Rob Croxen joins restructuring practice of Alvarez & Marsal
Alvarez & Marsal has strengthened its restructuring practice with the hire of Rob Croxen. The experienced professional joins from KPMG, where he led the Big Four firm’s restructuring work.
The UK’s economy faces tough times at present. A weakened pound, stagnant wages and uncertainty relating to Brexit have seen a huge number of firms either undertake restructuring work, or fall into administration in the last year. As a result, the demand for consultants who can walk clients through a restructuring campaign is high at present, and looks set to boom in 2020.
The restructuring practice of professional services firm Alvarez & Marsal (A&M) helps companies stabilise financial and operational performance by addressing problems head-on and driving rapid change to preserve and create value. According to the firm, the practice advises on every aspect of the restructuring process, from strategic direction to liquidity management to business plan development.
In preparation for what is set to be a busy year, the global management consultancy has strengthened its restructuring team with the appointment of new Managing Director Rob Croxen.
An industry veteran of more than 20 years, Croxen specialises in advising businesses in stressed and distressed situations. He arrives from Big Four firm KPMG, where he had worked since 1997 and was latterly a Partner. Over the course of his career, Croxen has advised clients in a wide range of sectors, including real estate, retail, casual dining, pharmaceuticals, healthcare, and manufacturing. Most recently, this saw him leading KPMG’s restructuring programmes for businesses in the UK, working on insolvency cases including House of Fraser, Aylesford Newsprint and Menzies Hotel Group.
Croxen said of his new challenge, “A&M has a distinctive offer within the market and the growth that it has achieved over the last few years has been really impressive. I’m excited to be able to bring to bear my experience for the firm, free from the audit conflicts that hamper the Big Four.”
Strong growth in the UK and Europe has seen Alvarez & Marsal break through the barrier of 1,000 employees in Europe last week, with the UK the firm's largest operation in the continent.
The move sees Croxen become the latest in a string of appointments sourced from KPMG’s restructuring wing. In 2017, a group of KPMG Partners led by Richard Fleming and Mark Firmin joined A&M to spearhead A&M burgeoning restructuring business and capitalise on growing client demand for independent financial advisory services. Since then, the firm has successfully built its insolvency, and creditor advisory service lines, and launched several new offices regionally and internationally, while serving notable clients such as Toys ‘R’ Us, Homebase and Stobart Group.
Commenting on the growing restructuring practice, Firmin – now Head of UK Regional Restructuring at A&M – said, “Our ability to attract leaders of this calibre reflects the sustained momentum we’re seeing in our restructuring business. As we continue to grow, we’re committed to maintaining a senior-led service offering, focused on delivery and results.”
