News

CAPA to share expertise on landlord relationships on TRI TV

CAPA’s director and co-founder Mike Sheath will be appearing on TRI TV on April 28, to share insights for corporate restructuring professionals on tenant and landlord relationships.

Mike’s appearance will feature in the first of Credit Strategy’s new broadcasting events for turnaround, restructuring and insolvency professionals. The first ‘TRI TV Refresh’ will host sessions from a previous broadcast, but also a live Q&A element to provide latest updates and opinions.

The TRI TV Refresh on April 28 comprises two parts: Part 1: Commercial landlord and tenant relationships during lockdown; Part 2: Evolution of restructuring through Covid: Carluccio’s to Debenhams Speaking during part one, Mike will provide insights on how turnaround and restructuring professionals can bring both commercial tenants and landlords to the negotiating table, when firms such as such retailers, dining chains, leisure operators and others face financial difficulty.

Part two features Phil Reynolds and Geoff Rowley of FRP Advisory, who will be answering questions during a live Q&A at the end of the broadcast. Tony Groom, partner and chief executive at K2 Business Partners, will be moderating the discussion.

To tune in, viewers can register here.

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CAPA appointed after Opus Restructuring rescues slimming clinics

The administrators who rescued a chain of slimming clinics have appointed CAPA to audit sites the business operated around the UK.

Opus Restructuring & Insolvency has instructed CAPA to conduct rates audits on clinics occupied by Slim Holdings, after the restructuring firm managed an 11^th hour rescue of the business via a pre-pack administration.

Slim Holdings, which also traded as The Slimming Clinic, provided various services including slimming pills that were prescribed by doctors and aesthetic treatments. Trading under the oversight of The Care Quality Commission, the business operated in a highly regulated industry, and was last year impacted by severe rent arrears and reduced projected revenue.

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KPMG appoints CAPA on event firm hit by Brexit and pandemic

The administrators of an exhibition stand manufacturer have appointed CAPA to audit sites across the business, after the impact of Brexit and lockdowns led to its insolvency.

KPMG instructed CAPA to conduct a property audit on sites occupied by Warrens Display Ltd - which designed, produced and installed exhibition stands from its headquarters in Leeds - after the business was no longer able to keep trading.

The origins of Warrens Display can be traced back over 100 years, but the business in its most recent form was incorporated just over 25 years ago.

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CAPA to headline sponsor R3’s historic conference

CAPA will be the headline sponsor of R3’s first ever virtual annual conference in May, when the trade body once again unites those working in insolvency, restructuring and business recovery.

Due to be held as a digital event from May 17-20, R3’s annual conference will have two chairs; current president Colin Haig and Christina Fitzgerald – who will take the president role for 2021 into 2022.

R3 will also be embracing new ways to utilise technology for the conference.

The last time R3 hosted its annual conference in person, more than two 250 insolvency and restructuring professionals descended on Northumberland’s Slaley Hall. Anyone wishing to find out more about the event can register their interest on R3’s website

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CAPA appointed on night club group, after administrators save over 1,000 jobs

Administrators of the UK’s largest nightclub operator have appointed CAPA to audit the group’s sites, after more than 1,000 jobs were saved at the business in a last-minute rescue deal.

Partners from the business restructuring practice of BDO appointed CAPA after securing a deal to rescue The Deltic Group, which had been struggling during the pandemic, by selling it out of administration. The group was sold to REKOM Group, the largest nightclub and bar group in the nordics, in a transaction that saved over 1,300 jobs across Deltic.

During the pandemic, The Deltic Group had not been able to generate revenue while rent and tax debts had built up. The company had been looking for investment as working capital began to run out, and ultimately Ryan Grant and Lee Causer of BDO were appointed administrators in December.

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CAPA appointed on Burger King franchise operator

The administrators who rescued the operator of Burger King outlets around the country have appointed CAPA to conduct rates audits on the sites it traded from.

Moore Kingston Smith, the business advisory firm, called in CAPA after saving the catering firm Powerbanks in 2020 by selling it out of administration to Karali Leisure, another restaurant franchise operator.

Powerbanks had been enduring financial problems before the pandemic, due to costs related to an acquisition and changes in the behaviour of consumers - who began to choose healthier eating options.

