Vas Lenis Turnaround Practitioner PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT m. +44 (0) 7768 252 917  email member

John Lloyd Turnaround Practitioner Zalis 5 Avenue de Messine Paris 75008 t. +33 1447 10808 m. +33 645929532  email member

Stephen Macro Turnaround Practitioner Connect Business Management Ltd 71 Harrington Rd Loddington Northants NN14 1JZ t. +44 (0) 1536 712021 m. +44 (0) 7736 667641  email member Francis Maietta Interim Manager 11 Neville Road Kingston-upon-Thames KT1 3QX m. +44 (0) 7956 206536  email member

Mel Loades Personal Guarantees support Innate Wisdom Ltd Dephna House 24/26 Arcadia Avenue London N3 2JU m. +44 (0) 7734 567446

Dan Main Surveyor Valuer GoIndustry DoveBid 1 Alie St London E1 8DE m. +44 (0) 7900 052901

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Owain Loft Accountant Gordon Brothers Europe 13 Hanover Square London W1S 1HN t. +44 (0) 207 647 5136 m. +44( 0) 7506 427435

Christopher Mallon Lawyer Skadden, Arps, Slate, Meather & Flom (UK) LLP 40 Bank Street London E14 5DS t. +44 (0) 207 519 7000

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

Spyros Marinis Banker Global Finance S.A. 32 Kifisias Ave. Atrina Tower 5th Floor Marousi Area Athens 15125 t. +30210 6817534 m. +30694 2403203

 email member

 email member

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Dominic McCahill Lawyer Skadden, Arps, Slate, Meagher & Flom (UK) LLP 40 Bank Street London E14 5DS t. +44 (0) 207 519 7018

Nick Moser Lawyer Taylor Wessing LLP 5 New Street Square London EC4A 3TW t. +44 (0) 207 300 7000

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

Panos Papas Turnaround Practitioner Wilder Coe LLP 233-237 Old Marylebone Road London NW1 5QT t. +44 (0) 207 724 2345 m. +44 (0) 7538 132316

 email member

 email member Mark McCarron Asset Recovery / Fraud Investigation MAPS Solutions Europe Ltd Suite 46 Anglo House Worcester Road Stourport on Severn Worcs DY13 9AW t. +44 (0) 844 779 9999 m. +44 (0) 7866 570400  email member Brian McDonald Financial Advisor Paragon Group Ltd The Paragon Suite Irish Management Institute Sandyford Road Dublin Dublin 16 t. +353 1 293 81 00 m. +44 (0) 7825 864370  email member David Mitchell Turnaround Practitioner Bryan, Mansell & Tilley LLP 66 Williams Way Radlett Herts WD7 7HB t. +44 (0) 203 178 4902 m. +44 (0) 7769 708868  email member Amin Moncef Operations Improvement Advisor Sapphire Innovation Bahnofstrasse 10 Zug Switzerland 6301 t. 00417 86575111  email member Susan Moor Interim Turnaround Provider FRP Transition 110 Cannon Street London EC4N 6EU t. +44 (0) 203 005 4095 m. +44 (0) 7787 124626  email member

Andrew Moser Asset Based Lender Salus Capital Partners LLC 197 First Avenue Suite 250 Needham 2494 t. 617 420 2670  email member Maurice Moses Turnaround Practitioner EY 1 More London Place London SE1 2AF t. +44 (0) 207 951 6635 m. +44 (0) 7768 467007  email member Garry Mumford Financial Director Insight Associates Insight House Riverside Business Park Stoney Common Road Stansted Mountfitchet Essex CM24 8PL t. +44 (0) 1279 647447 m. +44 (0) 7850 592124  email member

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

Trevor Parkinson Interim Manager TRPAssociates Ltd Furzedown Lodge Fox Amport Andover Hampshire SP11 8JA t. +44 (0) 1264 889746 m. +44 (0) 7799 118666

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 email member

Wayne O'Neil Lawyer Maclay Murray & Spens LLP One London Wall London EC2Y 5AB t. +44 (0) 207 002 8525 m. +44 (0) 7966 015204

Aman Parmar Strategy Consultant Cedar Dean Commercial Cedars House 136-144 Golders Green Road London NW11 8HB t. +44 (0) 207 100 6013 m. +44 (0) 7961 672077

 email member

 email member Mark O'Neil Asset Based Lender Close Brothers Invoice Finance Ridgeland House 165 Dyke Road Hove East Sussex BN3 1UY m. +44 (0) 7825 682111  email member

Sarah Murphy Turnaround Practitioner Quince International Consulting Ltd Beach House Amroth Dyfed SA67 8ND m. +44 (0) 7875 310429

