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NEWS & REVIEWS • INSTITUTE FOR TURNAROUND
Swift
December 2010
The ideal platform
Household names fight to win
Turnaround is a destination
Institute for Turnaround
ift
©
Turnaround Pick-and-Mix
From what we have learned through talking with you individually or in groups; and
insights gained from a series of online membership surveys, the year has been a mixed
bag in the turnaround market. Some Turnaround Professionals have been constantly busy;
others occupied but not necessarily with turnaround work and a proportion has had very
few approaches about turnaround assignments and sometimes none that translate into
paid roles. Such patterns and trends as there are have tended to be short-lived and
changeable.
Contents
Strength in Independence
Those of you who attended the IFT’s AGM will have heard that after a period of reorganisation,
consolidation and cost control, IFT, which went independent in 2008, has become financially sound
and is now in a position to invest and develop. The Board together with the Executive already has
underway a number of measures to support the membership for the next year and beyond and I have
written on their behalf to the membership.
Page 11-12 Public sector spending chart
Education means Progress
Banks do not always get a fair hearing in the press, so I am glad to report that IFT is currently working
with RBS, Lloyds Banking Group and Barclays nationally and regionally on a professional education
programme that can assist businesses with profound and radical change as well as when financial
viability is questionable. HSBC continues to be supportive and with the aforementioned banks, had a
visible role at our conference, in the context of a broad Turnaround platform.
Thought-Leading
Early next year we will be publishing the recommendations and findings from our survey on how to
make organisational restructuring more efficient and cost-effective; an example of thought-leadership
that has involved a wide, senior cross-section of the relevant population.
At the close of this year, whatever it has brought for each of us personally, I would especially like to
thank most warmly the many IFT Members, Corporate Partners and Supporters who altruistically
dedicate great expertise and time to improving Turnaround for the benefit of all concerned.
Many of you already have got involved in IFT’s voluntary and pro bono work too. This commitment and
assistance has already helped change the prospects in positive ways for individuals and organisations
needing what we can offer by way of skills and support. This aspect of IFT, starting in a small way, has
the potential to transform the outlook of the people we reach out too – and our own.
As the Chairman says, we have placed the turnaround professionals who are IFT’s DNA at the core of
our programme, without sacrificing the busy schedule we have created over a period of time. There is
always more we can and will do and we are open to your ideas and comments at all times. The Board
and the Executive will redouble our earnest efforts to ensure that you, as the best professionals belong
to the most representative, credible and professionally best membership
organisation we can sustain – IFT.
Very Best Wishes to All Swift’s Readers
Christine Elliott
Chief Executive and Director, Institute for Turnaround
Swift Contacts Directory - Editor: [email protected] +44 20 7324 6216
AlixPartners: David Hewish: [email protected]
Begbies Global Network: Nick Hood: +44 (0)20 7398 3800 www.begbies-traynorgroup.com
BTG Mesirow Financial Consulting:
Nigel Atkinson: +44 (0)20 7398 3755 [email protected]
Dickinson Dees: John Pennie: +44 191 279 9255 [email protected]
Endless: Garry Wilson: +44 (0)113 210 4007 [email protected]
Chris Clegg: +44 (0) 113 2104004 M: +44 (0)778 9032472 [email protected]
Warwick Ley: +44 (0) 161 837 6035 [email protected]
Ian Plumb: +44 (0) 161 837 6037 [email protected]
GA Europe: Gavin George: +44 (0) 20 3036 0300 [email protected]
Haywards LLP: Nick Cook: +44 (0)1494 488 493 [email protected]
Pinsent Masons: Jamie White: +44 (0) 161 234 8234; +44 (0)20 7418 9550
[email protected]
1
Page 2
Message from the Chairman
Page 3
The ideal platform
Page 4
Office occupiers and landlords
Page 5-10
Turnaround Awards 2010
Page 13-14 Peering into the gloom
Page 15
Bernard Matthews CVO, CBE, QSM
Endless promotion
Page 16
Dakar rally
Pinsent Masons new team
Page 17
Turnaround traveller
Page 18
Avon Rubber
Hong Kong event
IFT bike team
Page 19-20 New member profiles
Page 21
Turnaround is a destination
Page 22
Bah humbugs
Mythbuster
Merry turnaround christmas
IFT Corporate Partners
Institute for Turnaround corporate partners represent the
best in law, accountancy, corporate banking and finance,
private equity and other experts involved in the field.
We value their support.
Alchemy
AlixPartners
Alvarez & Marsal
Baker Tilly
Barclays
BDO
Better Capital
Burdale Financial Limited
Deloitte
DLA Piper
Endless
Ernst & Young
Freshfields Bruckhaus Deringer
GA Europe
GE Commercial Finance
Grant Thornton
HSBC
Kelso Place Asset Management
KPMG
Lloyds Banking Group
Pinsent Masons
PricewaterhouseCoopers
Royal Bank of Scotland
RSM Tenon
Rutland Partners
Smith & Willamson
Vantis
Swift
Institute for Turnaround
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Message from the Chairman
Since the last edition of Swift, I am
pleased to report that your Board has
had very constructive and conclusive
meetings to set our strategy and focus
our plans to establish IFT as the de
facto voice of turnaround. In parallel I
am pleased to report that we are also
implementing a range of initiatives to
connect up the membership with
opportunities to showcase their highly
valued skills.
As I intimated previously we are keen to apply all the effective turnaround
practices, in particular of having our plans focused, simple and
sustainable. We are also keen to respond decisively to feedback and
immediate opportunities. These are fantastic words, but there is an absolute
commitment to work to them. I do hope you will judge us positively against
them in due course.
Extend IFT’s Influence
We have now set ourselves the task of extending the influence of IFT. This
will be done by ensuring that the membership is fully representative of all
stakeholders whether Bank, Equity Advisory or management. We want
enthusiastically to engage with all these groups to ensure we are being
driven and influenced by all the issues impacting corporate turnaround and
regeneration. When we add more Equity groups we will truly have an
inspired strength and depth of members. It is also of critical importance that
the Independent Practitioner is at the centre of all we do. It is the
implementation skills of our membership and their ability to drive a
sustainable change that sets us apart. The turnaround professional is the
essence and DNA of IFT.
Create a Turnaround Profession
The second task that we have set ourselves is to create a turnaround
profession and provide another point of difference for our members. The
foundations of this are based on a progression to chartered status and in
particular the provision of effective CPD and working with high quality
partners to extend this further throughout the country. A Chartered status is
an aspiration but it is in the process that we will set our members apart and
establish IFT as the voice of turnaround. Our practicing certificates and CPD
programmes are already cornerstones and their development is the focal
point.
Share Time & Expertise
Lastly, as an organisation, we are committed to set up a forum to allow
members opportunities to share their time and expertise in helping the next
generation. I am inspired by the amount of charitable and mentoring work
that currently goes on and keen to support this to create some IFT
Foundation momentum.
To help deliver on our objectives, we will shortly announce a streamlined
Committee structure with the 4 core and focused Committees covering
Membership, Professional Development, Finance & Governance and Policy.
Two IFT Directors, with one as chair and alternate, will head each of these.
These forums will work for and with an expanded Executive team to
implement our strategy and specific plans.
Committee Tasks
The Membership Committee is tasked delivering a vibrant network, an
optimal accreditation process and a strong regional network. In Professional
Development the plans are focused on providing comprehensive CPD
programmes, embedded CPD best practice and to establish and expand the
Practicing Certificate model. In Finance & Governance their role is ensuring
financial performance, Committee governance and providing the business
planning models as we grow. Last a small Policy Committee will explore
issues in the Chartered journey, our International connections, and IFT
Foundation.
I am particularly keen that we ensure all Board and Committee interactions
are as transparent and open to the members as possible. Accordingly, we
will set out in the next edition of SWIFT who is doing what job, what the
targets are and a request that as many members get behind these
initiatives as possible. I very much appreciate that the nature of the work
we take means we can get extremely busy and pressured day jobs.
However, a little time from a lot of members can go a long way to give IFT a
huge uplift and momentum and firmly on the path to establishing a de facto
voice of turnaround and regeneration.
IFT is Aspirational
I am very pleased with our aspirations and in particular the determination
and energy that the Board has and is committed to devote. However, we
fully recognise that there are a number of immediate and short-term issues
that we must address to help connect up our quality membership with
opportunities to demonstrate their skills. We have pulled together a number
of immediate initiatives to help with this process. We would like to thank
RBS and their commitment to regional workshops where our members can
interact with key stakeholders to discuss cases and approaches. This is a
great chance to clearly demonstrate our excellent implementation and
change management abilities. This initiative will be followed through by the
other Banks and I am convinced that this type of forum on a regional basis
will provide significant benefits to IFT and the membership in general. This
is but one of the initiatives we are planning.
IFT in Consultation
To help ensure we fully understand the needs of all the members on a
regular and systematic basis we are planning a wide-ranging survey. I am
keen to gather up each and every view set against our ambitions and plans
for the future. We have absorbed as much feedback as possible in forming
these plans. However, we will never be complacent that we have enough
regular feedback so I would encourage you to respond to the Questionnaires
that Christine will send out to help us identify other initiatives that we can
undertake for the benefit of the organisation.
We have come a long way in a short time and we are determined to keep up
the pace of development. IFT has a fantastic strength and depth and
quality of member and something we are keen to tap into at all times.
Can I encourage you to get involved via the Committee forums and
Members meetings and any other ways to help build the momentum.
We very much look forward to working with you.
