Alvarez & Marsal opens fourth UK office in Leeds

Alvarez & Marsal has added to its growing UK presence with the launch of a fourth UK office in Leeds. The new locale joins the firm’s offices in London, Birmingham and Manchester, amid growing demand in the North of England, particularly in restructuring and insolvency work.

Throughout 2019, a growing number of UK firms have found themselves in financial distress. Reports have previously warned that as many as 16% of UK businesses are in financial distress, meaning 484,000 businesses are now in a vulnerable state, while the number of businesses in “critical distress” rose by 17% year-on-year.

Amid this market turmoil, the demand for restructuring, turnaround and insolvency services from consultants has spiked. A slow-down in the UK economy, unpredictable currency rates, and potential impact of Brexit on the labour market are affecting firms across retail, casual dining, food manufacturing and construction alike, calling for greater contingency planning, stakeholder management and sourcing of alternative funding solutions.

In order to better cater to the needs of clients relating to insolvency procedures, global consultancy Alvarez & Marsal (A&M) has announced it is opening its third regional office outside of London, which will include the full range of restructuring, turnaround and insolvency services. Leeds will now serve as A&M’s Yorkshire base, and will support companies across the county and in the North East of England. It adds to a recently launched locale in Birmingham and a newly upgraded office in Manchester, helps the firm cover the North West of the country.

Mark Firmin, Managing Director and UK Head of Regional Restructuring, said, “The Leeds opening marks a key milestone in A&M’s regional expansion strategy. We are experiencing high demand for our services in the regional market place, given our ability to provide hands-on advice and respond quickly to clients’ needs without the constraints of audit conflicts.”

The new Leeds office will be spearheaded by former KPMG Partner Jonny Marston. Having spent 20 years with the Big Four firm, Marston developed extensive experience in helping businesses in Leeds and Yorkshire with turnaround projects, before taking a period of gardening leave in 2018. Former PwC Director Lyn Vardy, similarly brings 21 years of Big Four experience to the Leeds team, having specialised in local restructuring. Marston and Vardy join as companies across the region face significant uncertainty and are looking for hands-on support with issues relating to performance improvement or financial distress.

Marston said of the new office, “Leeds is a diverse hub for business and is one of the foremost centres of fast-growing small businesses in the UK. But it’s important that these businesses can be proactive in delivering stakeholder value in light of a shrinking economy when margins are coming under increasing pressure. We are committed to growing a team of specialists in Leeds, from experienced advisors to graduate talent, who can advise the local market in the long-term but have the global capabilities and expertise to draw upon as needed.”