Restructuring & turnaround

Our team of experts understands that early and swift action can result in the preservation and success of the core business.

What sets us apart is our reputation for working closely with the restructuring accountants, the turnaround executive and the management team to deliver a solvent solution.

We can help make sense of the complex picture in a very short timeframe, and can identify options and recommend the best strategy to achieve the desired outcome.

Highlights in recent years include advising on the winner of the Institute for Turnaround SME Turnaround of the Year for 2016 and a shortlisting for Advisers of the Year for 2017.

Our range of solvent solutions include accelerated sales of non-core operations, or of the divisions attracting a premium on a sale, buy and build, balance sheet restructurings, debt for equity swaps, preserving core business while ring-fencing or splitting out underperforming business streams, refinancing and new investment.

Clients include owner-managers, family businesses, private equity owned companies and subsidiaries of larger groups, across a range of sectors including clean energy, technology and media, retail and manufacturing.

• Acting for a £40 million turnover electronics group in the various phases of its turnaround plan: a debt for equity swap, a section 110 demerger of its manufacturing business from the assembly business, while preserving favourable tax treatment for management shareholders; advising on the sale of the manufacturing business to a Hong Kong buyer and on the sale of the assembly business to a US listed buyer.
• Acting on all three phases of a major restructuring of a transport and waste group, including the temporary refinancing of the business under intense cashflow and bank pressure, the restructuring of the group debt, the share sale of its recycling division and the share sale of its rail business. The 24 companies in the Group, turning over more than £70 million and employing 1,100, were reduced to 8, allowing it to re-focus on its original core community and public transport services, with net cash at bank.
• Acting for Wilts Wholesale Electrical, the then largest independent distributor of electrical supplies operating in England and Wales, in the disposal of its 59 branches to Rexel UK in an accelerated sale, and in compromising any remaining creditors claim (including a defined benefit pension scheme) by way of a court approved scheme of arrangement.

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