Iain MacRitchie, Institute for Turnaround Chairman
2
The‘ideal platform’ in a competitive market
Although both partners in the BTG Mesirow Financial
Consulting joint venture (BTG MFC) have been on the
scene in the UK and USA respectively for many years,
the new entity has only been in existence for just over a
year, having been launched at the ABI conference in
Paris in 2009. We, therefore, needed a platform to raise
our profile in Europe and particularly the UK, a market
which is one of the most competitive in the world for
restructuring and turnaround professionals.
Operational Turnaround Ideals & Values
The Institute for Turnaround (IFT) provided that ideal
platform because it embodies the true ideals of operational
turnaround and value enhancement for stakeholders involved
in challenged businesses and it aspires to high quality
standards – values that we share. These are being
increasingly recognised by leading UK financial institutions,
including the major clearing banks, although anecdotally at
least the use of turnaround directors (TDs) by banks at the
present time appears to be at a low level, on which I
comment further.
It gave us great pleasure to sponsor the IFT awards dinner in
2009 and we did so again this year. In addition, we became
corporate partners of IFT earlier in the year and have
committed to financially supporting the Institute for at least
three years.
Pan-European Credentials
Our launch in Paris emphasised that our focus is much wider
than the UK alone, and since then we have hired Alain Le
Berre as Head of European Restructuring. Alain was
previously with Huron Consulting and Close Brothers in
London. Alain is a French citizen who now lives in Geneva
and worked in Germany for eight years, so he has true panEuropean credentials. Our footprint this side of the pond also
extends to the Middle East and East Africa, areas where we
are seeing increasing numbers of opportunities, partly off the
back of Begbies Traynor Group’s office in Nairobi. The
international effort is further supported by Begbies Global
Network, which has member firms in 105 countries. These
are not audit and accounting outposts but true troubled
company specialists in each jurisdiction.
Turnaround Executives Panel
Earlier this year we formally set up our own panel of
turnaround executives known as BRITE, an acronym for BTG
Restructuring Independent Turnaround Executives, which had
previously existed but operated on something of an ad hoc
basis. This is now professionally operated for us by Pilot
Partners. It comprises some 120 sector specialists we have
previously worked with and the best of Pilot Partner’s
database. We work closely with our members both on
diagnostic assignments and on operational turnaround/CRO
roles and include them in our client networking activities.
Many of the members are also members of the IFT and our
philosophy is to include them as part of our team and
support them in their roles, either technically or as sounding
boards for what is often a lonely job.
3
What is holding back Turnaround?
I commented above that TDs are generally nowhere near as
busy as anyone would have expected at this stage in what
has been the most severe economic downturn for eighty
years. I hear this from fellow IFT members and from BRITE
members. A lot has been said about the current culture of
‘Amend, Extend and Pretend’: Jon Moulton commented at
the recent IFT Conference that he thought there were some
80,000 UK zombie companies out there, clinging on mainly
because of low interest rates and HMRC ‘time to pay’
arrangements. There are clearly a number of other factors at
work that support this as well, but a number of these
companies should really be put out of their misery and put
though an insolvency process: this would both recycle their
assets so that they can be more efficiently used and stop
them acting as sheet anchors on their more successful
competitors. There must be a good number, both potentially
viable and capable of value growth for stakeholders that
could benefit from the involvement of IFT members. What is
holding this process back?
By definition, most of the companies concerned must be in
the SME sector. Many of these will be family companies and
their management may be in denial or, more likely at this
stage in the cycle, be motivated by sheer survival. Unless
something happens to force their hand they will do nothing,
hoping that a rising tide of economic growth will float them
off the rocks. So what can force their hand – the banks?
Yes, but the numbers are potentially overwhelming. Do
banks have enough skilled staff to triage those with real
value potential from those with little hope, and then manage
the sensitive process of introducing a TD at an early enough
stage to be effective? Easier and better from a bank’s
balance sheet perspective to wait for the rising tide of
growth or increasing interest rates to see who can still float.
Seek out underperforming businesses
Apart from perhaps a short term increase in activity in 2011
resulting from the effect of weaker consumer demand
following tax increases and cuts in Government expenditure,
possibly leading to a ‘double dip’, we do not see much
change in the foreseeable future. So the challenge for the
profession is to seek out those underperforming companies
that could benefit from help and persuade management or
equity sponsors that now is the time to sort out their balance
sheets and fix their businesses.
At BTG MFC, we are focusing our efforts on those industry
sectors where we believe we can add the most value and
identifying through research those companies which are the
most suitable cases for treatment. The hard part is to then
sell this to management!
Nigel Atkinson, Partner, BTG Mesirow Financial Consulting
BTG Mesirow Financial Consulting is a Principal Sponsor of
IFT’s Europe’s Top Turnaround Awards 2010
Office occupiers remain dissatisfied
with their landlords' performance
A survey by Haywards LLP shows that the worst scores were
on service charges and insurances, licences for consent and
the rent review process. The landlords' interaction on
environmental issues got the worst score.
Unsurprisingly, Big occupiers can, and do, pull rank.
As a result occupiers generally remain dissatisfied with their
landlord’s performance. The scores across the board are all
lower than 6 out of 10 and almost five times as many
occupiers scored 1-3 (23.5%) than those who scored 8-10
(5.3).
The overriding messages
• If you are a small business ie mid-Cap or smaller you are
likely to get ‘the rough end.’ Smaller businesses have
little or no clout
• Smaller businesses, without a proper property input, fail
to work the system
• Smaller companies fail to interact with their landlords
and as landlords are not over actively seeking to interact
with their tenants, the inevitable happens - a lower grade
service
• Occupiers want their landlords to co-operate with them
when they need something important, but as there tends
to be little or no rapport then not a lot happens
The scores confirm to us the same old story i.e. that there is
a marked variance between the treatment for small occupiers
(<250 heads) and the service for large organisations.
The table shows the spread of scores:
The Survey in detail
• Almost ten times as many tenants believe the application
consent process has got worse than those who think it
has improved
• Four times as many tenants believe Landlords’ service
charge and insurance arrangements have got worse than
those that think they have improved
• The worst score of 3.5 is for landlords’ interaction on
environmental issues
• The process for negotiating dilapidations scores just 4.6
• The process of relinquishing a property scores just 5.3
• 30% of tenants hear from their landlord less than once a
year
Who is at fault?
Does Haywards blame the property industry? Well, yes and
no. There is no doubt that the leaders in the property market
are making a real effort to learn and to be more customerfocused. Companies like Segro, British Land, Land Securities
and numerous small landlords are making a big effort to
improve their service.
Like ‘dealing with the Tax Authorities’
Key Learning Point - if you haven't got time to engage with
your landlord on a sensible and meaningful basis, then hire
someone who knows how to do it for you. Remember the
landlord usually, not always, holds the biggest contract most
occupiers sign up to! Having a proactive strategy will pay
dividends.
“In essence,” says Nick Cook of Haywards, “occupiers need
to work the system better. If they do they will enjoy less
hassle and actual less cost. It's a bit like dealing with the tax
authorities really!”
Source: Haywards LLP Occupiers’ Satisfaction Survey 2010
4
Household names fight the odds to win
national accolades as they survive 2010
At the Institute for Turnaround prestigious awards ceremony held on December 1st, Bernard Matthews,
Clifford Chance and Crown Paints, are among those who successfully went home with accolades.
The IFT’s Annual Awards are presented to those who have struggled with financial or operational
difficulty but have managed to turn their businesses around and the occasion celebrates Britain’s
surviving businesses.
Archie Norman, Chairman of ITV, was awarded the IFT Chairman’s Special Award for leading
transformations of major businesses including ASDA and Kingfisher plc.
It was a great evening for Deloitte, where IFT Fellow Aidan Birkett triumphed in the Turnaround
Professional of the Year category and Jason Armstrong became the sector ’s Rising Star, each for their
work on Dubai World.
Endless was in exuberant form, for the second year running chosen to receive the Turnaround Financier
of the Year Award, in 2010, for Crown Paints. Excelsyn, a formerly failing pharmaceutical business,
turned around by Endless, scooped the award for Small and Medium-Sized (SME) Turnaround.
Bernard Matthews fought off tough competition from Anglian, Care Principles and Foyles to win Private
Company Turnaround of the Year. Awards Presenter and Speaker Michael Portillo dwelt on the
achievements of company founder Bernard Matthews, who died just a week before the award’s
announcement.
Awards Roll of Honour
The Awards judges included IFT Fellow David Hoare,
Professor Thanos Papadimitriou of London Business
School, Jane Calvert-Lee of the CBI and IFT immediate
past Chairman Paul Thompson, who chaired the Awards
judging.
The Institute is grateful to have had the support of two
superb sponsors, AlixPartners, an IFT Award-winning firm
and BTG Mesirow Financial Consulting, whose second
consecutive year of sponsorship it was. The Awards are in
their ninth year.
Key points:
• Once again 60+ nominees reached the final evaluation stage in 2010
• There had been ferocious competition in some categories – such as
private companies, financiers, international and Turnaround
Professional
• The Awards are given without fear or favour – whether or not the
winner is a member or a corporate partner
• The result is judged on the basis of the evidence presented
5
• The proceedings are utterly confidential
• The awards selections are made mindful that IFT is looking from the
special perspective of Turnaround
• The judges are seeking innovation, skills and dedication well beyond
the norm; and a sustainable result
Awards Presenter Michael Portillo opened the proceedings
by saying,
“If all difficulties were known at the start of a journey, most
of us would never set out at all; a truism that does not apply
to turnaround professionals. There are no route maps for the
uncharted territory that Turnaround Professionals navigate.
