People

David is an Associate Director with Teneo in Scotland, having joined Teneo as part of its purchase of Deloitte’s UK Restructuring business.

David has over 15 years’ restructuring experience advising a broad range of clients, including corporates and their management teams, lenders and other stakeholders. His experience includes restructuring advisory (comprising Independent Business Reviews, forecast and Short Term Cash Flow reviews, options analysis, contingency planning), Accelerated M&A, Debt Advisory, Asset Quality Reviews and complex insolvency assignments.

He has worked across a wide range of sectors including transport and logistics, oil and gas, retail, food and drink, manufacturing, healthcare and construction.

Selected Recent Project Experience:

• Project Naughton – Contingency planning, options and strategy review and separation analysis of an AIM listed national supply chain solutions group (transport & logistics, warehousing, e-commerce services and haulage recruitment). The project ultimately delivered a successful £75m fund raising, ensured business continuity for 6.500 employees and provided a period of stability for the lender syndicate to work with the group to implement its medium-term turnaround actions.
• Project Swiss – Reporting on a national logistics group to assist the audit team with its going concern review as part of the statutory accounts sign-off process. David’s role involved working with the group’s CFO and COO to challenge its post Covid-19 growth forecasts and anticipated shareholder funding requirements.
• Project Turn – CVA/Restructuring Plan planning, site analysis and supporting negotiations with landlords for a national car park operator following a substantial decline in revenues as a result of the Covid-19 pandemic.
• Project Zebu – Contingency planning, insolvency strategy, critical contracts review and estimated outcome analysis for HM Treasury/Cabinet Office in relation to the potential insolvency of a Tier 1 government construction, infrastructure and FM supplier.
• Project Presley – STCF and forecast review, AMA planning and options analysis of an airport lounge business on behalf of its lender’s business support unit following the outbreak of Covid-19 and subsequent closure of its sites.
• Project Shard – Debt raise for an AIM listed business operating in the replacement windows and doors sector. Successfully obtained a new working capital facility to provide immediate liquidity to initially stabilise the business and give the new management team breathing space to implement its turnaround plan.
• Project Titan – Restructuring advisory and cash flow services provided to a vehicle rental business. Scope included a review of forecasts and providing assistance to the management team in the preparation of presentations to key lender groups in advance of a significant forecast liquidity requirement.
• Bondshold Group – Trading administration process which concluded with the successful piecemeal sales of a steel foundry and castings manufacturer based in the north of England which supplied into the oil & gas, defence, aviation and industrial products sectors.