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Turnaround help for struggling firms
LEEDS Business School is developing a new course in turnaround management with the backing of one of the industry's leading exponents.
The course is designed to meet the development needs of those working with distressed businesses and those who want to work in the field of turnaround intervention.
Martin Allison, the dean of faculty of business and law at Leeds Metropolitan University, said he was approached with the idea by Garry Wilson, one of the founders of Endless, a Leeds-based company that specialises in investing in struggling businesses and returning them to profitability.
Mr Allison said: "There are many reasons why companies struggle but a common factor is that they fail to seek help soon enough.
"Turnaround is the advice and assistance given to a business which is facing difficulty. Turnaround management involves the formulation and implementation of a strategic plan and a set of actions for corporate renewal and restructuring, typically during times of severe corporate and financial distress."
According to Mr Allison, a former senior banker, a successful turnaround plan has seven stages.
These are crisis stabilisation; new leadership; stakeholder management; strategic focus; critical process improvements; organisational change and financial restructuring.
The eight-day course will offer an advanced professional diploma at masters level and will feature guest lectures by practitioners and authors.
It is in the final stages of approval by the University and will be launched in March, said Mr Allison.
He added: "This is a demonstration of how Leeds Business School can respond to real world challenges and respond with custom-built education which is practical and relevant to the region's economic success."
Mr Wilson said: "Martin grasped how technical the issue of turnaround is and how there's a lack of talent in the UK in that area."
Endless, founded in 2005, has 300m of funds under management and 25 professionals working on investments in 18 companies.
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