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CAPA instructed on timeshare giant, as travel sector faces prolonged problems

CAPA has been instructed to conduct audits on sites occupied by one of the UK’s largest timeshare operators, after prolonged lockdowns and travel restrictions hit the firm’s finances.

As administrators of Club La Costa UK, BDO has appointed CAPA to undertake rates audits, as the business restructuring firm tries to maximise recoveries for the creditors.

Club La Costa sold timeshares and managed timeshare resorts in Spain, the UK, Austria, Turkey and the USA.

Before the pandemic had enforced the closure of resorts and the cessation of sales activity on timeshares, Club La Costa had already encountered financial problems relating to a case in the Spanish courts relating to timeshares and how they were sold. This led to a legal dispute with customers and claims that were led on behalf of consumers by claims management firms.

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CAPA showcases expertise on sustainable rents during administrations

CAPA has showcased how it can resolve tensions between commercial property landlords and tenants, and adjust rents to sustainable levels, at the Turnaround, Restructuring & Insolvency (TRI) conference.

Held as a live, interactive digital broadcast for the corporate restructuring and insolvency profession, the TRI Conference featured case studies on how distressed businesses have been saved this year.

At the event CAPA founder and director Mike Sheath explained his team’s role in aiding the business rescue process, by negotiating with landlords and tenants, and restructuring leases to ensure rents are manageable for tenants.

In a year where vast numbers of retailers – from the smallest to the largest in the UK – have found themselves struggling or unable to maintain lease payments, Mike explained how CAPA can bring landlords and tenants to the negotiating table.

In one of the two Q&As with TRI Conference chair Tony Groom, on Sustainable rents during administrations, Mike explained there are various reasons why CAPA is engaged either prior to, or after, an insolvency or restructuring process. He talked through CAPA’s role in leading a debate with landlords in instances where the insolvent company’s occupation of sites is uneconomic, during an administration.

CAPA is also often engaged by firms that acquire businesses after a successful sale and rescue. Mike explained his team’s role in adjusting rents to sustainable levels in these cases.

In another Q&A on aiding the relationships between commercial landlords and tenants during lockdowns, Mike explained CAPA’s role in aiding those debates and bridging the gaps, particularly when landlords have not been able to take action during lockdowns, in the event of non-payment of rent.

Mike talked about helping to achieve traction with dialogue, along with visibility for landlords of the tenant’s performance and circumstances.

TRI Awards The TRI Conference was held on the same day as the TRI Awards, which was also held as a digital presentation. As headline partner of the awards, CAPA presented categories and delivered a welcome speech, to once again champion best practice in the business rescue profession.

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TRI Awards 2020

Congratulations to all the winners at last nights #TRIawards 2020 which was sponsored by CAPA.

View the winners here https://bit.ly/3oCKJF4

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CAPA to share insight on sustainable rents at TRI event

CAPA will be sharing its views on managing sustainable rents during administrations, at the Turnaround, Restructuring and Insolvency (TRI) Conference on Wednesday December 9.

As a major sponsor of the conference, and the TRI Awards on the same day, CAPA will be featuring on the agenda with industry experts from the UK’s largest restructuring and insolvency firms.

CAPA founder and director Mike Sheath will be interviewed on issues that have been central to various administrations and the business rescue process this year. With decades of experience of negotiating with landlords - particularly in the retail sector - and securing sustainable leases for businesses, Mike will deliver insight on how rents can be managed and restructured during an administration process, as well as during lockdown.

Two interviews with Mike at the conference – which is a live, interactive, digital broadcast this year –come just over a week after both Debenhams and the Arcadia group entered insolvency, and a longer period in which retailers and dining chains have struggled to survive amid reduced footfall and expensive leases.

The TRI Conference will also feature a panel session on whether transparency will be delivered through new pre-pack rules, along with a case study from FRP Advisory, on how they managed to rescue Carluccio’s during the pandemic.

CAPA is also sponsoring the TRI Awards, which follows the conference on December 9. The awards will also be a live, interactive broadcast, hosted at Credit Strategy’s London TV studio.

CAPA will be presenting some of the key categories on the night – International Firm of the Year, Corporate Restructuring Firm of the Year – 4-10 licensed IPs, Insolvency Team of the Year and Property Valuation Provider of the Year.

More information on the TRI Awards and the TRI Conference can be found on the respective websites.

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