KPMG has announced the appointment of Ann Davies and Lee Swinerd to its Turnaround and Cash Team, within the Transactions & Restructuring Practice.
Ann Davies retired from KPMG’s Restructuring Practice at the end of 2010; she returns as a Chief Restructuring Officer (CRO). Lee Swinerd was previously at KPMG in the US and joins the UK firm as a Director.
Richard Fleming, UK Head of Restructuring at KPMG, commented:“Formal administration appointments have been far more subdued than expected in this downturn, with companies and their creditors seeking solvent solutions to distress. Our latest research has shown that turnaround has been increasingly used as a way of curing corporate stress. Indeed our own turnaround practice has doubled revenues in the past three years and its ambition is to double the figure again in the next three years. To this end, these appointments will be an important beefing up of our turnaround team’s capacity.”
Ann Davies, CRO, added: “Another difference in this downturn has been the increased complexity faced by companies operating across a number of countries; UK companies now operate all around the world and have intricate debt, tax and legal structures, posing additional problems when they become distressed. Both Lee and I have worked in many different countries and are able to support company boards as they seek to cope with the problems they face in an uncertain environment. While economies move in cycles, political instability and volatility is unlikely to diminish and will continue to catch boards out; accordingly we expect demand for turnaround expertise to increase even as economies return to growth.”
The turnaround and cash team consists of 30 professionals and works with lenders, shareholders and management teams across a wide range of sectors and geographies to deliver complex turnarounds. The team sits within KPMG’s restructuring practice, which is made up of 30 partners, 8 associate partners, 58 directors and is supported by a wider team of around 600 staff.
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.