The Oxygen team would like to shine the spotlight on those who have played a key role in the turnaround industry during the downturn, but who may have received little credit despite their grit, determination and willingness to persevere.
As one 19th century American essayist put it:
“A hero is no braver than an ordinary man, but he is braver for five minutes longer.”
This article is for those who stayed the course during those five minutes...
The organisation everyone loves to hate - HMRC - turned out to be one of the greatest supporters for UK plc during the downturn. In agreeing 444,000 time-to-pay agreements, the taxman aided UK businesses to the tune of £7.71bn through some of the toughest trading times in living memory.
It is easy to forget the massive role that the banks have played in helping to keep businesses afloat. The downturn has seen hundreds of debt for equity swaps carried out and the appointment of administrators has been at an all time low, as the banks supported their business customers. We salute the workout teams in the UK banking industry.
Credit insurers, one of the key supporters of any successful turnaround, have continued to provide cover to large numbers of struggling businesses, offering a lifeline to many well-known high street names.
The fact that many businesses have survived so well during the downturn is a huge credit to UK Management – having learned the lessons of the 80s and 90s, they have shown themselves adept at managing their businesses through tough times, keeping jobs and historic names alive for the future.
Gordon Brown. Although criticism of his government’s public spending deficit continues, many believe he “saved the world” in October 2008 through his huge support for the banking sector. World-leading decision making.
The Bank of England made all of the difficult decisions on interest rates and quantative easing. The fact that banks still have any money to lend in the UK is testament to the management of the money supply undertaken by the “Old Lady of Threadneedle Street”.
Insolvency practitioners – having embraced the rescue culture, they have deployed their flexibility, know-how and experience to help the banks and companies find new ways through the gloom.
Lawyers have turned out to be some of the busiest professionals out there. Whilst everyone else was wondering where all the insolvency work had gone, lawyers have been burning the midnight oil on all those debt for equity swap documents.
With the uncertainty that continues to surround the global markets, will we see some new, unheralded, champions answer the call of distressed businesses? Or is it as likely that we will be asking these heroes to continue, if just for five minutes more?