BusinessBusiness RecoveryRescue me: Calls for turnaround work on the up

Rescue me: Calls for turnaround work on the up

Company rescue work has seen a major upswing in the past few months as troubled businesses ask for advice from turnaround specialists before financial problems turn critical, experts said this week.

Link: Company insolvencies on the rise

According to specialists from the Big Four, an increasing volume of their work is coming from companies and banks, which are requesting help for troubled businesses before they become insolvent.

Alan Bloom, head of corporate restructuring at Ernst & Young, said the work was ‘growing considerably’ in the economic slowdown. ‘It is the fastest growing part of our business,’ he added. ‘Companies are becoming more aware that they need advice or they will be in trouble if they leave it too late.’ Bloom added that the banks were encouraging clients to call in the experts early. In some cases, he has appointed external company doctors.

A spokeswoman from PricewaterhouseCoopers confirmed the growing tendency towards turnaround work. She said: ‘The hope is that businesses can be rescued before insolvency becomes necessary.’ James Wheeler, a company doctor at interim management company Ashton Penney, confirmed the increase. ‘A lot of large corporates are doing internal turnaround work behind the scenes. At the current time, we are very busy.’

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