They are more likely incline to the Chinese proverb,
‘The journey is the reward’
“The IFT Award recognises which organisations and
individuals have made outstandingly successful journeys
from crisis to Turnaround – and,” he added, “everyone who
is here managed to beat the travel difficulties!” (Ed. As a
matter of record, despite many, many last-minute bookings
changes, it was a completely ‘full house’)
Awards Presenter
Michael Portillo
• The case is widely regarded as unprecedented and the
legal advisers have had to work as new legislation was
invented around them, pulling out more stops than
anyone knew existed
Public & Third Sector Award for 2010
Pelham Allen, IFT’s second Chairman and an expert in the
field, presented the Award:
WINNER
ia l Co ns ul tin g) ,
Me sir ow Fi na nc
TG
(B
,
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Be
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iff or d Ch an ce
Al ai n
& Ma rk Hy de , Cl
Ro bi n Ab ra ha ms
Legal Adviser Award for 2010
Alain le Berre MD & European Head of Restructuring, BTG
Mesirow Financial Consulting, presented the Turnaround
Legal Adviser of 2010
• The judges looked for a high degree of innovation – which
the winner amply demonstrated;
• Complexity in negotiations and documentation
• An involvement without which a turnaround simply would
have been impossible
• One of the characteristics of Turnaround Professional is
the ability to ‘fess up when something isn’t going right –
and deal with it
• The submissions for the this award, though impressive
and an improvement on last year show that there is more
work to do in attracting nominations from across the
hugely important public and Third sectors
• Nevertheless, the judges decided that one case had made
significant progress in achieving beneficial cultural change
and financial savings in an enormously challenged sector
• An IFT Public & Third Sector Commendation was
therefore awarded to:
LONDON BOROUGH OF NEWHAM COUNCIL
accepted by IFT Member Steve Swayne
• Among the strong contenders were:
• Clifford Chance for Dubai World, the international
conglomerate that shocked financial markets in November
2009 when it asked for a six month ‘standstill’ on £multibillion debt obligations
• Hogan Lovells International for Pearl Group (a £3.5 billion
financial restructuring) and also for Covenant Healthcare
Group where they were instrumental in driving forward
progress on the restructuring
• Linklaters Ian Bagshaw for his role in Actavis Novator,
one of the world’s leading healthcare groups and a
restructuring linked to its private equity investor’s wider
debt obligations
• and Travers Smith for Stadco, a complex turnaround of a
UK-headquartered steel products manufacturer whose
customers include Ford and Aston Martin; undertaken
during the recession and at a time of great difficulty for
automotive businesses
The winner was:
CLIFFORD CHANCE LLP for Dubai World the
international conglomerate encompassing real estate
development, private equity and port and free zone
operations
Mark Hyde accepted the Award, having led the Clifford
Chance team
• Since November last year, Dubai World has agreed in
principle the restructuring of $24.7bn of debt and
remains in discussion with lenders on a further $3.8bn of
debt
WINNER
Ste ve Swa yne & Pel ham
Alle n
(Pu blic Sec tor Com me nda
tion )
Newham Council
• Sir Robin Wales, one of only a few elected mayors in the
country, is responsible for shaping and delivering the
things that matter most to the residents of Newham
• Running a council in one of Europe’s most socially
challenged areas and with an Olympics set to take place
in your area is demanding
• Re-engineering the organisation to be more customer
focused, achieving circa £67m savings to pay for Mayoral
initiatives and pegging tax increases at zero for two years
in Newham has been impressive
• And they have started a further £69m savings drive due
to public spending pressures
6
IFT's Europe's Top Turnaround Awards 2011.
The Awards nominations and judging are run to a tight
timetable and to maximise your chances of winning in
2011, it's never too early to start assembling your best
cases. Do help us spread the word about Public and Third
Sector achievements and remember! All you need to
register an interest is to email us at IFT with a case
name/s and nominator/s - do get an acknowledgment
though, to check the email arrived.
Private Company Turnaround of the Year
Award for 2010
WINNER
Ai da n Ro bs on (S
ME Aw ar d)
Small and Medium-Sized Enterprise (SME)
Turnaround of the Year Award for 2010
presented by Michael Portillo.
The economic climate continues to be punishing, which
made the finalists rather special:
• The Beauty Works, pitched into crisis when its customer
Woolworths collapsed, loss-making, strapped for cash
and re-modelled by Barclays Business Support and
Turnaround Professional Bob Frost
• Excelsyn, a formerly failing pharmaceutical business,
turned around by Endless, the management team and
supported by co-investor North Star Ventures
• Homewares retailer Lombok, purchased from
Administration by Privet Capital’s Stephen Keating and
now back at 2007 operating profit levels
• ScoLocate (SKO-Locate), an Edinburgh-based UK data
centre, serially loss-making and restored to its status as
‘Scotland’s internet portal’
Presenting the Award was IFT Fellow Bob Ellis, who with his
case The Alan Dick Group was the 2009 category winner
This year, there were many more submissions for this award
than in previously and the judges needed fresh supplies of
midnight oil. Rivals for the award included:
• Acertec, where Greg McLeod from MPC led a
complicated
re-financing and re-structuring in the automotive sector
• Anglian Group, once again featuring Bob Ellis as
Chairman with Peter Mottershead (CEO) and Phil Tweedie
(CFO). Anglian, a market-leading home improvements
business, had a catalogue of problems including
leveraged debt and operational performance
• Bernard Matthews, prey to dramatic – and very public –
operational and brand damage
• Care Principles, a specialist provider of mental care
hospitals and homes where Sean Sullivan of Aaronite
effected a complex multi-site turnaround
• Family owned bookshop Foyles, where the turnaround
was as unconventional as the business
• i2s group, Kelso Place’s 18-month turnaround that saved
116 jobs, became a high-growth building & energy
management business
BERNARD MATTHEWS Ltd. is the 2010
Private Company Turnaround of the Year:
Turnaround Directors Michael Lunn, Keith Pringle and Tim
Morris, accepted the accolade,not forgetting CEO Noel
Bartram and UK FD Andy Simpson
WINNER
The SME Turnaround 2010 is: EXCELSYN Limited
Aidan Robson of Endless LLP, accepted this splendid
award.
The No. 1 SME Turnaround this year:
• In 2007 had lost its bank’s support, was unable to pay
its wages and was days away from insolvency, with year
one loss of £3.8 million
• Had significantly under-performed over a long period
• Employee, supplier and customer morale was shot to
pieces
• BUT two years after the Endless investment and a lot of
hard work, the business had delivered a £5.6 million
improvement in profit
• And in February this year, against one of the worst
economic backgrounds in memory, was sold to Albany
Molecular Research Inc. for £12 million
7
Lu n n
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Ti m M or ri
A w a rd )
y
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a
p
om
(P ri va te C
• Bernard Matthews caught Avian Flu in 2007
• Sales dropped 35%, profit turned to a reported £77
million loss
• Over the last 3 years the turnaround team re-financed
debt, reduced costs, streamlined processes
• They re-positioned the brand round fresh British Turkey
• Profits returned in 2009
• And in 2010 the group completed an acquisition as
profits continue to improve
• Jaguar Land Rover
- Burdale Financial’s team was Steven Chait, Nigel Hogg,
Jon Norton and Ian Bramley
- Burdale’s innovative Asset-Based Lending structure
allowed management to concentrate on the business and
maximise performance
WINNER
• Crown Paints
- The UK and Ireland’s largest independent decorative
coatings company
- Sales of £180 million and loss-making at the time
- Endless invested just weeks before the Lehman
collapse, Sterling devaluation and Icelandic financial crisis
The 2010 Turnaround Financier of the Year is:
ENDLESS LLP for Crown Paints
David Hewish & Jason Alexander
(Rising Star)
Warwick Ley joined Garry to receive the Institute for
Turnaround Award, which was made by Michael Portillo.
Rising Star Award for 2010
Last year’s winner David Hewish of AlixPartners, made the
award.
Stars Rise at different times in the career cycle - and the
judges needed to be convinced:
• That the individual in question would continue to pursue
a noteworthy career in Turnaround
• Has the potential to become one of the top professionals
• That she or he has already had significant successes
• And is respected and relied on by senior business leaders
• Is in fact, a leader in their own right
IFT’s Rising Star 2010 is JASON ALEXANDER of Deloitte
• Jason was at the heart of the Dubai World turnaround
• He is, says the market, “someone who recommends a
path; who steers the decision-making”
• He “uses his head, has a considered view”
• And is able to deal with the complex warfare that goes on
in major, multi-stakeholder cases
• In Dubai World Jason focused on restructuring
• and also had an operational role within the Group
treasury function,
• was alternate for the CRO and oversaw three related
restructurings
Turnaround Financier of the Year
Award for 2010
Our 2010 Turnaround Financier:
• Provides investment capital and hands-on turnaround
support to businesses facing serious challenges to
viability
• Has gone on, since last year, to turnaround even larger
and more challenging businesses
• When it came to Crown Paints
- Contended with European Competition requirements,
whereas others had ‘given up’
- Showed how to revive a Cinderella asset neglected in a
corner of a multinational
- Invested at a truly difficult time, immediately providing
additional working capital when global liquidity dried up
- Had massive trading problems in Ireland, a major
market (Sterling 30% down against the Euro)
- BUT – Turned a £13.5 million trading loss in 2008 into
a £5.2 million profit in 2009
- 2010 profitability is significantly up on last year
- AND every area of the business has operationally and
- financially improved
- WITH exports enjoying 20% growth
• The Endless success continues!
WINNER
• The finalists were hugely impressive and several wellknown companies were involved including:
Arran Isle, a significant Yorkshire Region employer (over
1,000 worldwide)
- Lloyds Banking Group drove the turnaround in this
public company
Ga rr y Wils on , (E
nd les s)
(Tu rn ar ou nd Fin
an cie r)
8
International Company
Turnaround of the Year Award for 2010
The presenter was John Willcock, Awards Judge; Editor &
Publisher of Global Turnaround
WINNER
ng
oy d s B a n ki
ob er ts , Ll
R
ie
m
)
Ja
rd
tt &
p a n y Aw a
D a vi d Lo ve
(L is te d C om
G ro u p
The Listed Company
Turnaround Award for 2010
David Lovett, Managing Partner of AlixPartners, 2009
Awards winner for Galiform in this category, made the
presentation
The 2010 winner faced extremely capable contenders for
this award – a veritable roll call of the top operators in
turnaround – and some of their biggest problem cases:
• Alexon Group, the women’s fashion retailer. Loss-making
and cash negative in 2009, guided through a property
restructure averting an insolvency that could have cost
3,700 jobs
• Blacks, a large listed business which faced losing the
support of its bank and financial a crisis whilst
restructuring; looking a potential zero return in the eye
and 4,300 jobs at risk
• Norcros, a leading ceramic tiles and showers business,
whose sales went down the plughole in the recession and
might have taken employees the same way
• Pittards (established in 1826 and the UK’s only listed
leather company); loss making in 2005, with a £34m
pension scheme deficit, the dollar weakening and so, ever
less competitive in the global market
• Raymarine, global leader in leisure marine electronics but
saddled with debt and about to be a high-profile victim of
the downturn
The judges’ eventual selection was a star performer that
harnessed financial restructuring to operational turnaround.
The International Award short-list was got down to two
businesses that must be amongst the most impressive global
turnarounds to come before the judges.
• Avon Rubber
- Avon Rubber’s history dates from 1885
- Two years ago, it lacked focus, was loss-making, had
high costs and inappropriate debt
- Legacy issues from the history included a defined
benefit pension scheme 5 times the size of the Group
market cap
- Employment practices were out of date; there were
property excesses
• General Motors
- AlixPartners supported GM with a global team. The UK
team members included Michael Weyrich, Stefano Aversa
and Stephen Taylor
- The company had 2 weeks to develop a viability plan in
the depths of the credit crunch
- AlixPartners helped develop and execute the turnaround
plan as well as cash planning and management; the FT
heralded GM’s listing as ‘a successful turnaround’
- GM reduced its debt by over $70 billion
- And reduced annual structural costs by $12 billion
- The scale, the problems and the publicity were huge!
The International Company Turnaround winner is:
AVON RUBBER
WINNER
The Listed Company Turnaround of the Year is:
NORCROS plc
Norcos’s banker Jamie Roberts, Lloyds Banking Group,
accepted the award, acknowledging the management team
led by Joe Matthews CEO at Norcros
• Looking back, after 8 years of Private Equity ownership
Norcros re-listed on the London Stock Exchange in 2007
• They were employing 1600 people on the UK and South
Africa
• The enterprise value was £175 million with £17.9
million operating profits and UK brands including Triton
• BUT the economic downturn severely affected sales
• There was a pre-tax loss of £8.9 million in 2009
• Since when, the capital base has been stabilised
• A decisive operational turnaround was implemented
alongside the financial restructuring
• NOW there is a sound operational platform, profit has
returned
• And even the share price reflects the sustained and
significant improvement in a tough and competitive
market
• Norcros recorded strong results during 2010 despite the
challenging trading conditions in the UK & South Africa
9
Joh n Wi llc ock & Ke
vin Bo oth
(In ter na tio na l Aw ard
)
Peter Slabbert is the CEO, the
banker is Barclays, Kevin Booth, UK Head of Business
Support at Barclays Corporate, received the Award
• Avon Rubber is based in the US and the UK with
customers around the world
• Its success in 2009 and 2010 is the culmination of
automotive operations disposals – 70% of Group revenue
in 2006
• During the global financial crisis, senior management has
been reshaped; there have been further disposals; plus
investment for growth
• The current business focuses on world-leading military
respiratory protection and its global dairy business
• The dramatic turnaround saw revenues increase by 68%
in 2009, an operating profit increase by £10.3 million to
£5.5 million
• There is further significant growth in 2010
• It is an awe-inspiring, operationally-led international
turnaround
WINNER
Thanos Papadimitriou & Aidan Birkett (Deloitte)
(Turnaround Professional Award)
As previous Turnaround Professional Awards demonstrate,
there are many styles of Turnaround Professional. This
Award went to an individual selected from the best in the
business, to be an ambassador for Turnaround
The 2010 Turnaround Professional is:
AIDAN BIRKETT for DUBAI WORLD
Turnaround Professional Award for 2010
Awards Judge Thanos Papadimitriou of London Business
School, also Professor at Bocconi University in Milan
presented the Award.
Among the high-fliers who qualified for this award are:
• Aidan Birkett, Deloitte, for Dubai World
• Bob Frost for The Beauty Works
• Jonathan Halford, Privet Capital – Silver Spring
• Paul Inglis, FTI - Raymarine
• Greg McLeod, MPC Partners - Acertec Group
• Zubin Randeria – PwC, for Public Safety Equipment
WINNER
Archie Norman
(Chairman’s Special Award)
Chairman’s Special Award of the Year
In 2009 Ron Sandler, Honorary IFT Fellow, won this
‘award of awards.’ ITV Chairman
ARCHIE NORMAN accepted the Institute for
Turnaround Chairman’s Special Award 2010
Archie Norman is an outstanding businessman, who has led
transformations of major British businesses and is himself,
British.
He has a reputation for taking on exceptional and extreme
challenges: Archie was a member of a three strong team
that established and built Kingfisher plc in the 1980s to
become Britain’s leading general merchandise retailer. Over
the subsequent eight years the business was transformed
into the second largest supermarket group; before being sold
to Wal-Mart for an eight times multiple of the starting share
price
Latterly, Archie acquired Energis, Britain’s third largest
telecoms business, on behalf of the creditor banks. Over 3
years he refocused and rebuilt the business before agreeing
a sale to Cable and Wireless for double the original
enterprise value.
Archie also served for 8 years as a Member of Parliament,
including as Chief Executive of the Conservative Party; rising
to become the opposite number to the Deputy Prime
Minister
• A practitioner who has a track record of winning awards;
this is his second, major IFT accolade
• Who has led a Turnaround the like of which the market
has not seen
• The Dubai World structure had 100+ local, regional and
international banks
• Debt resided at various levels within the group –
interlocking creditor discussions with
- Dubai World lenders ($15.2 bn)
- Nakheel lenders ($9.5bn)
- Drydocks lenders ($.2.2bn)
- Limitless lenders ($1.2bn)
• There was a further $11.8bn debt
• The law was being written around them
• Aidan Birkett was the buffer (or would that be
punchbag?) between all the stakeholders
• Is it any wonder his clients are star struck?
In November 2007 he was appointed Deputy Chairman of
Coles Group, the second largest retailer in Australia; he has
a leading role in the strategy and team-building for
potentially the largest turnaround project in global retailing.
Archie’s Aurigo Management Partners seeks to acquire
underperforming, distressed, or unfashionable businesses
which are capable of responding to the management
intensive approach – and this struck a chord with the
Awards audience! In June 2007 Aurigo acquired HSS, the
UK’s second largest equipment hire business.
In January 2010 he was appointed Chairman of ITV plc “In
short,” concluded the IFT CEO, “Archie Norman is a career
turnaround leader who commands international respect and
resonates with the values embodied in these Awards. Mr
Norman has been awarded the Chairman’s Special Award
for his reputation for taking on exceptional and extreme
challenges.”
Archie Norman, Chairman of ITV, stated:
“To take an organisation that is failing, where its people
are fearful and shareholders in despair, and to turn it into
a success is the most worthwhile challenge in business
so I feel honoured to accept this award. With Kingfisher,
Asda, Energis, the Conservative Party and Coles I have
been privileged to play a role in great transformations.
There is no unique formula but every one depends on
extraordinary changes in people and the way they work
together. Under Adam Crozier’s leadership I believe ITV
can join the list.”
“It’s great to be able to recognise and reward companies that have
really struggled at some stage over the last few years. Teamed with
some of the top professionals, they have come out the other side as
competitive, strong businesses. We want the awards to act as a
beacon to other organisations to demonstrate that acting quickly
when faced with financial or operational problems could have a
huge impact in making a journey from crisis to turnaround.”
Christine Elliott, Chief Executive and Director of IFT
10
PUBLIC SECTOR SPENDING CHART:
11
In recent months IFT has run several meetings on public sector spending constraints and services.
This widely published chart gives a pertinent and colourful overview of the sector's significance.
12
Suits You, Oxford Street Branch
Peering into
the gloom
“Deteriorating consumer confidence, stiffening margin
pressures and the potential risk of a shift in attitude by
the banks will make for a nervous 2011 in UK retail”,
says Gavin George, Managing Director GA Europe.
In this article, Gavin explores the likely consequences
and how companies such as GA Europe have a key role
to play in supporting the restructuring efforts of both
retailers and their financial stakeholders
Gavin has spent the last 25 years in the retail sector,
having worked as an operator, consultant, and restructuring
professional. Formerly a partner and head of retail at Ernst
& Young, Gavin originally qualified as an accountant,
worked in retail operations with Dixons and undertook CRO
roles for GE and Oppenheim, prior to joining GA Europe.
Merry Christmas, not so happy New Year?
