Ian Corfield joins restructuring advisory team of FRP

FRP has grown its London restructuring advisory team with new Partner Ian Corfield. The former KPMG, Grant Thornton and Duff & Phelps specialist will have a specific responsibility for developing FRP’s relationships and profile in the debt fund market-place.

The UK retail sector bore the brunt of the sluggish growth seen across the British economy in 2019. Low levels of footfall and a decline in consumer spending power due to stagnating wages and rising inflation meant that stores saw in the year with a flurry of profit warnings. This has only been exacerbated by the massive impact the Covid-19 pandemic has had, with lock-down seeing footfall essentially drop to zero for all but essential stores, such as grocery outlets and supermarkets.

As a result, FRP Advisory has had a bumper workload in recent months, as it has been engaged by a number of collapsing outlets, keen to tap the firm’s restructuring services. Better Bathrooms, the UK’s largest independent bathroom retailer, engaged the consultancy in March 2019, while FRP replaced KPMG as Patisserie Valerie’s administrator in the summer. More recently, the firm also helped Bonmarché secure its future by brokering a sale to Peacocks, before taking its services to the floundering casual dining scene – which is exposed to pressures similar to retail – as it was appointed administrator for Carluccio’s.

As FRP prepares for a further glut of insolvency work, the specialist firm has appointed Ian Corfield as Partner to its London restructuring advisory team. With 30 years’ industry experience, Corfield has supported businesses and their stakeholders with a variety of corporate and restructuring services, including financial due diligence, financial restructuring, debt advisory stakeholder management, cash flow management and contingency planning. Notable past insolvency appointments include First Quench Retailing, owner of Threshers; La Tasca Restaurants, and the Hilton Manchester and Liverpool Radisson hotels.

Corfield said of his new challenge, “We live in uncharted economic and social times, and I welcome the opportunity to work with a senior team of respected advisers in a fast-growing and ambitious firm. FRP is a powerful and exciting platform to return to my professional advisor roots, armed with even broader business experience to assist corporates and their stakeholders as we face challenging times together. I look forward to helping the team build its network and continue to deliver outstanding services to clients.”

He will now focus on growing the team’s network in the debt fund marketplace and providing restructuring services, drawing on his extensive industry knowledge to do so. Most recently, Corfield was a Managing Director at White Oak Global Advisors, a US-headquartered fund manager responsible for UK and European lending opportunities, where he worked for almost two years. Earlier in his career, the seasoned professional also held senior roles with KPMG, Grant Thornton and fellow restructuring specialist Duff & Phelps, before spending a year as Head of Corporate Finance at CBRE Hotels EMEA.

Commenting on the appointment, Geoff Rowley, Chief Executive at FRP, said, “These are unprecedented times for the UK economy. As a firm, we’re committed to providing exceptional support and quality advice to help businesses of all sizes navigate the complex challenges they face. It’s important we invest in the team with the addition of leading experts in their field. Ian is an industry stalwart with specialisms in debt funding and restructuring, and I have no doubt he will add real value to the team and the service we can provide to our clients – it’s great to welcome him to the firm.”