Enhancing Corporate Restructuring
We join or support boards providing hands-on restructuring, operational, financial and governance expertise
Why MRC?
Agile boutique adding value to situations in various degrees of distress
Tailored involvement, from board observer, lighter touch NED to full time operational involvement
A collaborative approach and hands-on involvement to meet the requirements of stakeholders
Experienced and seasoned professionals, well known to stakeholders and advisors in their respective fields
High value placed on operating within a strong governance framework
Significant expertise with complex property, debt and ownership structures and investment transactions
Wide ranging experience covering many business sectors
A tried and tested approach that consistently delivers optimal outcomes for stakeholders
Current Engagements
Board observer: Supporting the board of an AIM listed company through a restructuring to stabilise debt position
(Oct 2023 – present)
- Supporting board through a period of financial distress, including delivery of three-step turnaround plan to improve cash generation
- Working capital management to increase headroom on their banking facility
- Improving 13-week cash flow forecasting and reporting to enhance communications with the lender
Operational expertise: Consultancy services for a local authority, refining their longer term property portfolio strategy
(Nov 2022 – present)
- Providing Investment and Development team with operational property management support and direction in identifying realisable opportunities for value creation to assist meeting the local authorities strategic plan
- Forensic analysis of leisure and community portfolio to unlock income potential and improve social value
- Implementing new processes to enhance operational efficiency
“We have been pleased to work with MRC Advisory on two restructuring mandates, and they were very impressive throughout. Adrian, Rebecca and Maurice’s different skillsets and backgrounds really complimented each other, and they skilfully managed different stakeholders, in difficult circumstances, to deliver successful, consensual outcomes in both bases.”
Who we are
MAURICE MOSES – Chairman, Chief Restructuring Officer
Background
Maurice has a strong reputation as a trusted adviser to boards and stakeholders working with companies going through financial and operational restructuring.
With an ability to build consensus, he has a track record of working with boards, shareholders, lenders and other stakeholders to deal effectively with demanding issues, bringing them to a successful outcome.
Having been a licensed insolvency practitioner, Maurice now deploys his skills and experience to lead and support stakeholders and management teams achieve their business objectives.
Experience
- Various board and board advisory positions: Supporting companies going through transformation and/or restructuring
- Ernst & Young LLP: Restructuring, risk management and UK ethics partner
- AlixPartners: Director, turnaround and performance improvement. Interim CEO/CFO roles in PE backed technology businesses, renegotiated bank facilities, raised new capital and recruited for succession
- Alvarez & Marsal: turnaround and performance improvement, interim CEO and CFO roles in Lee Cooper (denim apparel business), LG Philips Displays (manufacturer of cathode ray TVs) and Galvex Group (steel galvanising)
REBECCA RYMAN – Operations Director
Background
With over 25 years in real estate, working for Intu Properties plc, Rebecca has extensive experience in adding value through both operational improvement and investment.
At all times managing large teams of employees and consultants, she has worked with a wide range of stakeholders from established retailers and start-ups to sovereign wealth funds, local authorities and property holding companies covering property acquisition, disposal and management.
Rebecca was a member of the executive team at Intu through a period of proposed restructuring solutions (merger, takeover, equity raise and standstill agreement) and ultimately the administration. As a board member on most property companies, Rebecca managed her large team and other stakeholders through the transition of ownership to various lender groups. She continued as an independent non-executive director on the boards of two property owning companies ensuring ongoing operations ahead of their sale to maximise the return to the lender.
Experience
- Operational and Asset Management: Managing director of £2bn shopping centre portfolio with responsibility for income and growth in total property return
- Development: Led and delivered major shopping centre extensions with new and innovative uses including an £80m leisure extension and £200m new mall
- Investment: Completed several shopping centre investment transactions in excess of £300m from pure sale to investment partnerships
- CRM: Developed and led a 50 strong team focusing on customer performance, data and insights and the UK’s first landlord online shopping platform
ADRIAN CROFT – Finance Director
Background
With a strong background in operational finance, financial planning and analysis and investor relations, throughout his career Adrian has worked closely with boards, investor and financial institutions on acquisitions, disposals, financing and capital raising, particularly in the property sector.
He believes that stakeholder engagement, underpinned by a detailed understanding of the businesses involved, is key to all these activities.
Adrian has been a member of the executive teams at Sea Containers and Intu dealing with financial planning and communications through the proposed restructuring solutions (merger, takeover, equity raise and standstill agreement) and ultimately the Chapter 11/administration processes. He continued to operate in these companies post insolvency, providing support for the transition of subsidiaries to lenders/new owners. Appointed independent non-executive director on the boards of two Intu property owning companies ensuring strong financial controls, detailed financial planning and adequate funding ahead of their sale to maximise the return to the lender.
