The move back into the UK by US restructuring giant FTI, after a rather
undistinguished period operating an interim management business this side of the
pond, has raised a few eyebrows in the market.
Why back so soon after FTI Palladium Partners sunk?
Industry insiders have proffered a few reasons why the firm is here – and why
it failed first time around.
Palladium operated with a couple of ‘big-hitters’ on its team – namely Mark
Palios and Trevor Birch. One expert suggests that these high-profile players
could have proved intimidating to potential clients.
The previous launch also covered a flat spot in the restructuring
marketplace, but the firm’s US rivals have stuck it out in the UK.
So FTI could not afford to leave other major US firms AlixPartners and
Alvarez & Marsal sewing up a chunk of the European market.
FTI Consulting senior MD Kevin Hewitt has admitted as much.
‘My sense is that the key restructuring talent in the market is now giving
serious consideration as to where they want to be positioned when the current
credit cycle comes to an end,’ said Hewitt.
The need for restructuring advice beckons, FTI hopes.
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