With the crucial retail Christmas trading period now in full
swing all eyes will be glued to the tills; even more so than
normal. In spite of the grim macro-economic climate, we’re
expecting UK consumers to do their best to deliver one final
‘hurrah’ before the next wave of belt tightening begins in
earnest in the New Year. Indeed, December sales will
somewhat perversely benefit from the January VAT rise, as
some consumers pull forward intended purchases of big
ticket items. Even so, it certainly won’t be a blockbuster
Christmas - we’re anticipating a marginal like-for-like sales
increase on last year across the sector as a whole.
Conversely, the outlook for 2011 appears much bleaker.
Consumer confidence is likely to weaken further amidst a
subdued housing market and falling disposable incomes, as
the Government’s austerity measures start to take effect both tax rises and public sector cuts. But retailers also now
have to contend with smarter consumers and will have to
work harder than ever before to convince them to buy their
products. Not only are consumers more sensitive to price,
having adopted a deal-seeker mentality following the
recession, but they are now far more savvy. They are
comfortable with mixing value and premium purchases,
knowing when to trade down and when to trade up and treat
themselves.
Although declining consumer spending power will be
cushioned to a degree by the continuation of very low
interest rates, we see three particular areas across the retail
sector which will be bear the brunt of the consumer’s
malaise:
• Highly discretionary purchases such as jewellery, and to a
slightly lesser extent fashion
• Housing related sectors, notably DIY, furniture and floor
coverings
• ‘Structurally-challenged’ sectors such as entertainment
and electricals, where online specialists have
fundamentally altered the rules of engagement
13
The big margin squeeze
But the challenges facing the sector don’t stop with the
consumer. Margin pressures continue to intensify through
rising commodity costs (the price of cotton for instance, rose
80% between July and November this year), higher freight
and energy costs, and Far East wage inflation, which is
running into double digits. Whilst the recent easing of the
dollar will go a small way to ease the pressure on sourcing
costs, the overall strain on profitability will be significant. In
response to higher input costs, clothing retailer Next expects
to raise its prices by 8% next year as it seeks to strike a
balance between losing sales and protecting margin. The
reality for many retailers though is that they will have to
absorb as many cost pressures as possible, in a bid to
remain competitive and attractive to the beleaguered
consumer.
Shifting sands?
Just as important, particularly for struggling retailers, is the
stance of their principal debt holders. Jon Moulton’s
succinct reference to ‘Zombies in Waiting’ (Swift June
2010), highlighted the importance of bank support for
stressed companies over the last couple of years. Many
retailers have been supported by the clearers through
covenant resets (notably JJB Sports recently) and debt for
equity swaps (Robert Dyas, Garden Centre Group, Jessops
and American Golf to name just a few). This relatively
liberal attitude by under fire banks was perhaps to be
expected in the wake of the banking crisis, but there now
appear to be signs that they may be looking to exit some of
their distressed debt positions.
ABL gaining traction
Against this backdrop of tough trading conditions and
potentially shifting stakeholder attitudes, continuing
operational and financial restructuring at UK retailers will be
an inevitable and ongoing feature of the high street - which
is why we’re expecting 2011 to be a busy year for GA
Europe.
In terms of financial restructuring, we’re seeing an increasing
appetite for asset based lending (ABL) in Europe, a fact
reinforced by the latest available data from the Asset Based
Finance Association. It estimated that total asset based
commercial finance to businesses across the UK and Ireland
was £14.6bn during Q2 2010, up a modest 2% but set
against a drop of 8% in net lending from other sources.
With further growth in ABL anticipated, we fully expect to do
more deals like our $90m 2nd lien term loan facility to
Borders International, including Paperchase in the UK prior
to its sale to Primary Capital. The loan, financed against
stock and part of a larger $700m senior secured asset based
credit facility, demonstrated our capacity to work alongside
established banks to provide secured loans to retailers in
need of growth capital, working capital and turnaround
financing. Growth in ABL is also a key driver of our stock
appraisal business, where identifying potential risks such as
slow moving inventory and retention of title, is crucial to
support ABLs and bank IBRs.
Resolving distressed solutions
In terms of operational restructuring, retailers will continue
to churn their store portfolios, as they seek to optimise their
footprint. In this regard, we’re comfortable developing and
executing detailed plans for the closure of underperforming
locations for healthy retailers, enabling them to retain focus
on their continuing operations. But it is when things
become distressed, where speed is vital, where ‘on the
ground’ retail operational experience is key, that we are able
to step in to deliver a particularly successful outcome for
shareholders and financial stakeholders. Usually, this is by
purchasing distressed debt positions and/or equity, either
independently or alongside one of our preferred turnaround
PE partners, as part of a ‘good co/bad co’ split.
Suits You acquisition
Our recent acquisition of Speciality Retail Group (SRG),
trading as ‘Suits You’, highlights this approach. Although
the company had benefited from a CVA in February 2010,
trading had declined further throughout the year and latterly
at an accelerating rate. Consequently, SRG’s parent
company felt that it was unable to continue to support its
trading losses. GA Europe acquired the business, including
its debt, equity and inventory, following a competitive bid
process. On completion of the deal, a formal insolvency
process was initiated with Zolfo Cooper appointed
administrators, whilst GA Europe took full operational
control of SRG’s 66 stores. Immediately, we implemented a
course of action to stabilise SRG’s trading performance, at
the same time as assisting Zolfo Cooper to evaluate the
chain’s long term options. Specifically, we
- undertook a line by line review of pricing resulting in a
programme of targeted markdowns
- bought in new autumn/winter 2010 merchandise into
stores, at speed
- started negotiations on rent free periods with landlords
- initiated an aggressive advertising campaign
- instigated a compelling staff incentive scheme
- kept initial redundancies to less than 1% of the workforce
In spite of these actions driving a x2 sales multiplier, the
long-term viability of the business was deemed by Zolfo
Cooper and GA Europe to be unsustainable. As a
consequence, we are continuing to operate the business
whilst managing an orderly closure process.
Hands-on
with Lenny
As part of GA Europe’s retail
delivery capability, we have
a network of retained field
consultants, who we’re able
to catapult into stores at short notice following
the completion of a transaction. Lenny Ruback,
for instance, has 39 years of retail experience –
all in store operations and largely in menswear,
including 18 years at Moss Bros. In other words,
he was perfectly suited to oversee the 7 Suits
You stores in and around London.
Questioned about a typical day on the SRG
transaction, it’s clear that there’s no such thing
for Lenny. “No two days are the same - I get
round all seven stores two or three times per
week and I might even be on the road, moving
stock between stores”, he explains. It goes
without saying that maximising time on the
shopfloor is crucial, in order to ensure that
merchandising standards are high and
consistent, and that point of sale materials are
fresh and interesting. Ensuring that all the stock
in each store is selling at the right price is also
no small feat, particularly as price changes and
markdowns are a constant feature of managing
distressed retail situations.
However, Lenny’s in absolutely no doubt that the
people side of the business takes centre stage.
“Being involved in tough retail situations often
means dealing with emotionally charged store
staff - and that’s where experience is so vital.”
And the importance of good communication skills
cannot be overstated - whether it’s holding store
conference calls across his seven stores every
other day, dealing with individual staff issues,
acting as the gatekeeper for store instructions
from the centre, or implementing staff incentive
schemes and creating a healthy rivalry between
stores. As Lenny concludes, “Empathy, the
ability to motivate a team and the need to be a
first-class communicator are right at the top of
my ‘must-have’ list.”
14
Endless promotes
Ian Plumb to
Investment
Director
Endless has announced Ian Plumb’s promotion to
Associate Director. Having joined Endless in
Bernard Matthews, CVO, CBE, QSM:
2007 from Grant Thornton, Ian is based in
Endless’s Manchester office and has both a new
A Remembrance by Bernard Matthews Group Chief
Executive Noel Bartram
investment and portfolio management role.
“It is with a great deal of personal sadness that I confirm
Bernard Matthews passed away on the afternoon of the
25th November.
Ian’s recent highlights have included portfolio
“I have personally known Bernard Matthews for well over 30
years, and on behalf of myself and my fellow colleagues, I
wish to express our great sorrow and extend our thoughts
and sympathies to the family.
management of Clitheroe-based school wear
business, Trutex, an investment which Endless
completed in February 2010. Working alongside
management, Ian undertook the role of Chief
Restructuring Officer at Trutex for six months
immediately following Endless’s investment. Trutex
“Rarely has any business been as synonymous with the hard
work and values of one man. It was Bernard Matthews who
grew and developed this company through his
entrepreneurial spirit, and clear focus.
has made a strong start for Endless and the
“From simple beginnings, with an initial investment of just
£2.50 sixty years ago, Bernard Matthews was responsible
for taking the business from twenty turkey eggs and a
second-hand paraffin incubator to a successful and thriving
multi million pound company. He is the man who effectively
put turkey on the plates of everyday working families and in
so doing became one of the largest employers in rural East
Anglia and a major supporter of the local farming
community.
Warwick Ley, partner at Endless, commented
foundations have been set for significant revenue
and profit growth in 2011.
“We are delighted for Ian in reaching this career
milestone. Most recently, Ian has undertaken an
integral role at Trutex, working directly alongside
new management to lay the foundations of an
impressive transformation of the business. We’re
committed to continue building a team of high
performers at Endless and Ian’s achievements are
“Through his own struggles as a young entrepreneur, he was
always keen to support young people and the company was
a founder Charter Member of the Duke of Edinburgh’s Award
Scheme. Thanks to the success of the business he also
helped support many other charitable causes, often in an
unsung manner, but notably the independent Caister
Lifeboat and the Nelson Museum in Great Yarmouth, both of
which demonstrated his keen love of Norfolk and the sea.
a testament to that strategy. Alongside this, we
are continuing to look to recruit high achievers to
support our growth plans.”