Experience
- Operational finance: Led a team of 25 running commercial finance for a £10bn shopping centre portfolio, including reporting to investment partners. Onboarded several UK and Spanish centres including the Trafford Centre and Merry Hill
- Financial planning and analysis: Strategic planning and financial modelling for equity raises and acquisitions of around £5bn and demerger of Capital & Counties from Liberty International
- Investor relations: Head of Investor Relations for a FTSE100 company delivering market regulatory announcements, results presentations and capital market days to both equity and debt investors. Prospectus preparation for proposed merger, takeover and equity raise
“The Savills teams across investment, asset management, leasing, property management and building surveying have worked with Maurice, Rebecca and Adrian across two high profile assets following the Intu Administration.
We were delighted to work with them as they were practical, pragmatic and brought stability when needed to the assets with real pace. They very much worked with us all as a team which allowed us to collectively advise our lender groups.
We very much look forward to working with them again.”
WHO WE HAVE WORKED WITH
OUR APPROACH
ASSESS
Liaise with stakeholders on state of the nation, market conditions and desired outcomes. Stabilise platform and ensure adequate liquidity
ADDRESS
One team approach, collaborating with other professionals to create a strategy to deliver an optimal outcome
IMPLEMENT
DELIVER
Operational and cashflow management, restructuring and/or exit strategy
Optimal Outcome
COMPLETED ENGAGEMENTS
Board appointment: Enforcement strategy by a lender with security over The Telegraph Media Group
(Apr 2023 – Dec 2023)
- Cascade of board appointments to several of the group’s companies across multiple jurisdictions
- Ensured continued operation of trading businesses and reviewed other entities in group, including solvency considerations
- Preparation of disposal strategy for The Daily Telegraph and The Spectator to maximise the return to the lender
- Review of inter-company and tax positions across the group to ensure optimal distributions to the major stakeholder
- Sucessful repayment of £1.2bn of debt to Lloyds Bank
Financial expertise: Interim Finance Director, resetting the strategy of an urban regeneration company
(Mar 2022 – Sep 2022)
- In depth review of all historic projects to understand financial dynamics of success
- Reset strategy to focus on projects that deliver the company’s objective with a capital light offering attractive to Local Authority partners
- Introduced new financial appraisal model for large scale urban regeneration projects
Board appointment: Active Management and Disposal of a 340,000 Sq Ft Major Retail and Leisure Destination
Situation at appointment (Aug 2020)
- Intu Properties plc, the owner of Barton Square, Manchester, entered administration in June 2020
- The property was nearing completion of a redevelopment and had borrowings from Natwest where the LTV was over 100%
- Requirement to migrate property to a stand-alone operation with adequate liquidity to complete redevelopment and commence leasing strategy to reposition tenant mix
Business stability (Aug 2020 – Nov 2020)
- Prepared a strategy and exit plan for the business, including agreeing funding to allow for a timely disposal process
- Negotiated and agreed asset, property and facilities management agreements to ensure a stable operational platform and provide independence from the Intu group
Hands-on approach (Aug 2020 – Apr 2021)
- Provided a solutions-based approach
- Instigated and ran lettings meetings and facilities management meetings to ensure operational strategy was met
- Delivered timely financial reporting and cash flow management
Disposal (Jan 2021 – Apr 2021)
- Considered exit options and led a marketing strategy to deliver a successful sale
- Delivered a process including multiple offers and competitive tension to maximise proceeds acceptable to stakeholders
Governance (Aug 2020 –Apr 2021)
- Ensured visibility of situation to all stakeholders, finding consensus to deliver the optimal outcome
- Communicated throughout to always keep stakeholders informed and involved in decision making
Board appointment: Continued Operation and Disposal of a 500,000 Sq Ft Regional Shopping Centre
Situation at appointment (Aug 2020)
- Intu Properties plc, the JV partner of Chapelfield, Norwich, entered administration in June 2020
- The financial performance was critically impacted by Covid-19 and the investment had borrowings from Natwest where the LTV was over 100%
- Requirement to stabilise the JV platform, working collaboratively with the management team and ensuring adequate liquidity for ongoing operations
Operational stability (Aug 2020 – Oct 2021)
- Hands-on tenancy management for new lettings and lease renegotiations to:
- enhance appeal of the centre
- increase unexpired lease terms
- improve investment appeal
- deliver total property return
Contact Us
To get in touch with MRC Advisory
