frp advisory
frp advisory is a business advisory firm which takes each and every client to its heart .
frp advisory is a distinctive, specialist business advisory firm with a strategic, commercial and compassionate approach .
sale of advisory arm to rsm tenon for £6. 8 million and its business recovery service to newly formed partnership, frp advisory llp .
frp advisory llp. free business summary taken from official companies house information. free alerts. registered as oc355680
business advisory firm frp advisory has strengthened its uk operation with the promotions to director of emily ball and yasmin bikha, both based in the leicester and nottingham offices .
frp advisory is a business advisory firm based in the united kingdom, providing restructuring, corporate finance, debt advisory, forensic accounting and pensions services and is one of the uk’s largest specialists in the area of corporate restructuring .
frp advisory, business advisory firm, has announced a merger into the partnership of bwc, a firm of independent corporate recovery and insolvency specialists based in yorkshire and teeside .
frp advisory was appointed to liquidate collapsed retailer bhs last year, a process it is still in the midst of .
they will join the existing team at frp advisory yorkshire team, which is led by partner phil pierce and two directors .
frp advisory evaluating options to sell all or part of saxonby (housing association) limited, which went into administration today .
uk - based frp advisory llp said it promoted two of its executives as directors to beef up its north of england operations .
rsm tenon was one such buyer and acquired vantis’ financial advisory arm for £6. 8 million. frp advisory, made up of former vantis staff, snapped up the business recovery service for an undisclosed sum .
the merger bolsters frp advisory’s presence in the north by creating a power - house of independent restructuring advisors, and also adds a new office in teeside for the firm .
geoff rowley, senior partner at frp advisory, said: “ over the past four years we have more than quadrupled the size of our northern england presence in response to demand for frp advisory’s services. the latest arrivals complements the firm’s key restructuring work, but we will also continue to grow our corporate finance, debt advisory, forensic and pension service lines in order to support businesses throughout the whole of the corporate life cycle. ”
hamilton - smith and wastell have joined frp which is appealing the high court’s ruling .
frp advisory is a member of the insolvency practitioners association (ipa), association of business recovery professionals (r3), icaew, acca, aca and the turnaround management association (tma) .
an antiguan judge replaced vantis in may following a request by creditors. vantis went into administration last year. its business - recovery operations were bought out by former managers and was renamed frp advisory llp .
the accountants were appointed after bank creditors challenged the appointment of vantis. the listed accountancy firm had itself gone into administration in june last year, at which point the liquidators dealing with the business joined frp advisory .
the appointment follows an action by a number of creditors of stanford international bank to replace the original joint liquidators of the failed bank, nigel hamilton - smith and peter wastell formerly of vantis, then frp advisory .
geoff rowley (pictured), a leading partner in frp advisory, who joined vantis in 2006, said the core businesses of vantis were bagged quickly because they remained profitable. however, investment in sports advisory services, a financial consultancy for sportspeople, and a tax product company, were not beneficial to the business as a whole .
frp took on £11m of debt from vantis, accountancy age, 15 september 2010. retrieved 20 september 2010
gary blackburn, co - founder with paul whitwam of bwc, and now partner at frp advisory, said: “both paul, david, martyn, pete and i and the rest of former bwc are excited about the future as part of the frp advisory partnership. we all share the ambition to devise innovative solutions at times of strategic business change, bringing the energy and enthusiasm all our clients have come to expect when we seek to create and recover value on their behalf. ”
jeremy french, managing partner at frp advisory, commented: “we are delighted to see the group strengthened by the arrival of the entire bwc team. led by gary, paul and david as partners and martyn [ pullin ] and pete [ scriven ] as directors, the team’s joining frp advisory provides added impetus to staff at all levels, whilst ensuring that the strength and depth of our combined advice can benefit all the management teams, equity partners, other investors, lenders and key institutions we serve. ”
the firm was formed in june 2010 by jeremy french and geoff rowley, whose initials form the basis of the name (french rowley partners). the business has more than 300 staff including 49 partners and operates from 20 locations across england and scotland. the business is a limited liability partnership owned by its partners. frp advisory includes the trading divisions frp transition and first financial .
