In the latest edition of Swift, The IFT’s quarterly magazine, you can read about our upcoming IFT events, including the IFT Awards, the IFT news and articles written by members and corporate partners.
To view and download the latest edition of Swift click HERE.
In a normal business cycle, the reasons why businesses need turnaround support are many and varied. Since the beginning of the global pandemic, many businesses have been heavily reliant on government support which has meant that although the number of companies in distress in 2020 continued to rise during the pandemic, insolvencies fell by 27 per cent when compared with 2019.
In this report, Navigating the Pandemic and Beyond: The Contribution of Turnaround to Business and People, we highlight the huge contribution IFT members make and the value they create for society and the economy.
We estimate that in 2020 IFT members and corporate partners saved more than 200,000 jobs and protected £2.9 billion in enterprise value. The report analyses the profound impact which the pandemic has exerted and continues to impose on the economy and businesses, at a time when business recovery is even more important to the economy and people.
Our research, conducted during the Covid-19 disruption, highlights how we expect Covid-19 to drive higher demand for turnaround services for the remainder of 2021 and beyond.
To download the report please click here.
For press information and media enquiries please contact:
Michael Evans
Director
Byfield
+44 (0)7732 148 511
On 13th October we were delighted to kick off a series of launch events for IFT Next, our offering for those developing their career at a senior level in turnaround, whether as an adviser, lawyer, banker or investor.
PWC More London hosted a panel session chaired by Ken Scott, IFT Fellow, with senior members across the professions. The panel comprised:
Susan Moor, Director, FRP Transition
Richard Obank, Partner, Brown Rudnick
Felix Connolly, Director – Enact, Endless
Rob Asplin, Senior Adviser, PWC
As well as covering changes in the marketplace over time, the social impact of turnaround, diversity and ESG, the panel shared their career journeys and the key lessons they have learnt on those journeys.
Some key tips
Susan: “keep your networks active, people will always help”.
Felix: “show personality, difference makes you stand out”.
Richard: “work with people you like and trust – in intense situations, you need people you can trust and want to spend time with. And never underestimate the support you get at home”
Rob: “use opportunities and take risks to make yourself a more interesting and rounded person – whether that’s working in a different department, in different parts of the market, working abroad and taking up learning opportunities. Network internally and externally widely to find the quality contacts and the people you want in your network and to work with in the future.”
How have the skills required in turnaround changed over time?
Susan: “Turnaround is always about leadership, but the skills demanded have changed over time. Empathy is essential – you need to take everyone from top management to colleagues on the shop floor with you. Communication has always been important, but in a social media world and with many more stakeholders, there is even greater demand for excellent communication skills.”
How is the marketplace responding to the ESG and D&I imperatives?
The panel was agreed that both ESG and D&I are having very tangible impacts on the market place.
Felix: “ESG, D&I and CSR are at the forefront of Private Equity‘s mind and are major considerations for LPs on how and where they deploy capital. There are clear financial implications for funds who don’t not have a defined strategy on these matters. At an individual level we can support inclusivity by communicating in a straight forward language recognising that overuse of technical terms to explain simple commercial concepts can be intimidating.”
IFT Next provides a professional network, skills development and market content for those who have decided on a career in turnaround and now want to increase their network, skillset and profile within the marketplace . By engaging with these events you will have access to other professionals working within the turnaround space giving you access to a peers across the range of professions that make up the UK’s turnaround community, as well as top insights into the world of restructuring from IFT members, partners and stakeholders.
Our next regional launch will take place in Leeds Thursday 10th February at 6.00 – 9.00 pm at DLA Piper in Leeds. Please email info@the-ift.com if you would like to sign up for this or get involved in IFT Next.
Following the Success of the IFT Regional Conferences in 2020 the IFT is delighted to announce that we will be hosting two regional conferences in November 2021, both of which will be ran virtually. The second conference will take place on Tuesday 30th November at 08:00 and will focus on Northern Regions.
The Northern Conference will be held virtually and will focus on key issues surrounding turnaround and restructuring with a specific focus on the impacts these issues are having on the regional markets. There will be an opportunity to network with fellow delegates and speakers following the session using our conferencing technology Remo.
The agenda for the sessions can be found below. We will be announcing details of our speakers over the coming weeks via our LinkedIn channel, to follow us on LinkedIn please click here to access our page.
Members and Associate Members can access the Regional Conferences for a fee of £50. The rate for non-members who wish to attend is £100. If you are interested in booking onto this event please contact events@the-ift.com.
Please do not use the booking form below.