The strategy, known as the London Approach, was used in the early 1990s to
encourage banks to be supportive of businesses.
& Young’s global head of restructuring, said a new version of the
strategy could be useful in the current financial crisis.
‘A guiding hand by some sort of third party that is non-political and doesn’t
have a commercial interest, could help improve the current way of tackling
The number of company failures has rocketed over recent months as companies
struggle to get credit from their banks. In a survey by
Roland Berger Strategy
Consultants, 33% of companies said unused credit lines had been withdrawn by
‘The tightening of credit to UK firms is well documented, but these findings
reveal the severity of the shortage at the highest levels of British industry,’
the survey said.
The survey questioned finance managers at 137 of the UK’s biggest companies
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies