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FTI Consulting has appointed a trio of Senior Managing Directors to its corporate finance and restructuring segment in London. Diederick van der Plas, Nick Carmichael and Duncan Turner each arrive from PwC, where they were all Partners in the Big Four firm’s financial restructuring wing.
Since reaching a decade low in 2015, the number of insolvencies has spiked by a fifth, with the construction, admin, retail and manufacturing segments hardest hit by a turbulent 2018. The turmoil has bled deep into 2019, with thousands of firms across the UK in positions of acute financial distress. As a result, demand for restructuring services from consulting firms is booming.
In line with this, FTI Consulting has been tasked with a number of administrations over a diversity of industries in 2019, including the sale of collapsed retailer Debenhams and energy firm Utilitywise. In order to keep up with the growing demand for its restructuring services, with a focus on financial firms – a particularly volatile area in the lead up to Brexit – FTI has appointed three new Senior Managing Directors to its corporate finance and restructuring segment in London. In what represents something of a coup for FTI in the market, the trio all arrive from PwC’s own capital city office, where they were Partners in financial restructuring.
Diederick van der Plas was latterly the global leader of PwC’s restructuring practice, bringing some 20 years of experience advising a wide range of clients in stressed and distressed situations. In the past he has acted as lead financial advisor on high-profile financial restructurings in the UK, Continental Europe, the Middle East and Asia, while working for a variety of stakeholders, including senior and junior lenders, bondholders, corporates and private equity.
Nick Carmichael meanwhile specialises in advising companies and lenders through complex international restructurings. He has worked with numerous stakeholder groups across many industries, including oil and gas, logistics and infrastructure. Earlier in his career, Carmichael also held senior origination and execution roles on the workout and leveraged finance teams of several major North American and European investment banks.
Duncan Turner brings extensive experience with listed companies and has advised clients to FTI, having worked on a wide variety of different financial structures and instruments. He has advised lenders and borrowers on the refinancing and restructuring of debt facilities, including raising new money and amending existing facilities, often acting on cross-border transactions, having worked across Western Europe and in emerging markets in Europe, Central Asia and Africa.
Commenting on the news, Simon Granger, a Senior Managing Director and EMEA Head of corporate finance and restructuring, said, “These appointments bring further strength and depth to our team of market-leading restructuring professionals. With the market outlook remaining uncertain, clients are increasingly looking for independent advisors who can provide a comprehensive range of solutions, with an experienced, hands-on approach. Diederick, Nick and Duncan’s deep industry knowledge and expertise will be a huge asset to our team as we continue to expand across the EMEA region.”