liquidators at grant thornton, price - waterhousecoopers and zolfo cooper have been lined up to replace united kingdom - based insolvency firm frp advisory to unravel the remaining assets of stanford international bank, which is at the centre of an alleged us $ 7 - billion ponzi scheme .
a massive thank you to everyone who has kindly donated for our lovely d & a girls doing the # nuclearrace this week! we have successfully managed to raise £300 so far for @ havenshospices and our wonderful client @ frp _ advisory who is hosting the event. we are even more excited now !
administrators at frp advisory continued to trade the business as a going concern, retaining all staff while marketing the business and assets and evaluating a number of competing approaches before securing a sale which provided the most viable solution in the interests of all stakeholders. the purchaser is a rochdale / oldham - based specialist technical textiles manufacturer .
last month, frp was granted that right of appeal, but fundora' s legal counsels are preparing to counter - challenge that ruling later this month... .
excessive overheads, investments which failed to deliver and being dropped as liquidator of allen stanford’s bank, may all have contributed to the decline of tax advisory firm vantis and the sale of its core businesses .
ben woolrych, joint administrator and partner at frp advisory, said: ‘we are pleased to have secured the future of tba textiles which is a great result for its staff and the wider rochdale manufacturing community. fothergill’s long history in the manufacture of high quality, high performance technical textiles makes a good fit for tba textiles and we wish the new owners all the best for the future. ’
the move sees all 16 members of staff from bwc being brought into frp, including three partners – gary blackburn, paul whitwam, david willis, who have over 90 years of insolvency experience combined .
later that month, vantis went into administration. since then, frp has tried to get permission to appeal, with the case moving back - and - forth between the antigua high court and the more senior eastern caribbean court of appeal .
for an undisclosed sum 28 insolvency partners, led by rowley and french, took up the entire insolvency and restructuring network at vantis, except the marlow operation. the new combined insolvency group will be called frp, (french rowley partners) .
only two weeks after its shares were suspended aim - listed vantis sold its advisory, tax and business recovery arms. the speed at which the sales happened suggest potential buyers were well aware of what the outcome of the suspension would be and how profitable the individual businesses were .
“we are in dialogue with grant thornton regarding the costs incurred prior to them taking office, ” frp partner nigel hamilton smith said. “our main objective is to find a sensible solution, which does not result in lengthy court time and further delays. ”
the firm was formed in june 2010 to undertake a management buyout of the business recovery services division of vantis plc. [ 1 ] frp did not make a cash payment for the business, but took on £11 million of vantis' debt. [ 2 ]
from advising small and medium enterprises to large and complex multinational organisations, we are a client - focused advisory firm. we provide corporate finance, debt and pensions advice, and forensic and restructuring services for companies, their advisors and their stakeholders. we quickly get to the heart of a matter, understand your business needs and determine how you should respond to your opportunities and challenges .
even by pre - pack standards the turnaround of the vantis administration seemed unusually quick. just two weeks before, it suspended its shares pending a financial review of the firm .
however, it seems behind the scenes vantis was further into the sale process than many realised. the accountancy group suspended its shares at 10. 25p on 14 june and fti consulting was to advise the business on its next move .
just two weeks later, on 29 june, vantis announced that fti’s chad griffin, previously a partner at kpmg, and former deloitte insolvency practitioner simon granger were appointed administrators and the business was lined up to be broken up and sold .
the deal appeared to happen so fast that insolvency practitioners at other firms told accountancy age that they were not invited to take part in the bidding for vantis between the suspension of shares and the date of the administration .
“no one came to us to ask if we would like to buy any parts of the business, ” said one insolvency practitioner at a top 20 firm .
however, a source close to the case said the marketing of the business had begun as long ago as december 2009. at the end of last year vantis called in deloitte’s mergers and acquisition (m & a) team to market and sell parts of the financial management business, accountancy age understands. in april, the deloitte team also contacted interested parties and realistic buyers for the accounting and tax arm, which makes up approximately two thirds of the business .
april also saw vantis insolvency partners come together to organise a manage - ment buyout of the business’ recovery unit. this was led by jeremy french and geoff rowley. meanwhile, fti consulting was called in as advisers in september to one of the business’ largest creditors, one of the three banks that were collectively owed around £54m at the time vantis entered administration .