Ian Plumb said “Endless has now been going for
almost 5 years, which have been very successful
for the firm. Our growth plans for the next 5
“In recent years Bernard Matthews became less involved in
the day-to-day running of the company and in January of
this year, on his 80th birthday, he stepped down as group
Chairman.
“Despite yesterday’s very sad news the business will
continue to thrive, as we honour his memory through our
ongoing work and ensure that the business remains a great
British institution, and a key part of the fabric of life in
Norfolk and across East Anglia.”
15
years continue to be ambitious and it’s very
exciting to be part of that. A key role for me in
particular is to continue building our success in
the North West on the back of successful local
investments such as Trutex, Crown Paints and
Neville Johnson”.
IFT Member Sean
Sullivan attempts the
Dakar Rally 2010...
and almost got there!
Pinsent Masons
launches specialist
Regulator
Engagement and
Covenant Team
International law firm Pinsent Masons has
announced the launch of a specialist team
to provide expert advice on complex
Pensions Regulator/Pension Protection
Fund (PPF) cases.
The new team, the Regulator Engagement
and Covenant Team (REACT), is drawn from
legal experts from the pensions,
restructuring and litigation groups. They
have unrivalled experience in advising on
some of the most complex and high profile
Regulator/PPF cases of recent times. This
includes work for the trustees of the Nortel
Networks UK Pension Plan on the £2bn
financial support direction issued by the
Pensions Regulator's Determinations Panel.
REACT lawyers will offer specialist advice on
how the Regulator's anti-avoidance regime
can impact ongoing as well as distressed
schemes and give guidance through the
complex process to a satisfactory
conclusion.
Used to a rollercoaster ride in turnaround, not least an
Awards-nominated case, Care Principles, IFT Member
Sean Sullivan of Aaronite took on a challenge of a
different order this winter. However, his sunshineseeking bike ride, despite the training programme,
ended a little earlier than he would have liked and
with an unscheduled stop as he was air-lifted to
Addenbrooke’s hospital for leg repairs. Meanwhile,
his bike is probably snowed in a container in
Felixstowe docks.
A sequence of photographic highlights was shown at
the IFT Awards in the hospitality area, which Aaronite
kindly sponsored. We are glad to share a few views
from the diary of an almost complete success!
Richard Williams, partner at Pinsent Masons
and member of REACT commented: "The
creation of this team is in direct response to
increasing demand for expert legal advice in
this complex and challenging area. Our
experience with a number of recent cases
puts us in a unique position to offer this
level of expertise to clients. By creating
REACT we are able to do just that.
16
Turnaround Traveller in Buenos Aires
The Jacarandas are Blooming in
Buenos Aires – but the Economy?
Returning to Argentina after ten months and just two weeks after the surprise
death of its so-called “real” President, the husband of the incumbent and
widely-despised Cristina Fernandez de Kirchner, and in the week when the IMF
was ignominiously shut out of successful debt repayment negotiations with the
Paris Club of sovereign creditors was to find a curiously uncertain national
mood.
Argentina tends to do finance differently to other countries, shrugging off with
characteristic nonchalance the small reputational problem of being on its
seventh different currency in a century and having been in default on its
sovereign debt since 2002, not to mention the defection of part of its
governing coalition making the forthcoming budget unlikely to be passed by
Congress. But after all, who needs parliamentary democracy when an
emergency presidential decree can do the same job?
With a corporate profit sharing bill en route through parliament, which will
force businesses to share profits with their workers, and with endemic
inflation, corruption and exchange rate uncertainties, it is difficult to see how
Argentina can emerge any time soon as a plausible alternative in South
America to its powerful neighbour, Brazil for much-needed inward foreign
investment.
A comment by a leading judge, backed up by a senior commercial lawyer at an
international business rescue conference that Argentina’s antiquated
insolvency laws should be thrown away and new ones written from scratch,
highlighted another problem. Sophisticated international investors tend to shy
away from jurisdictions without effective regimes to recycle under-performing
assets, which offer them a predictable Plan B when things go wrong.
Did any of this matter at the packed Tango Portena show on a warm Friday
evening, as the Malbec flowed and mouth-wateringly tender 500g steaks were
consumed, followed by Argentina’s signature dessert, cakes filled with
oozingly sweet Dulce de Leche? The restaurants in the fashionable waterfront
district of Puerto Madero were equally busy both lunchtimes and for dinner,
overflowing with unconcerned bon viveurs.
And was the stuttering economy remotely relevant to the 50,000 River Plate
faithful, celebrating their beloved team’s hard fought 1-0 home victory over
deadly rivals Boca Juniors in what is the world’s first ever concrete-built
stadium? No hope this time of any help from Boca’s favourite son, Maradona
and his infamous Hand of God, nor any hint of European health and safety
regulations to prevent thousands of red and white smoke flares being let off.
But Argentina has much to steer it through to calmer economic waters, not
least burgeoning commercial relationships with China, its second largest
trading partner, and with India, as well as a strong position in soya production
in a world with ever more mouths to feed.
It also boasts the finest range of tourist options of any country around the
globe, from shimmering blue glaciers in the deep south of Patagonia to the
95% humidity of the biggest and best waterfall complex in the world at Iguazu
on its northern border with Brazil and Paraguay. In between are the lakes and
ski slopes of Bariloche and the sublime winelands in Mendoza, with their
backdrop of the Andes soaring above the clouds.
So why has Argentina been such an economic mess for so long? “Ah”,
commented an exasperated but worldly professional with massive
understatement, “that’s complicated”.
Nick Pimpernel - November
17
Turnaround Traveller in South Africa
Harsh Winds Blowing through South
Africa’s Laggard Economy
South Africa is truly one of the world’s great destinations, offering a sublime
climate, stunning scenery, the best in tourist experiences, and the finest in
food and wines, all alongside a sophisticated business environment and
natural resources that are the envy of most of the world.
But arriving in Johannesburg on the eve of a vital mid-term Budget amid the
last minute trumpeting of dramatically opposing views from the Government,
the ANC and the main trade union, COSATU was to experience African politics
red in tooth and claw.
And there is much for the rival economic, social and political philosophies to
debate, despite a relatively benign recession and a decent recovery in
progress. South Africa has official unemployment of 25%, which in reality is
closer to 40% when those interestingly described as being “discouraged work
seekers” are included. Like many other jurisdictions worldwide, youth
unemployment is dangerously high. The government’s target of reducing
unemployment to 15% seems more than ambitious, set against a situation
where only 41% of the adult population works.
Education is an even more serious problem. Out of 1.55m pupils who entered
state schools in 1998, less than 65% completed school, a worrying 23%
passed their final matriculation exam, only 6% went to university and a mere
7,000 obtained a Maths degree in 2009. This is bad news for an economy
moving from its traditional mining and agricultural bias towards a modern
service-orientated basis. Many concerned observers question where the
necessary skills will be found in future.
South Africa also has an ongoing problem with corruption, coming 54th in
Transparency International’s league table, behind Botswana and Mauritius.
Its current growth rate of 3%, commendable in European terms, is one of the
lowest in sub-Saharan Africa. Its share of pan-African GDP has fallen from
78% in 1995 to 61% in 2008, not helped by the highest unit labour costs in
Africa and a rampantly high exchange rate crippling exporters in most
overseas markets.
But government debt is a modest 40% of GDP and is forecast to remain static
in 2011, by contrast with significant rises to come for almost every other
developed economy in the world. Inflation is falling and is now at lowest
levels for five years.
And the legacy of the World Cup seems likely to boost tourism and business,
as well as South African morale. The Rainbow Nation now boasts much
improved infrastructure, especially roads and transportation. Getting from
touchdown at Oliver Tambo Airport to check-in at a luxury £90 per night hotel
in Joburg’s central business district, Sandton in less than hour, courtesy of
relaxed immigration procedures and the miraculous Gautrain service, matches
any major city in the world and puts London and New York to shame.
Tourist numbers are rising, with more visitors in August than during the World
Cup. There is considerable optimism right across the business, banking and
professional spectrum. And washing down a prime rib-eye steak with a
stunning Pinotage priced at only £8 a bottle in a packed Pappacino’s family
restaurant at Fourways suggests that the quality of life remains good for
many, despite so many underlying reasons for concern about South Africa’s
future prosperity.
Nick Pimpernel - November
Avon Rubber p.l.c., is an innovative engineering group
specialising in respiratory protection, defence and
dairy markets. With a strong emphasis on research
and development we design, test and manufacture
specialist products from a number of sites in the USA
and UK, serving markets around the world.
Avon Rubber p.l.c
.
ift
AWARDS
WINNER
2010
South-West business Avon Rubber
will be the keynote presentation at the
IFT Regional Conference on Thursday
14th April at Bristol Grammar School,
Bristol. A full programme of guest
speakers will be announced soon.
Commenting, Chief Executive Peter Slabbert said,
“Avon is a very different company to that of a few years ago.
Avon was a loss making manufacturing company; lacking focus
and direction with many diverse business areas. A new
management team implemented a plan to transform Avon into a
successful, innovative customer and technology led Group.
During difficult economic times we have established global
leading positions in our Protection & Defence and Dairy
businesses by retaining the best of our heritage; talented and
motivated people, excellence in materials science and
manufacturing but most importantly have been investing in our
great brand names and the infrastructure to get our world leading
products to market.”
For more information and how to book
please visit the IFT website at
www.instituteforturnaround.com
Booking details email: [email protected]
HONG KONG OPENS FOR BUSINESS
Adam Salzer chairs the inaugural Asia Transformation & Turnaround conference in Hong Kong.