Holly Palmer Insolvency Practitioner Grant Thornton UK LLP 30 Finsbury Square London EC2P 2YU m. +44 (0) 7919 397044  email member

 email member William Needham Lawyer 110 Fetter Lane London EC4A 1AY  email member

 email member

Martha Papanastasiou Banker 14 Areos Street Athens Greece 17562 t. +302109 810553 m. +306945 756943  email member

Arif Patala Bankruptcy and Liquidation Consultant Justice Goddard Ltd First Floor 184 Cheetham Hill Road Manchester Greater Manchester M8 8LQ t. +44 (0) 844 822 0845 m. +44 (0) 7708 500816  email member Andy Pear Insolvency Practitioner BM Advisory LLP 82 St John Street London EC1M 4JN t. +44 (0) 207 549 2918 m. +44 (0) 7949 205414  email member Fraser Pearce Turnaround Practitioner Fraser Pearce Consulting Ltd 6 Wickham Chase West Wickham Kent BR4 0BL t. +44 (0) 208 249 7369 m. +44 (0) 7825 596556  email member

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Elizabeth Pearce Strategy Consultant Maverick Innovations Ltd Cygnus House Orion Court Great Blakenham Suffolk IP6 0LW t. +44 (0) 1473 836400 m. +44 (0) 7786 998704

Simon Poulton Turnaround Practitioner Starfield Management Ltd 15 Oakdene Beaconsfield Buckinghampshire HP9 2BZ t. +44 (0) 1494 670935 m. +44 (0) 7780 684182

Matthew Quade Turnaround Practitioner Advantage Business Partnerships 145 – 157 St John Street London EC1V 4PW t. +44 (0) 203 384 0276 m. +44 (0) 7879 846423

Sten André Rigedahl Consultant Advisor Strategic Vision Limited/ Cost Reduction Services 3rd Floor 207 Regent Street London W1B 3HH t. +44 (0) 203 286 7798

 email member

 email member

 email member

Peter Powell Turnaround Practitioner Corporate Turnaround 1 Tweedsmuir Close Oakwood Derby DE21 2JL m. +44 (0) 7951 902416

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

Frederik Hein Riise Turnaround Practitioner Hereford Capital 43-45 Portman Square London W1H 6HN

 email member Ian Pegler Turnaround Practitioner Distinctive Visions Ltd High Meadows 42 Denham Lane Chalfont St Peter Gerrards Cross Buckinghamshire SL9 0ET m +44 (0) 7973 612642  email member Andrew Pepper Investor & Turnaround Practitioner Hilco Capital Ltd 80 New Bond Street London W1S 1SB  email member

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 email member Mark Price Consultant Advisor Licensed Trade Management & Consultancy Ltd 2 Hereford Drive Claydon Ipswich Suffolk IP6 0BF t. +44 (0) 1473 833453 m. +44 (0) 7583 896560  email member

Stephane Perche Investor Sequor Investments 29 Oberstein Road London SW11 2AE m. +44 (0) 7901 555996  email member Adam Plainer Lawyer Weil, Gotshal & Manges 110 Fetter Lane London EC4A 1AY  email member Maria Pombo Turnaround Practitioner Be Rescued (Business) Consulting Ltd 26 Railway Road Downham Market Norfolk PE38 9EB t. +44 (0) 844 980 019 m. +44 (0) 7901 822279  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 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 t. +44 (0) 1892 662378 m. +44 (0) 7813 212224  email member

Edward Ransome Financial Investor Endless LLP 102 Park Street London W1K 6NE m. +44 (0) 7921 159486

 email member Mark Riley Turnaround Practitioner Mark Riley & Co 28 – 30 High Street Guildford Surrey GU1 3HY t. +44 (0) 1483 243 333 m. +44 (0) 7810 892500  email member

 email member Mike Reavill Pension Industry Pension Protection Fund Renaissance 12 Dingwall Road Croydon CR0 2NA m. +44 (0) 208 633 6627  email member Jonathan Reeves Consultant Advisor Set Up and Go Ltd 61a Scotts Lane Bromley Kent BR2 0LT t. +44 (0) 208 658 2352 m. +44 (0) 7764 193094

Jamie Robertson-McIsaac Risk Management & Insurance Buyer Robertson-McIsaac Ltd Adderstone House Adderstone Crescent Jesmond Newcastle upon Tyne NE2 2HH t. +44 (0) 191 212 1234 m. +44 (0) 7860 830869  email member Mark Rodgers Operations Improvement Advisor Experian 14 Keats House London SW1 3HY

 email member

 email member

Rob Reynolds Turnaround Practitioner Elevatur Ltd 43 Bridge Road Grays Essex RM17 6BU m. +44 (0) 7973 442681