as advisers to the bank, fti “shadowed” the deloitte process and vantis was left with a handful of potential purchasers. the administrators agreed it would be more cost effective to continue with the interested buyers than to “throw the dice” and begin the process again, according to the source. deloitte had not commented at the time of going to press .
the administrators agreed a deal with rival listed firm rsm tenon, which bagged various parts of the business including the london, leicester and epsom offices, and the insolvency arm of marlow, for an initial payment of £5. 7m. rsm tenon is expected to pay a further £1. 1m from money it hopes to receive from some work in progress .
other management buy - outs to come out of the wood - work include a consortium of managing partners which bought seven offices to be merged into five legal entities. the pre - pack work by griffin and granger seemed to do the trick, with no redun - dancies or closures as yet announced across the group .
vantis was created in 2002 and has consistently featured in the top 20 largest firms in the country. however, the firm hit the headlines for the wrong reasons following criminal charges against two of its tax employees over gift aid tax schemes at the end of last year, which was the start of negative stories for the firm that has ended with the break - up of the company .
it is expected secured creditors such as lloyds, rbs and barclays could receive 20p for every pound owed – although this is subject to change. unse - cured creditors including hmrc, which is owed about £5m, are likely to receive 1p for every pound – although some insolvency practitioners believe that even this is overly optimistic .
with every pre - pack the administrators must produce a sip 16 report to the creditors and the insolvency service, detailing how much creditors could be repaid and why the ip chose to sell the business to connected parties .
a source close to the case said the sip 16 report should be due any day and administrators would continue to investigate the books at vantis to ascertain exactly what took place inside the firm .
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q1 2018 underlying insolvencies rose to highest quarterly level since q1 2014. rise in construction insolvencies is concerning, not least because q1 gdp figures show the construction sector caused the largest downward pull on gdp, falling by 3. 3% .
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straight approach retail consultancy ltd. - filing history (free information from companies house )
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july 6 (reuters) - the following financial services industry appointments were announced on thursday. to inform us of other job changes, email moves @ thomsonreuters. com .
carnegie’s danish unit said it had hired deloitte’s managing partner for corporate finance, johannes vasehus sorensen, to co - head its danish investment banking operation .
unicredit has appointed adeline de metz and raphael barisaac as global co - heads of trade finance in its corporate and investment bank .
rbc investor & treasury services, a unit of the royal bank of canada, named hong paterson to lead its investor and treasury services business in singapore .
asa samuelsson has been appointed head of loan syndications at seb, replacing loan market veteran michael dicks who has taken up a new role at the bank, the company said .
willis re, the reinsurance business of willis towers watson plc, named james kent chief executive, succeeding john cavanagh .
barclays has named richard haworth as ceo of its americas business, following the appointment of joe mcgrath as global head of banking. - ifr
bluebay asset management llp said it hired zhenbo hou to the research team of its emerging markets franchise .
privately held bank weatherbys said quentin marshall, deputy head of private banking, will replace adrian crichton as the head of the unit .
james paulsen had joined the financial research firm as its chief investment strategist. (compiled by gayathree ganesan and arunima banerjee in bengaluru )
tba textiles has over 120 years of experience as a global developer and manufacturer of an extensive range of high performance passive fire protection textiles and products, such as fire curtains, barriers and hoods used mainly in the construction, marine and transportation industries. the company entered administration on 30 may 2017 after experiencing cash flow difficulties .
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the liquidation of stanford international bank, the multi - billion - dollar empire of allen stanford which collapsed amid allegations of fraud, has been taken over by grant thornton .
the liquidation of stanford international is being carried out while mr stanford faces trial in the us for
massive ongoing fraud
relating to a $ 7bn (£4. 24bn) investment scheme. it is alleged that mr stanford was operating a giant ponzi scheme .
marcus wide, one of the two grant thornton liquidators appointed, said :
with more than $ 7bn in alleged losses suffered by approximately 27, 000 depositors worldwide, a robust liquidation of the bank is vital. hugh dickson [ the other liquidator ] and i look forward to serving the creditors of the stanford estate and dealing with the outstanding issues over control of assets in the uk, switzerland, canada and elsewhere .
to date, no assets have been returned to either the stanford international bank estate or the estimated 27, 000 depositors and claimants .
the action to replace vantis as administrators was led by alexander fundora, a creditor who lost $ 2. 5m in a stanford scheme. his action was supported by creditors owed $ 100m .