Below some of the conference speakers & delegates, who had travelled from Europe, Beijing,
Shanghai & Singapore
See our report in the next edition of Swift
IFT Bike Ride The Evidence
Between the phalanx of participants in
what expedition leader Nicholas Ward
calls, “IFT’s little trip to the seaside way
back in June”, the fantastic amount of
£37,119.81 was raised. This is a great
reflection of all the hard work that
everyone put in, and I know Nicholas is
thrilled with the
result (not to
mention British
Heart
Foundation!).
Well done to all
of you.
18
NEW MEMBER PROFILES
Robert Griffiths
Robert Griffiths is a Senior Corporate Manager in RBS's Business Restructuring Group,
focused on tailoring debt solutions and supporting turnaround strategies for customers
who are experiencing challenging trading conditions. He is involved principally with OMBs
across a broad range of industry sectors in the Midlands. Also in the Birmingham market
place Robert has worked for Aberdeen Asset Management Private Equity as an investor,
and Deloitte's Corporate Finance unit, specialising in advising on MBOs. Before moving to
Birmingham he was part of KPMG's London Restructuring advisory team where he dealt
with complex UK and cross-border restructurings advising both corporates and banks.
Robert is also a member of the ICAEW and CISI.
Steve Heapy
Steve Heapy is an experienced turnaround executive with a background in financial and
operational management. He specialises in the travel industry and has played a key role in some
high profile success stories, including MyTravel and BCT group.
Steve started his career in financial services at the Co-operative Insurance Society (now CFS)
and performed a number of roles culminating in risk management. He joined MyTravel in 2002
as Head of Risk Management and soon after joined the Turnaround team, responsible for the
management of working capital and the closure and restructure of a number of business units.
Two additional turnaround roles followed and Steve is now MD of Jet2holidays, a leading
package tour operator with a brief to achieve aggressive growth over the next 3 years. Since
joining 12 months ago, Turnover has doubled despite challenging economic conditions.
Andreas Koutsouris
Andreas Koutsouris is experienced in operational and financial turnaround and restructuring.
He has worked across the EMEA region with corporates, private equity funds and other
financial stakeholders, in both growth and (di)stressed situations and across industries.
Andreas has more than ten years’ experience in developing robust and achievable business
plans, managing short-term liquidity and achieving significant revenue, cost and working
capital improvements. He recently co-developed “QuickCash™”, a tool that facilitates data
extraction and analysis for working capital reduction.
Andreas is a native Greek and Dutch speaker. He has worked for Ernst & Young in London and
A.T.Kearney in Amsterdam and is now a Director at AlixPartners in London.
Simon Longfield
Simon Longfield is a Partner in the Financial Advisory and Restructuring Services team at
Zolfo Cooper LLP.
Previously a Partner in Grant Thornton’s Recovery and Reorganisation unit, Simon has over
twenty years’ experience working on complex financial restructuring and turnaround
assignments. He has worked on a number of large and complex restructurings both in the UK
and internationally for secured lenders and other stakeholders in distressed companies.
Simon’s work often involves providing financial and strategic restructuring advice as well as
hands-on implementation support to under-performing businesses.
During his career Simon has spent time on secondment at two major clearing banks’ business
support units, as well as in industry, and gained experience working on turnaround projects
spanning a broad range of industry sectors including retail, leisure, technology and telecoms,
chemicals, manufacturing and textiles.
19
The Institute for Turnaround has recently accredited several new
members, who introduce themselves to Swift in their own words:
Simon Owers
Simon Owers has more than 10 years’ experience of corporate restructuring with KPMG LLP
including a secondment to the business support unit of Barclays Bank. Now independent, he
receives instructions from financial institutions to perform business reviews and is also engaged by
companies to undertake interim roles and short term projects to support management teams, often
in a distressed environment. He has been successful in arranging financial restructuring for a
number of companies and buying businesses out of insolvency.
Simon’s experience covers a range of sectors including manufacturing, construction, waste
management, leisure, retail, agriculture, printing, legal firms and nuclear decommissioning.
He has extensive experience of the impact of insolvencies on secured lenders and other key
stakeholders, having qualified as an insolvency practitioner in 2002.
Matthew Packham
Matthew Packham is a Regional Director London & South East, Bilateral, Corporate & Commercial
Business Support Unit, Lloyds Banking Group. Matthew joined the bank in 1995 on the Corporate
Banking graduate scheme and has worked in a broad range of relationship, credit and risk roles,
including four years in New York where he managed the wind down of the Bank’s leveraged Finance
portfolio as well as heading up the Structured Finance and Financial Institutions credit teams.
Matthew currently leads the 80 strong Bilateral BSU team in London & South East with
responsibility for c.500 customers and c.£1.3bn of lending. Having assumed this role in October
2009, Matt has successfully brought together the historically separate London and South East
teams as well as integrating heritage LTSB and HBoS colleagues.
Matthew joined the BSU in 2007 from Lloyds Development Capital (LDC), the Bank’s private equity
business, in order to set up and lead the Investments Team, which specialises in structuring,
managing and exiting equity stakes taken as part of debt restructurings. During this time, Matt and his team completed more than
75 transactions and Matt himself sat on the boards of a number of diverse businesses. In addition, Matt developed and launched
BSU’s panel of Turnaround Executives, which has helped to ensure that the best management teams are available to work with BSU
customers.
Iain Pittman
Iain Pittman founded Company Business
Limited four years ago after undertaking the
turnaround of Wallace Cameron and
Wrapfilm part of the Benedetti Group. Prior
to that he was Chief Executive of Waddies
Printers where he helped set up and
establish FST Technologies on behalf of 3i.
His early career was spent with Alcan
Aluminium, Devro and Albion Automotive
holding senior operational, commercial and
business re-engineering roles.
He is currently Chairman, Managing
Director and shareholder of Arran Aromatics having rescued the company
from administration in 2009. He is also Chairman of ScoLocate, Scotland’s
largest data centre, owned by RBS, and is Non Executive Director of Linn
Products after having been appointed CRO in May 2007 leading the
company to a dramatic turnaround returning it to profit.
Iain has recently advised companies in, transport and distribution, steel
fabrication, private house building, food production and distribution,
materials testing, industrial textiles and IT services. He is a turnaround
specialist on the panels of RBS, Lloyds Banking Group, Clydesdale Bank,
PwC and Deloittes.
THE IFT’S 250TH MEMBER
Michael Portillo took a moment in the Awards to celebrate
the Institute for Turnaround 250th accredited Member.
During the last 12 months, the IFT has increased its
membership of top quality turnaround professionals by
some 50 people. IFT status is ‘the badge you can’t buy’ and
membership is a sign of proven experience in turnaround
Recent Members include:
Gerry Loftus (Deloitte), Garry Wilson & Darren Forshaw (both
Endless), Matthew Packham (LloydsTSB), Simon Longfield
(Zolfo Cooper) Robert Griffiths (RBS), David Porter
(AlixPartners); Martin Gudgeon, Blackstone
Ian Parker, David Hoyle, Ian Pittman, Leslie Dewhurst &
Wayne Evans (all Independent Turnaround Executives)
The actual 250th Member is someone with a distinguished
track record of hands-on involvement and investment in
turnaround:
NICK MORRILL, Managing Partner of RUTLAND PARTNERS
Mr Portillo congratulated both the Newest Member and The IFT
20
Turnaround is a Destination
David Lovett, managing director of
AlixPartners and head of the firm’s
Turnaround and Restructuring practice for
the EMEA region, in conversation with
Christine Elliott
When do Stars Rise?
“The reality is that to be effective, turnaround
practitioners (TP) need to have experience
before they start. Where that point of sufficient
maturity lies very much depends on the person. I know that
IFT members currently range from about 25 years’ old
onwards. While experience isn’t necessarily born of age, stars
rise at different points in their careers and it’s quite natural to
think of the IFT’s Turnaround Rising Star as somebody who
could easily be in their forties.
“A key attribute of TP’s is the ability to use their experience
appropriately to help those who have less or less relevant
experience.
“While Turnaround can become a career choice, I regard it as
a destination rather than a departure point and indeed, that’s
why I describe AlixPartners as a ‘destination employer’.”
How can we professionalise Turnaround?
“TP’s really need to understand the zone of insolvency and
be knowledgeable in it. Why? Because they need to know
where the line is; where they don’t want to go; how to ‘sail
close to the wind’.
“Professional training for turnaround needs to have an
apprenticeship aspect. Key areas are also directors’ fiduciary
duties and the rights and responsibilities of different
stakeholders in enterprises.
“For people who are effective in operational turnaround,
having had time in industry is a key element. Familiarity in a
formal consulting situation is an important discipline too,
because it give you the ability to analyse, present and
communicate the issues; yet remain detached.
“There are various training aspects to the technical and soft
skills involved, so there are certainly opportunities to provide
support through training.”
Turnaround demands special qualities
“There is definitely a humane dimension to the committed
TP. You have to want to be commited to sustain people in
enterprises and, as they say, there are easier ways to make a
living. The personal toll on the individuals and their close
family can be pretty challenging and stressful at times. It is
never just a ‘day job’.
“To take an extreme example, ‘Chainsaw Al’ Dunlap is not
representative – that’s about as far as you can get from
turnaround, which never should be butchery. You must have
a real wish to get in and help other people.”
How should we change the Discipline?
“One concrete step in professionalising turnaround – and this
really would demonstrate a change and re-balancing between
disciplines – would be to get accredited Institute for
21
Turnaround Members in a position where they
could supervise the moratoriums the
government is intent on creating.”
