Insolvency business "punching above its weight" as it diversifies

INSOLVENCY is a tricky industry to be in right now, despite high-profile administrations such as those of BHS and Austin Reed, amongst others, it is a sector in slowdown.

Insolvency businesses have to start looking at other ways to diversify their offering, and one of these is PKF Geoffrey Martin & Co.

Partner at Geoffrey Martin, James Sleight, got his first job in London for Grant Thornton, before being approached by insolvency practice Geoffrey Martin in 2002 to launch its London office.

At that point Mr Sleight was 25 years old.

“We were basically a start-up then,” he said, “finding our way, and the business needed a strong character behind it.”

In 2009, he was made partner in the business, and in 2013, he was approached by the Leeds office of the business to come back to the region and be part of succession plan.

Partners, including Geoffrey Martin, were considering retirement, so Mr Sleight moved his family up to Yorkshire to start all over again.

“It was very different but people are more approachable up here, and the business centre is smaller. You’re a dot on the map in London.”

In 2014 Mr Sleight, along with two other partners of the business,decided to complete a management buy-out, keeping a number of the exiting partners on in consultant roles.

At the end of 2014, the PKF network approached the firm requesting both offices and the team of 25 staff to become part of the network.

Mr Sleight said: “You can’t be a jack of all trades and a master of none in this business. We can get thrown into any type of situation, and it’s more important than ever these days to pull on resources and expertise from elsewhere.”

“We are still very much a Geoffrey Martin & Co team, but we’re backed by a bigger library of resources.”

“The Geoffrey Martin & Co brand is important to me, it is boutique in Leeds and I want to carry on that tradition of punching above our weight.”

Geoffrey Martin team

The business has been involved in insolvency procedures for a number of high profile businesses, including the Liquidation of creative agency, Coolpink, the Administration of Holmes Catering for which the firm managed to successfully sell and save 24 jobs.

More recently the firm has been involved in the successful sale of a confectioner trading under the ‘Hope & Greenwood’ brand and also the Liquidation of Valk Fleet, a subsidiary of Delivery Hero, who provided delivery services to fellow group member Hungryhouse and other nationwide food retailers.

Mr Sleight said: “The challenge for me is to grow the practice. We’re known for offering a bespoke service and sorting out difficulties in a discreet way, in a world that sings about what they do. But we enjoy saving and selling businesses, and preserving jobs is an integral part of that.

Unlike other businesses, whilst the economy has continued in slow recovery mode, the restructuring profession has felt the pinch, with businesses like Duff and Phelps as well as P&A Partnership the first casualties of the economic recovery.

“We’ve been reviewing different service lines and will spend more time concentrating on services that are more positive,” he said.

“I’ve been getting to know the market in the past 24 months, it’s been about stabilising the business and with the support we’ve got, it’s now about growing the business. I’m excited about our future – we will definitely bringing more to the table.”
As part of this growth plan the Leeds office has recently recruited Oliver Collinge as an Associate to further develop the firm’s advisory and turnaround offering as well as strengthen the existing restructuring team.

 

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