A NEW TURNAROUND SERVICE has been launched by Menzies. Branded as ‘mr3 turnaround', the service will provide support to owner-managed and mid-market businesses to restructure outside of the insolvency process.
A team of four senior people will be led by Colin Blessley, who has more than 35 years' restructuring experience in Europe and Latin America. The firm hope to expand the service with the number of staff working in it later this year.
The firm said although Menzies had established itself as a well-developed insolvency and recovery practice it was not visible in the turnaround, interim management and restructuruing fields. The new service will highlight this as well as other services available at the firm.
MR3T will provide performance improvement, operational and turnaround services, as well as help with cash, working capital and financial restructuruing managment. The firm will also capitalise on its human resources services and offer interim management for struggling companies. It will place members of the team in management roles at distressed businesses, alongside existing management, to assist with turning a company around.
Simon Underwood, managing partner of Menzies Business Recovery, said: "Most businesses struggle when the economy starts to pick up. The current level of low interest rates has meant that many businesses are in very poor shape but soldier on, surviving nonetheless. As the economy starts to improve, many are unable to keep afloat and will need to restructure their operations and finances.
"We created mr3 turnaround so that directors, owners and creditors of such businesses can benefit from improving market conditions, not be overcome by them."
The new divison will focus primarily on owner-managed businesses and will be staffed by non-insolvency practitioners.
Menzies, formed in 1969, operates from six offices in the South East. It is 23rd in the Accountancy Age Top 50 +50 Survey of firms, with £28.5m revenues for the year ending 30 June 2012.
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