How the Institute for Turnaround saved 60,000 jobs last year
Much of January’s corporate news has been as bleak as the weather. A dreary mix of subdued consumer spending and global political upheaval has forced companies across multiple sectors to acknowledge they are feeling the pinch.
But there is no shame in acknowledging you need help. In times of distress, professionals are on hand to provide a lifeline to firms that might otherwise have gone under.
Milly Camley is proud of the fact that tens of thousands of jobs are being saved every year by members of the Institute for Turnaround (IFT), who specialise in providing new hope to distressed companies. Ms Camley, who was once a researcher for Hilary Benn, the current Northern Ireland secretary, is using her role as CEO of the IFT to spread an upbeat message in troubled times.
"The individuals who become members of the IFT are very focused on results and working at pace,’’ she said. "They've also got the ability to get their hands under the bonnet using financial and operational skills to get the right results."
The Institute for Turnaround’s recent Societal Impact Report , which measures corporate distress across the UK, also concluded that Yorkshire ranked among the most resilient of all UK regions. This innate robustness could be due to the large number of professional services firms on hand to support businesses in times of strife.
"Leeds is a massive centre for turnaround and restructuring,’’ she said. “You're doing better in these kinds of areas which include pharma and renewables as well. In the North East and Yorkshire respectively, the number of distressed businesses was only up by 3 and 1 per cent over the last year.
"If you compare that to the other regions.. you've got Wales which is up by 10 per cent, London which is up by 9 per cent so you can see a clear regional picture.
"Yorkshire has got a particularly strong base for turnaround professionals and the earlier you engage generally the better you do,’’ she said. "There is a bit of a tendency in the UK not to engage early enough. One of the stats that we quote is that 77 per cent of our independent members see cultural resistance to turning to advice as a major barrier.”
The report found that there were 184,763 distressed companies in the UK in the second quarter of 2025. Only a tiny fraction received professional turnaround help. How many of these could have benefited from the services of an IFT member? There are plenty of examples of timely interventions in Yorkshire.
Ms Camley, a Leeds University politics graduate, recalled: "One of the winners at our awards ceremony was the York Stadium Company which was an absolutely fantastic turnaround; it was both financial and operational. It's created a very resilient facility alongside jobs creation. They got an expert involved at the right point where they could make a difference.”
The IFT estimates there are around 300 turnaround practitioners in the North East, which includes Yorkshire, as well as professionals in partner firms which specialise in turnaround.
Altogether, there are around 320 accredited members nationally, who can only gain this status after producing referenced case studies, undergoing competency assessments and an interview. All the IFT members are bound by a code of ethics.
"Our members are going in; they're looking at the financial information and getting a grip very quickly,’’ said Ms Camley
"Then they're looking at the operational factors that are constraining a business. In York Stadium, I know they needed to sort out the ticketing system and staffing issues; it's that mixture of the financial know-how combined with working with stakeholders at pace. You're making sure the people you're supplying have confidence in what you're doing and turning the operational side around as well. Other examples include the Poundland restructuring plan that was partially worked out of Leeds.”
She is quick to praise the Leeds-based private equity investor Endless for its “very positive attitude; they really want to make the business work and they've got a model that makes money at the same time”.
"Our strapline is 'adapt, transform, succeed' and our members are responsible for adding £2.8bn in shareholder value and we safeguarded nearly 60,000 jobs last year.
"It's about being realistic; organisations will go through difficult periods; some of these are caused by the external environment. It's about getting help at the right time and placing yourself in a really resilient footing,’’ she added.
"Things have eased up somewhat with regards to pressures from supply chains. Geopolitical factors aren't affecting supply chains as much,’’ she added.
"Businesses have been really good at adapting, looking at different routes and onshoring in some instances.”
Ms Camley, who has been IFT CEO for six years, added: "We've had a succession of 'Black Swans' (unforeseen economic events) but the overall context is that economic pressures are tight and will remain so for the foreseeable future. You need to take a longer term approach; so it's not just about weathering short term issues, it's about how you look at your business and change the operational and financial model. The Government's agenda is around growth and a massive part of boosting productivity is looking after what you've got already.”
"You've got that constant process of improvement,’’ she added.
The IFT is also involved in “next generation” initiatives to ensure there is never a shortage of turnaround professionals in the regions. She added: “We are also working hard to identify those individuals who are working on the coalface, which is where you learn your skills to bring them into the turnaround profession and keep them.”