Entering uncharted waters – surviving the economic impact of coronavirus

The economic consequences of the Coronavirus epidemic have heavily impacted stock markets worldwide as investors quantify and manage the risks in underlying businesses often by quickly disposing of their investments. Whilst investors can liquidate their positions quickly the challenges for business managers run deeper. Decisions take longer to impact results and can be overturned by […]

Greybull and British Steel

The case for the defence of consensual distressed restructuring Politicians will leap on the bandwagon to blame Greybull for the compulsory liquidation of British Steel and the potential loss of thousands of jobs, not to mention the demise of a strategically important supplier. But before joining the chorus attacking the entrepreneurial investor and its 2016 […]

Alan Tilley’s book reviewed

New publication Turnaround Management; Unlocking and Preserving Value in Distressed Businesses.  By Alan Tilley  Buy the book ISBN 9781787421684 An independent review: – by Professor Dr Bob Wessels; Independent Legal Counsel and Advisor & Professor of International Insolvency Law, University of Leiden 2007-2014 BM&T are immensely grateful to distinguished academic and legal practitioner Bob Wessels […]

Management; The one constant in business distress

The UK restructuring market is enjoying a mini boom in retail and casual dining distress. Jamie’s Italian is now joining the list of overleveraged and over populated chains in seeking relief from leasehold obligations through a Company Voluntary Arrangement (CVA). Prior to the travails of Patisserie Valerie, Carluccio’s, Byron and Prezzo et al, we had […]

Patisserie Valerie: More management denial and false accounting

Despite reports suggesting a complex fraud including collusion with suppliers, it is implausible that senior management should not have seen some warning signs that things weren’t right at Patisserie Valerie. EBIT margins of over 15% compared to competitors making half that and against a backdrop of stress on the high street should have raised red […]

The RBS GRG saga rolls on!

What is it with RBS that they are so keen to hide in the GRG saga which unscrupulously damaged so many viable businesses? Today the Times reports that The Financial Conduct Authority continues to resist calls from MP’s and affected business owners to disclose the full results into its review of the scandal-hit Global Restructuring […]

Company Doctor's Diary

Notes, insights and reflections from Matthew, one of our directors and turnaround experts, as he works with companies during Lockdown.