Almost half a million UK jobs have been saved in the last year, thanks to the work of finalists in this year’s Insolvency & Rescue Awards.
Finalists of the awards have helped turn around over 1,000 UK businesses, protecting almost 460,000 jobs in the process. This estimate includes companies which the finalists have invested in, helped turn around, sell or finance, and takes into account administration appointments and other advisory roles.
Kamala Panday, publishing director at Insolvency News, and organiser of the Insolvency & Rescue Awards 2014, says: “We asked the relevant finalists on this year’s shortlist to calculate how many businesses and jobs they’ve helped turn around and save over the last 12 months. Not everyone was able to share their figures with us, but those who did contributed to such a significant number.”
She continues: “We did a similar exercise last year, and the figure then in terms of jobs saved was 42,000. So it’s fantastic to see that this year our finalists have collectively helped save more than 10 times that amount. It’s an incredible achievement. Without the help of our finalists more than 1,000 businesses would not be here today, resulting in hundreds of thousands of people losing their jobs. These companies should be congratulated and rewarded for their fantastic contribution in keeping our economy alive and kicking. That’s why we set up these awards in the first place.”
The seventh Insolvency & Rescue Awards will be taking place on 1 October 2014 at The Lancaster London Hotel. The awards recognise individuals, teams and companies within the profession who have saved jobs, revived businesses and rehabilitated thousands of individuals’ broken finances.
This year’s finalists include the restructuring teams of major banking institutions such as Barclays, Santander and Lloyds, key players in corporate recovery including Grant Thornton, PwC and KPMG, and a multitude of insolvency law firms, debt management providers, asset valuers and business rescue financiers.
Panday concludes: “From the award application process many success stories shone through, from Hilco Capital’s spectacular rescue and turnaround of HMV Retail, through to smaller turnarounds, but just as important ones, such as the successful restructuring of Portsmouth Football Club by Verisona Law. All finalists have achieved some amazing things, and have all played their role in getting the UK business scene back on its feet. These awards are all about raising standards across the industry and highlighting best practice, of which these companies and their respected teams most certainly do that. They’re a credit to the industry.”
For further information and a full list of finalists, please visit www.insolvencyandrescueawards.co.uk