( bloomberg) – the firm originally appointed to wind up r allen stanford’s bank charged $ 18 million in fees while recovering around $ 300, 000 for victims of the fraud, according grant thornton llp, the bank’s new liquidator which is seeking to have the bill reduced .
grant thornton partner hugh dickson said his firm was challenging the vantis plc bill in an antigua court. “we are trying to reduce that number considerably, ” he said .
vantis, which was removed as antiguan liquidator of stanford international bank in may, has asked a court to approve its fees. the firm recovered around $ 300, 000 of assets before being replaced, grant thornton said in a web presentation to stanford creditors and victims yesterday .
efforts in the us and antigua to unwind stanford’s alleged $ 7 billion ponzi scheme have produced little to return to victims and creditors. as of january, us - appointed receiver ralph janvey had freed up $ 94. 7 million in cash and filed lawsuits with a potential value of $ 595 million. stanford is in custody in the us and is to be tried for fraud next year .
grant thornton has identified up to $ 1. 5 billion which it wants to return to more than 20, 000 stanford victims and creditors it represents, the firm said yesterday. that figure includes property valued at $ 300 million, securities worth $ 250 million and potential returns of as much as $ 1 billion from lawsuits .
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a source of income for the people of barbuda is now become a political pawn? it shou ...
damning and frighteningthat which is revealed here appears'... damning and fright ...
the pm and the agriculture minister needs to put up their hand. the micromanager / dic ...
antigua st john’s – the stanford investment bank (sib) has new liquidators, as decided by justice mario michel of the eastern caribbean court of appeal earlier this month .
the new liquidators, marcus a wide of the british virgin islands and hugh dickson of the cayman islands, replace nigel hamilton - smith and peter wastell .
alexander fundora is the stanford international bank ltd creditor who led the action to appoint new liquidators .
in a recent statement, hamilton - smith said his team is now focused on ensuring a smooth handover, including all in - progress claims, to the new appointees .
he said, “the new liquidators will be able to continue the good work in recovering assets for investors – including land assets in antigua, funds in switzerland, funds in the uk, and other asset tracing claims that may arise in the future. ”
the former joint liquidators had reportedly been able to agree 12, 083 investor claims, totalling more than us $ 4 billion .
“our primary aim now is to ensure that this progress is continued, ” hamilton - smith said .
he advised that sib investors should contact the new joint liquidators at stanford. enquiries @ urltoken this e - mail address is being protected from spambots. you need javascript enabled to view it for information about their claims .
the outgoing liquidators had previously provided an investor update on april 18, in which they outlined progress to date .
wide and dickson bring more than 60 years’ combined experience in insolvency, and now specialize in offshore entities and complex and contentious cases. wide in particular has liquidated over 30 failed banks in the caribbean .
stanford investors sue former auditor bdo us for $ 10. 7 billion over fraud
i doubt grant thornton auditors will be the obedient lap dogs that vantis was. the antiguan government will now be held to task instead of coddled. they' ll soon wish they hadn' t got themselves kicked out of the british empire! !
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a high - profile appointment which, at the time, was reported as contributing to the collapse of vantis, although subsequent analysis of the fees due on the stanford case reveal that this was hugely inaccurate .
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both firms have taken on vantis staff and offices as part of the deals and have not announced intentions to make cuts .
‘the core businesses were sound businesses, we’ve done this manager buy - out because we knew there was a business that was profitable and cash - generative, ’ he said. ‘vantis entered into the market with certain products and this business failed to deliver on their plans and cost them a lot of money .
‘the group capital spending and overheads got out of kilter with the size of the business and that was funded by bank debt, and all that led to a business which was over leveraged, ’ said rowley .
rowley’s assessment is supported by andy raynor, chief executive of rsm tenon group .
