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
