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"We have involved the CAPA team on both the Jessops and Phones4U administrations where they have brought to bear their skills and experience to generate significant additional recoveries for the stakeholders, a great result in both cases."
"I was interested in CAPA's point of difference, in that it works for tenants only. In completing 390 landlord negotiations I would say that CAPA's performance has been excellent, with very good results achieved."
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The administrators of a paper mill operator and printer, who are now trying to save over 600 jobs at the company, have called in CAPA to help maximise recoveries for creditors.
CAPA has been appointed to conduct audits of property costs and invoices at three large paper mills run by Arjo Wiggins Fine Papers, which fell into administration in January 2019 after its French-based parent company entered insolvency.
Arjo Wiggins is part of a group of companies owned by Sequana, a listed entity with shares traded on the Euronet Exchange in Paris. Sequana had been beset with financial problems since 2017, when it was hit by a €135m court claim for environmental clean-up costs, along with challenging conditions in the paper industry that continue today.
Because of Sequana’s insolvency proceedings, and Arjo Wiggins’s reliance on Sequana for funding, the fine paper printer struggled to pay its UK creditors.
Ultimately, Geoff Rowley, Tom MacLennan and Alex Fraser, of the corporate restructuring firm FRP Advisory, were appointed as joint administrators of the company on January 14 2019. They have since solicited offers from potential new owners of some of the group’s businesses and assets.
The administrators of an outsourcer that runs probation and employment services have instructed CAPA to conduct audits across the business.
CAPA will be auditing business rates paid out at nearly 50 sites run by Working Links (Employment) Ltd, a government outsourcer with over 1,000 staff that operates probation companies and helps people back into work after long periods of unemployment.
Working Links had previously posted a £25m drop in turnover and a loss of £8.6m in its accounts for 2017. More recently, the business had experienced difficulties in delivering a rehabilitation programme for offenders on behalf of the Ministry of Justice.
Martin Armstrong and James Patchett, of the business advisory and restructuring firm Turpin Barker Armstrong, were appointed joint administrators of Working Links on February 14 2019.
CAPA are delighted to have attended the MIPIM 2019 a 4 day real estate event from 12-15th March 2019 in Cannes, France.
Established in 1990, MIPIM is a real estate event to meet the most influential players from all sectors of the international real estate industry.
It brings the entire value chain together and gives unrivalled access to the greatest number of development projects and sources of capital worldwide.
This 2019 edition gathered 26 800 players from all sectors of the international property industry with more than 5,400 investors, 560 political leaders coming from more than 100 countries.
CAPA is delighted to be sponsoring the Turnaround, Restructuring & Insolvency (TRI) Awards for the 8th consecutive year, organised by Shard Financial Media.
The TRI Awards has for 11 years championed the firms, teams and individuals who are beacons of best practice in the field of business turnaround, corporate restructuring, corporate insolvency and the funding of business recovery. The independent awards panel comprises restructuring professionals from the UK’s largest banks, turnaround practitioners, insolvency practitioners, funders, regulators and the country’s foremost legal experts.