‘there were various parts with the ability to make a profitable contribution but i think they lost control of various aspects of working capital, ’ he said .
much of the media’s post - mortem has focused on vantis’ position as liquidator for allen stanford’s stanford international bank (sib) .
six days before vantis suspended its shares the antiguan high court removed nigel hamilton - smith and peter wastell of vantis, as liquidators for sib .
rowley said it was understandable to draw a line between the two events but there were more significant contributory factors to vantis’ decline .
‘the same issues might have arisen, i don’t have a crystal ball, but their problems were unlikely to have been solved by the receipt of some money from sib. ’
‘we have a good geographical spread around the uk. we have a good client base, including high street banks, and strong referral bases, ’ said rowley .
raynor too is confident that his business is profitable. he said rsm tenon would look to grow organically after its second acquisition in the space of a year, having acquired accountancy firm bentley jennison in december 2009 .
‘we have done very well over the last year. i don’t think over the next couple of years you will see us make acquisitions, ’ he said. ‘we’ve got a business with a turnover of about a quarter of billion and we’ve got to go out into the market and compete aggressively. ’
announces it has agreed with the bank to extend the term of its debt facility to 15 may 2011, including a loan of £19 million and a revolving credit facility of £34. 6 million
financial results reveal a pre - tax loss of £6. 5 million and net band debt of £38 million
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marcus wide and hugh dickson, of grant thornton’s specialist services in the cayman islands, were appointed joint liquidators .
wide and dickson have more than 60 years combined experience of insolvency across a large number of jurisdictions, and wide in particular has liquidated more than 30 failed banks in the caribbean .
“with more than $ 7 billion in alleged losses suffered by approximately 27, 000 depositors worldwide, a robust liquidation of the bank is vital, ” said wide .
“hugh dickson and i look forward to serving the creditors of the stanford estate, and dealing with the outstanding issues over control of assets in the uk, switzerland, canada and elsewhere. ”
the legal battle over the liquidation of the business empire of disgraced texan financier, r. allen stanford, is heading to the eastern caribbean court of appeal this month .
nigel hamilton - smith and peter wastell of vantis were appointed joint liquidators by the antiguan courts, but were stripped of the role last june, after alexander fundora, a stanford investor, and alleged victim who lost us $ 2. 7 million, challenged the appointments .
his team successfully argued that the liquidators' destruction of valuable computer data in canada warranted their removal, although most creditors continued to support the appointments .
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frp advisory is a business advisory firm based in the united kingdom , providing restructuring , corporate finance , debt advisory , forensic accounting and pensions services and is one of the uk ’s largest specialists in the area of corporate restructuring . the firm was formed in june 2010 by jeremy french and geoff rowley , whose initials form the basis of the name ( french rowley partners ) . the business has more than 200 staff including over 40 partners and operates from 15 locations across england and scotland . the business is a limited liability partnership owned by its partners . frp advisory includes the trading divisions frp transition and first financial . frp advisory is a member of the insolvency practitioners association ( ipa ) , association of business recovery professionals ( r3 ) , icaew , acca , aca and the turnaround management association ( tma ) . 
frp advisory is a business advisory firm based in the united kingdom, providing restructuring, corporate finance, debt advisory, forensic accounting and pensions services and is one of the uk ’s largest specialists in the area of corporate restructuring. the firm was formed in june 2010 by jeremy french and geoff rowley, whose initials form the basis of the name (french rowley partners). the business has more than 200 staff including over 40 partners and operates from 15 locations across england and scotland. the business is a limited liability partnership owned by its partners. frp advisory includes the trading divisions frp transition and first financial. frp advisory is a member of the insolvency practitioners association (ipa), association of business recovery professionals (r3), icaew, acca, aca and the turnaround management association (tma).
frp advisory is a business advisory firm based in the united kingdom, providing restructuring, corporate finance, debt advisory, forensic accounting and pensions services and is one of the uk ’s largest specialists in the area of corporate restructuring. the firm was formed in june 2010 by jeremy french and geoff rowley, whose initials form the basis of the name (french rowley partners). the business has more than 200 staff including over 40 partners and operates from 15 locations across england and scotland. the business is a limited liability partnership owned by its partners. frp advisory includes the trading divisions frp transition and first financial. frp advisory is a member of the insolvency practitioners association (ipa), association of business recovery professionals (r3), icaew, acca, aca and the turnaround management association (tma).