Tony Rodriguez Academic 16 Laurel Road Chalfont St Peter Bucks SL9 9SJ t. +44 (0) 1753 887254 m. +44 (0) 7799 774941

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 email member

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Alex Rogan Lawyer Skadden, Arps, Slate, Meagher & Flom (UK) LLP 40 Bank Street London E14 58DS t. +44 (0) 207 519 7255

Neil Sharma-Burford Turnaround Practitioner m. +44 (0) 7850 519905

Mike Smith Turnaround Practitioner Jameson Smith & Co 2nd Floor Afon House Worthing Road Horsham West Sussex RH12 1TL m. +44 (0) 7912 344394

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

 email member Tim Rosser Turnaround Practitioner Turning Circle Solutions Limited 8 Belgrade Road Hampton Middlesex TW12 2AZ t. +44 (0) 208 941 6608 m. +44 (0) 7768 141178  email member David Rushton Asset Based Lender ABN AMRO Commercial Finance Plc 5th Floor Anchorage 2 Anchorage Quay Salford Quays M50 3GP t. +44 (0) 161 888 5922 m. +44 (0) 7973 370882  email member Paul Sanchez Interim Manager Taiga Partners Ltd September House 187 The Street West Horsley Surrey KT24 6HR t. +44 (0) 1483 285833 m. +44 (0) 7770 421541  email member Ian Searle Lawyer Setfords Jenner House 1a Jenner Road Guildford Surrey GU1 3PH t. +44 (0) 203 301 0801 M. +44 (0) 7917 323122  email member Graham Seaton Surveyor Valuer Graham Seaton Ltd 10 Dunstable Road Tilsworth Leighton Buzzard Bedfordshire LU7 9PU t. +44 (0) 1525 210761 m. +44 (0) 7900 681816  email member

 email member Michael Sheath Surveyor Valuer Capa 37 Duke Street London W1U 1LN t. +44 (0) 207 22 47222 m. +44 (0) 7770 872444  email member Andrew Sheridan Insolvency Practitioner FRP Advisory LLP Kings Orchard 1 Queen Street Bristol BS2 0HQ t. +44 (0) 117 203 3670 m. +44 (0) 7774 196881  email member Maria Sheytanova Turnaround Practitioner CTM Bulgaria 84 Al. Stamboliiski blv.

Floor 4, Office 17 Sofia 1303 t. 00359 8889 86952  email member Peter Sibbald Interim Procurement & Business Improvement Manager Socorro Management Services Ltd The Chumleys Crabtree Lane Cold Ashby Northampton NN6 6EF m. +44 (0) 7799 798255  email member Steve Smith Insolvency Practitioner Mercer & Hole, Chartered Accountants Fleet Place House 2 Fleet Place London EC4M 7RF t. +44 (0) 207 236 2601 m. +44 (0) 7912 125093  email member

 email member

 email member Jaz Stafford Case Administrator FRP Advisory LLP 110 Cannon Street London EC4N 6EU t. +44 (0) 203 005 4133  email member Darko Stanisavic Financial Advisor Deloitte Terazije 8 Belgrade 11000 t. +38111 3812134 m. +38165 3164350  email member Stephen Starkey Operations Improvement Advisor Lee House 67 Lees Farm Drive Madeley Telford Shropshire TF7 5SU m. +44 (0) 7779 851129  email member Sue Staunton Turnaround Practitioner James Cowper LLP 2 Chawley Park Chumnor Hill Oxford Oxon OX2 9GG t. +44 (0) 1865 861166 m. +44 (0) 7887 561131  email member Justin Stephenson Lawyer Jeffrey Green Russell 7-12 Noel Street London W1F 8GQ t. +44 (0) 207 339 7071 m. +44 (0) 7712 790509  email member

Peter Stevens Consultant Advisor American Appraisal Aldermary House 10-15 Queen Street London EC4N 1TX t. +44 (0) 207 778 0800 m. +44 (0) 7740 588143  email member Kevin Sullivan Asset Based Lender Lloyds Bank Commercial Finance Boston House 1 The little Green Richmond Surrey TW9 1QE t. +44 (0) 208 727 2092 m. +44 (0) 7764 625639  email member Marc Sullivan Turnaround Practitioner SOLNA Investments 618 Vinings Estates Drive Mableton Cobb 30126 t. +254705 433130 m. +254705 433130  email member Andrew Swan Surveyor Valuer Colliers International Broad Gate The Headrow Leeds LS1 8EQ t. +44 (0) 113 200 1814 m. +44 (0) 7887 565120  email member Steve Swayne Turnaround Practitioner Kingsgate Woodlands Margery Wood Lane Tadworth Surrey KT20 7AY m. +44 (0) 7802 933585  email member

