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19 January 2017

Take costs out and keep them out

By Micheal Moffett, Neil O’Prey and Luis Trullenque With increasing uncertainty and disruption, many management teams are undertaking cost reduction programmes to create efficiency and protect margins. Cost reduction has been high on management team agendas for several years. More and more we’re hearing a similar theme across all industries....

16 January 2017

Resilience in the face of uncertainty: year in review and restructuring outlook for 2017

By Duncan Turner and Andy Clayton Very few predicted the shocks that reshaped the political landscape in 2016 and even fewer that the debt markets would remain so remarkably resilient in the face of such upheaval. Whilst the overall European default rate remained relatively low, there were areas of significant...

20 December 2016

After Brexit, what next? The impact on utilities and infrastructure valuations

By Thomas Romberg and Pragya Jain On 24 June 2016, the unpredictable happened as the UK announced its decision to leave the EU. What was perhaps more predictable was the market’s reaction. The pound fell to a 30-year low against the dollar. While stocks suffered initially, they have largely recovered...

29 November 2016

How transformational leaders are pivotal in reducing a cost base at pace

By Cindy Hondong When creditors are on your doorstep or competition is threatening your market position, immediate action is of the highest priority to protect one’s business. After senior management has defined the cost saving plan, implementation leads are selected on the basis of availability, familiarity, functional specialism, or BAU...

PwC Deals Index* – M&A Year to Q3 2016

By James Fillingham Follow @JSJFillingham The result of the referendum had limited impact on UK deal activity in Q3 ’16, which remained in line with the previous two quarters (in volume terms) – but still below the record-breaking levels of 2014 and 2015. The weakening pound has been facilitating inbound...

21 November 2016

Will eliminating the entity open a 'Pandora's box' of new claims?

By Laura Waters and Caroline Turnbull Are you concerned that liquidating an entity pre or post acquisition will increase the number of claims being made against it? Or do you have an insolvent entity that you want to get rid of? Are these reasons part of what’s stopping you from...

17 November 2016

Duties when facing insolvency – how to navigate the “twilight zone” and foreign jurisdictions

By Alan Kuhnell and Mike Jervis In PwC’s Business recovery services team we have seen growing nervousness amongst directors when their business is facing solvency and cash flow issues. The law in this area can appear severe for directors. This short article seeks to raise awareness of some of the...

Waste not want not: the changing face of the UK waste sector

By Iain Graham and Matt Denmark Landfill in the UK is in steep structural decline and the build out of alternative waste treatment infrastructure is progressing apace (although new technologies have not always delivered as promised). Further financial difficulties and M&A activity can be expected as sector consolidation continues. Current...

16 November 2016

The rise of the corporate portfolio - Q3 2016 market update

By Richard Thompson Blog snapshot: European bank loan portfolio transactions set to exceed €125bn yet again Shipping and other long dated assets are back on the trading menu Is the time right to take a closer look at the Middle East? Download the full report It was Harold Wilson who...

15 November 2016

Why is Private Equity investment in aerospace and defence about to take off?

By Edward Weston and Sam McGarey This an exciting time for aerospace and defence (A&D). The industry is seeing structural changes, including corporate divestments of non-core divisions, sub-sector consolidation and the emergence of disruptive technology. The market is underpinned by solid demand, and through our work with corporate and private...

11 November 2016

Tech deal of the year: And the winner is...

By Matthew Cross Earlier this week I was lucky enough to host a table of my clients at the UK Tech Awards last night. These awards celebrate success, reward achievement and help to raise the profile of the UK technology (tech) community. Being tech sector leader for PwC’s Transaction Services...

08 November 2016

Alternative investments for insurers: Adhering to compliance in a higher risk environment

By Elena Saarbrucken The Prudential Regulation Authority’s (PRA) focus on valuation uncertainty might take on a wider remit in the near future. Given last month’s resurgence in insurers’ infrastructure investments in secondary markets across the globe, regulators are keen to protect shareholders’ interest by reviewing companies’ asset financial risk frameworks....

31 October 2016

A tale of two IPO markets

By James Anderson “The best of times…the worst of times” Observers of current UK and European IPO market activity are understandably perplexed – on the one hand, we see some high profile deals failing to price and generating a slew of negative column inches in the financial press; on the...

27 October 2016

Cutting Out the Middlemen: Family Offices increase direct investments into corporates.

By Omar Butt and Charlotte Willard “If we return 2%, it’s good. If we return 3%, it’s phenomenal. If we return 4% - someone gets fired” As we hurtle towards the end of the year (where did it go?) I thought it may be useful to discuss the investment allocations...

Is unknown history or tax noise holding you back from eliminating a surplus company? Demystifying the myths behind entity reduction pre and post-acquisition

By Myles Pearson and Jo Ridley As mentioned in our previous blog “Decluttering your business; what stops you and should it?” incorporations are running at a faster pace and structures are becoming increasingly complex. Corporate Simplification has become a particular hot topic in the board room, especially where merger and...