The Institute for Turnaround at 25  

In 2026 The Institute for Turnaround (IFT) celebrates 25 years, having held its first Annual General Meeting in September 2001. This means 25 years of accrediting, connecting and championing the work of turnaround professionals.  

The starting point of turnaround is positive and solutions-oriented, and the development of the profession, practice and The IFT over the last quarter-century reflects this. The Institute and the profession have developed alongside an era of repeated change, with a series of repeated political and economic shocks. These (ongoing) events have impacted on the operating environment for businesses and therefore turnaround practice, ranging from changes in the funding landscape, increased trade complexities and supply chain fragilities. The “new normal” for businesses and society in the twenty-first century is increasing and ongoing volatility, whether in relation to geopolitics, climate or technological change.  

As well as changes in the macroeconomic environment, the past 25 years have seen a number of legislative changes and policy developments impacting on businesses and approaches to turnaround. The 2002 Enterprise Act sought to emphasise business rescue (over secured creditor returns via insolvency procedures) by largely replacing administrative receivership with administration which includes breathing space moratoriums for businesses. More recently, the Corporate Insolvency and Governance Act 2020 introduced a number of powerful new turnaround tools: notably Part 26A Restructuring Plans – importantly a tool provided under company law rather than insolvency law. Collectively, these legislative developments have sought to increase the options available to businesses in financial distress to avoid unnecessary insolvency, and indeed to shift turnaround activity further up the decline curve and encourage earlier action.  

In conjunction, the turnaround professions have expanded and developed over the last quarter century. As well as taking advantage of new tools supporting businesses, turnaround directors and professionals now work with an increasing range of stakeholders across an innovative but more fragmented landscape of funders, many with different drivers and approaches, in fast moving and often changing circumstances. In line with the faster pace and nature of change that businesses must deal with, whilst continuing a focus on financial support, turnaround professionals increasingly support businesses with operational turnaround and transformation to enable them to remain competitive and agile and embed an improved capital structure and balance sheet. Whilst a burning platform with an immediate cash cris remains a core feature of our world, our members and partners also work in situations where performance, changing markets or the need to meet new requirements create an impetus for positive change and the turnaround skillset.  

The IFT has also developed as an organisation over this period. Our core focus – our USP- remains the rigorous accreditation of turnaround professionals, notably independent turnaround directors, and the provision of a focused and supportive network for our members, including provision of training and resources. This offering has developed and expanded over the years, including growing emphasis on nurturing the next generation of turnaround talent, engaging diverse talent and those who are working in particular sectors, and engaging with new market players to support our members. In light of this, our events and content offerings have been hugely expanded and now include specialist conferences, webinars and other new events. A particular focus has been and continues to be our Academy Programme, a year-long modular programme focusing on technical, commercial and functional skills to develop the next generation of turnaround leaders. Since its launch in 2015, and not including the current cohort, more than 250 individuals have gained a deeper understanding of turnaround and restructuring through the Academy.  

In recent years we have also significantly stepped up our work in championing the work of the turnaround sector in supporting the wider UK economy and society, and to advocate for measures to encourage the best possible operating environment for successful business rescue. We have built our knowledge and research base over time to complement this work. This includes in particular our annual Societal Impact Report which we have published since 2020. When we extrapolate back across the past 25 years of the IFT, we can estimate that more than 1.1 million jobs and over £50.5 billion at today’s prices have been preserved by the work of our members. This highlights the ongoing importance of turnaround to UK plc – and to people.  

Looking to the future, this work will continue to develop as we seek to promote the message of early action and turnaround outcomes, including through research and engagement direct to businesses, interactions with relevant government and regulatory stakeholders, and with policymakers, including by acting as Secretariat to the All-Party Parliamentary Group for Turnaround and Business Improvement.  

Our members remain at the heart of The IFT and are a key reason that we are able to develop our programme and offering to best support their needs. We would like to thank all our members, partners and wider stakeholders for their support of and engagement with The IFT and we look forward to working with you in the future.