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Declan Taite Insolvency Practitioner Duff & Phelps (Ireland) Ltd Molyneux House Bride Street Dublin 8 t. 00353 1 4182086 m. 00 (3) 53 86 2111485

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

Heloise Waudby Lawyer Maclay Murray & Spens One London Wall London EC2Y 5AB t. +44 (0) 330 222 0080 m. +44 (0) 7776 246475

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 email member

 email member

Philip Wildbur Turnaround Practitioner Turnaround Solutions Bryn Bedw Llangynhafal Ruthin Denbighshire LL15 1RU t. +44 (0) 1824 707944 m. +44 (0) 7970 494302

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

Jaco van Niekerk Turnaround Practitioner 36 Finchley way London N3 1AH m. +44 (0) 7840 485465

Mike Weaver Financial Advisor American Appraisal 10-15 Queen Street London EC4N 1TX m. +44 (0) 7971 570547

 email member Mark Taylor Turnaround Specialist Bluesky Associates LLP Homer House 8 Homer Road Solihull West Midlands B91 3QQ t. +44 (0) 7958 701552  email member Rathi Thiagamoorthy Lawyer Maclay Murray & Spens LLP One London Wall London EC2Y 5AB t. +44 (0) 330 222 1960 m. +44 (0) 7717 369667  email member Alan Tilley Turnaround Practitioner Bryan, Mansell & Tilley LLP 23 Austin Friars London EC2N 2QP t. +44 (0) 203 178 4902 m. +44 (0) 7950 808777  email member Frank Tschentscher Lawyer Attorney (Germany) & Solicitor (England and Wales) Schultze & Braun GmbH Rechtsanwaltsgesellschaft Willy-Brandt-Strasse 57 20547 Hamburg t. +49 40 30 60 457 110  email member

 email member

 email member Christoph von Wilcken Lawyer Schultze & Braun GmbH Rechtsanwaltsgesellschaft Krausenstraße 8 Berlin D-10117 t. +49 3030 830380  email member Eamonn Wall Corporate Recovery Specialist Robson Scott Associates Ltd 49 Duke Street Darlington County Durham DL3 7SD t. +44 (0) 1325 365950 m. +44 (0) 7799 367551

Michael Weyrich Turnaround Practitioner AlixPartners LLP 20 North Audley Street Mayfair London W1K 6WE t. +44 (0) 207 098 7400 m. +44 (0) 7768 374551  email member James Wheeler Consultant Advisor PILOTpartners 21-26 Garlick Hill London EC4V 2AU m. +44 (0) 7808 590176

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Chris Walsh Consultant Advisor Matrix Corporate Services 18 Leyland Drive Chorley Lancashire PR7 3BQ t. +44 (0) 1257 431663 m. +44 (0) 7734 361914

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

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 email member

Jane Warner Turnaround Practitioner Baronsmead Consulting 10 Elm View Halifax West Yorkshire HX3 0AE m. +44 (0) 7702 200052

Greg Whitehead Insolvency Practitioner Northpoint 2nd Floor Yorkshire Chambers 118 Pilgrim Street Newcastle upon Tyne Tyne & Wear NE1 6SQ t. +44 (0) 191 211 1452 m. +44 (0) 7900 241464

 email member

 email member

 email member Paul Wood Insolvency Practitioner Smith & Williamson Portwall Place Portwall Lane Bristol BS1 6NA t. +44 (0) 117 376 2269 m. +44 (0) 7867 978108  email member Philip Wood Accountant Barringtons Corporate Recovery Ltd t/a BCR 570-572 Etruria Road Newcastle-under-Lyme Staffordshire ST5 0SU t. +44 (0) 333 014 3454 m. +44 (0) 7831 817905  email member Jo Wright Turnaround Practitioner De Novo Advisory Limited Cathedral Court 15 Colmore Row Birmingham B3 2BH t. +44 (0) 121 663 0126 m. +44 (0) 7770 381237  email member Marcus Yang Asset Based Lender RBS 280 Bishopsgate London EC2M 4RB t. +44 (0) 207 672 0311 m. +44 (0) 7554 337028  email member Michael Ziff Financial Investor WM Barratt & Co Ltd 10 Hallgate London NW8 9PG t. +44 (0) 207 289 7932 m. +44 (0) 7712 867215

CONNECT | SPRING 2015

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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: ■

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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: ■

■

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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

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 5th Floor East, Chancery House, 53-64 Chancery Lane, London WC2A 1QS T +44 (0)20 7492 0400 bvca@bvca.co.uk www.bvca.co.uk

www.tma-uk.org Turnaround Management Association (UK) 110 Cannon Street London EC4N 6EU

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