The Highest Business Ethics
“Where the size of the cake is smaller than the
people who have an appetite to eat it, the TP
must not aligned to any one stakeholder group.
Where that happens it is a cause for tension
and distraction from the main objective.
“The TP must be known for doing the right
thing. This can put the TP in a rather tricky position with
stakeholders threatening to compromise access to the
market.
“The TP needs to know that if they are part of IFT, that body
that will protect them from improper pressure.
“A TP needs to take and implement tough decisions with
grace. Sensitivity and humility are part of the job, but not on
the radar for an IP. The TP employs the power of persuasion
rather than the persuasion of power. There should be no
gratuitous violence.
This Economic Downturn is different
“I am fond of quoting Jon Moulton, who says, ‘A rolling loan
gathers no loss!’ In this recession, the financial institutions
are weak, so whatever they might have liked to do in
turnaround, their options are limited. Balance sheets can not
support stress; add that to more complex capital structures,
debt trading sophistication, the congruency between debt
and equity and you see the scale of the difference.
“Underneath it all though, the fundamentals are the same –
it is all about relevant, viable businesses.
“The financial side is a polluter. Companies that would
benefit from help in focusing their operations have not been
helped because financial institutions can not afford to take
the pain. We have a touch of the ‘Japanese disease’.”
Who is your next generation of Turnaround Leaders?
“Of course I turn to my own people and several names come
immediately to mind including Don Featherstone, David
Hewish, David Porter, Lisa Ashe, Shagun Dubey, and there is
a great class just behind them… do you need a list?!”
What are IFT’s true challenges?
“IFT needs to carry on building the reputation of accredited
TP’s as the trusted brokers, on the side of the solution. Not
only is that a highly professional attribute, but it would
massively reduce the cost of restructurings. I got involved
this year in two matters where the costs of restructuring
each escalated to above £40 million, due to armies of
advisers, lawyers and so on – because there was insufficient
trust. Though I accept this is hugely aspirational!
The no change lobby is pretty strong.
“Corporates need to learn that IFT is on the side of
protecting stakeholder value – and that will take time.
“The biggest future risk for IFT is that it must be – and be
seen to be – truly independent in word and deed.”
Readers are invited to submit their own, favourite
Mythbusters to the Editor (see: Contacts Directory)
John Pennie’s Seasonal
Article – Bah Humbugs!
(The Editor has – charitably – left this unscathed and is relying
on our legal-eagle-in his Northern eyrie to vouch for the
contents!)
Christine Elliott born Blyth (Northumberland) headed home for a
Geordie Christmas.
The fog on the Tyne thickened; the swirling dark waters
translucently reflected the enormous hump of the Sage Concert
Hall. It looked like a mid-winter caterpillar about to pupate. The
temperature sank to minus 6 as the kittiwakes huddled on the rust
encrusted guano-clad bridges over the Tyne and croaked and cried
their evening prayers.
All was bleak, dank and cold. It was July 15th no, that’s silly. It
was December 18th, the last drinking Saturday before Christmas,
and all around, stretching into the middle distance semi-clad
gaggles of lasses in hot pants drinking cold pints were planning
their fourth and fifth venue of the night.
It was only 6pm……… the night was young, even if it was
perishing. Only the two Southerners in the group (from Durham)
mentioned the weather. The locals paid it no heed at all and
looked on the weather chat as feeble and pointless. What was the
point in fussing; and anyway the colder the blast of winter air the
greater the chances of gaining just enough sobriety to make room
for another pint at the next pub?
Yes, indeed the IFT Ladies’ Night Out (Newcastle Group) was
getting off to a cracking start. They took a vote and decided there
was only one thing missing. Where was their dashing Chairman
Iain MacRitchie, where was his kilted form, his perfect hair, his
winning smile, his bulging wallet? and, lo there he was just
passing through Newcastle en route from Glasgow to Aylesbury.
What could he offer them? What would make their festivities
complete?
At once they all knew: would he autograph the transcripts of his
speech at the IFT’s Annual General Meeting…would he? The
prospect was enough to make your knees tremble with excitement.
“Yes”, came the answer. He whipped out his Montblanc and
smudged his mark on their eager sheets of A4. Wow! a perfect
Christmas was assured.
John Pennie is (probably, still) a Partner at Dickinson Dees, edits
IFT’s Professional Information Notes and speaks regularly on IFT’s
Continuing Professional Development Programme
Turnaround Myth Buster
MVL’s carry no real risks
There is a myth that if the tax advisers say that the
most tax effective way of tidying up a group is to use
an MVL (a solvent liquidation where all get paid in
full) that you should blindly follow their advice.
Reality
MVL’s can cause a disaster of monstrous proportions
if the company in question has ever participated in a
final salary pension scheme. This is because the
entry into an MVL (even though the company is fully
solvent) is a trigger event for the automatic
crystallising of a pension scheme deficit. In a recent
case, an MVL at a cost of £4,500, sparked an
entirely avoidable pension deficit claim of
£30,000,000.
Merry Turnaround Christmas
What would be the ideal gift for a Turnaround
Professional? Swift’s straw poll gives you a
clue about what to expect in your stocking…
Most popular suggested gift:
An electric cattle prod, or other cat herding
equipment;
Everyone should have one:
A rear view mirror
Fashion victims’ favourite:
Ice skates (for thin ice)
Multi-jurisdictional TP’s will appreciate:
Baedeker's Guide to diplomacy
This year’s MUST have:
12 months’ subscription to Wikileaks
Att: Jovialus Pennyssimus
22
Up & Coming IFT Events 2011
NATIONAL EVENTS
Thursday 14th April
IFT Regional Conference - Bristol Grammar School, Bristol - 4.5hrs CPD
May/June
IFT Annual Lecture, London - 1hr CPD
Thursday 8th September
IFT Annual Conference – London, Porchester Hall - 5.5hrs CPD
Wednesday 30th November
IFT Annual Awards & Gala Dinner – London, Bloomsbury Big Top
CPD WORKSHOPS AND IFT MEMBERS’ MEETINGS
Tuesday 11th January
Mitigating Personal Risk – John Pennie, Dickinson Dees – Manchester - at the offices of
Lloyds Banking Group, 8th floor, 40 spring Gardens, M2 1EN at 16.00hrs - 2hrs CPD
Tuesday 11th January
North West Regional Meeting - Manchester as above following on at 18.00hrs - 1hr CPD
Friday 28th January
Mitigating Personal Risk – John Pennie, Dickinson Dees – Birmingham –
the offices of BDO LLP 125 Colmore Row, B3 3SD at 08.30hrs - 2hrs CPD
Thursday 3rd February
London Regional Meeting – offices of KPMG – 1hr CPD
Tuesday 8th February
South West & Wales Meeting – Ernst & Young - Bristol – 1hr CPD
Tuesday 8th February
Finance for Turnaround – Christopher Clegg, Endless LLP – London – at the offices
of Endless LLP 102 Park Street, W1K 6NE, 17.30hrs -2hrs CPD
Thursday 10th February
Routes to Market – Nick Winks, WayPoint Change – Leeds –
at the offices of Baker Tilly, 2 Whitehall Quay LS1 4HG ,16.00hrs - 2hrs CPD
Thursday 10th February
Yorkshire & North East Regional meeting – Leeds as above following on at 18.00hrs – 1hr CPD
Wednesday 2nd March
Selling the Business – Jonathan Polin, Salans & Jamie Constable, RCapital – London Millennium Bridge House, 2 Lambeth Hill, EC4V 4AJ 17.30hrs - 2hrs CPD
Tuesday 8th March
Finance for Turnaround - Christopher Clegg, Endless LLP – Manchester – venue to be confirmed
Thursday 17th March
London Regional Meeting – offices of PwC – 1hr CPD
Thursday 31st March
Midlands Regional Meeting – venue to be confirmed – 1hr CPD
Tuesday 5th April
The Turnaround Pricing Game – Gavin George – GA Europe – London – venue to be confirmed
(tbc) – 2 hrs CPD
May
Tax and the HMRC – Ernst & Young – London – date and venue to be confirmed – 2hrs CPD
Thursday 5th May
Thursday 11th May
Thursday 19th May
May
Thursday 26th May
Yorkshire & North East Regional Meeting – venue tbc - 1hr CPD
Treasury & Risk Management – Michael MacCallan – London IFT Offices – 2hrs CPD
Midlands Regional Meeting – venue tbc – 1hr CPD
London Regional Meeting – offices of Endless LLP – 1hr CPD
North West Regional Meeting – venue tbc – 1hr CPD
Thursday 7th July
Thursday 14th July
Thursday 28th July
London Regional Meeting – offices of DLA Piper – 1hr CPD
South West & Wales Regional Meeting – venue tbc - 1hr CPD
North West Regional Meeting – venue tbc – 1hr CPD
Thursday 10th November
London Regional Meeting – offices of Ernst & Young – 1hr CPD
For more information and how to book please visit the IFT website at www.instituteforturnaround.com
Booking details email: [email protected]
Please check our website for updates.
‘Swift’ is distributed both in hard and electronic copy, and may be forwarded in whole or as separate pages, provided no amendments or alterations are made.
In addition, full recognition should be shown where a full page(s) has been taken from the newsletter, as follows: ‘This article(s) is a complete copy from the
newsletter for the Institute for Turnaround, The Bridge, 12-16 Clerkenwell Road, London EC1M 5PQ, www.instituteforturnaround.com. No liability is accepted by
the Institute for Turnaround (IFT) for any errors or omissions, nor are the views of contributors necessarily those of IFT’.
The Editor’s decision is final and articles are accepted on that basis.