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The UK turnaround market · 64 firms and bodies profiled

UK Turnaround & Restructuring Firms Compared: Who Does What

Everyone says they do turnaround: accountants, insolvency practitioners, lawyers, consultants, even surveyors. They are not doing the same job, and they are not all working for you. This guide sets out who the main UK firms are, what each kind of firm actually does, who it acts for and how to contact them.

By Tony Groom CTP, past President, TMA UK
Updated October 2026

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Our recommendation for owner-managed businesses

K2 Business Partners

K2 is a pure turnaround firm. Tony Groom has turned companies around since 1990, first as an independent "company doctor" working alongside insolvency practitioners, and formed K2 in 2001 to take equity alongside directors and see the turnaround through. We work with owner-managed companies of £3m to £20m turnover, and we work for the directors and shareholders, not the creditors.

  • Aligned: we invest our time and expertise for a minority equity stake or a success fee, so we are paid when the business recovers.
  • Hands-on: partners manage the cash, and negotiate with HMRC, the bank, landlords and suppliers themselves.
  • Independent: not an insolvency practitioner, not your auditor, not appointed by your lender.
  • Recognised: Turnaround Firm of the Year 2022; Tony Groom is a Certified Turnaround Professional, past President of the Turnaround Management Association UK and Turnaround Practitioner of the Year 2009.

Head office

23 Berkeley Square, Mayfair, London W1J 6HE

Get a Free Assessment Find us near you

Who to call, and when

The first question is not "who is best?" but "who will be working for me?". Each kind of firm has a natural client, and that decides whose interests come first.

Kind of firmUsually acts forRight call when…
K2 Business PartnersDirectors and shareholdersAn owner-managed business (£3m–£20m) is under pressure and you want it saved, with a partner who invests in the outcome.
The Big Four Lenders, PE owners, large corporates A group with hundreds of millions of debt, several lenders or a listed parent; or when your bank appoints them to review the business on its behalf.
Global restructuring and turnaround advisory firms Large corporates, lenders, sponsors Complex, multi-jurisdiction restructurings, interim chief restructuring officers for large corporates, and lender-led or sponsor-led processes.
Strategy consultancies Boards of large companies Large-scale operational transformation where the board needs a large team for a defined programme.
Mid-tier accountancy firms Mid-market companies and lenders Mid-market businesses that want restructuring advice, or a formal appointment, from a firm with a regional office network.
Insolvency and corporate recovery firms Creditors, once appointed When a formal process is needed: a CVA, an administration or pre-pack, or a liquidation. Only a licensed insolvency practitioner can act as office-holder.
Law firms with restructuring practices Whoever instructs them Court work (winding-up petitions, injunctions, restructuring plans), directors' duty and liability questions, and documenting a deal with lenders or creditors.
Property, valuation and asset advisers Lenders and office-holders When a lender needs a valuation, a property is subject to a receivership, or assets need to be sold quickly and for a fair price.
Interim management and chief restructuring officer providers The board, by the day When the board needs a specific senior role filled quickly, for a defined period, and has the budget for a day rate.
Industry bodies and public resources The profession and the public To check that an adviser is qualified and regulated, find a licensed insolvency practitioner, or read independent guidance.

The Big Four

Deloitte, PwC, EY and KPMG all advise on restructuring, although two of them have sold large parts of their UK restructuring businesses in recent years. Their turnaround work is mostly for large companies, lenders and private equity owners.

When they are the right call: A group with hundreds of millions of debt, several lenders or a listed parent; or when your bank appoints them to review the business on its behalf.

How K2 differs: When a lender commissions an independent business review, the adviser reports to the lender. K2 works for the directors and shareholders of owner-managed companies, and invests in the outcome.

Deloitte UK

Turnaround, Restructuring & Special Situations

Deloitte UK's Turnaround, Restructuring & Special Situations offering covers turnaround advisory, cash and liquidity, credit and special situations advisory, and third-party credit risk, alongside its Debt, Capital & Treasury Advisory and Value Creation Services teams. It advises companies facing strategic, operational or financial challenges and their stakeholders, including lenders. Its service page does not describe formal insolvency appointments.

Deloitte UK sold its Restructuring Services business (about 250 people including 27 partners) to Teneo; the deal was announced in February 2021 and completed in mid-2021. Deloitte has since offered turnaround and special situations advisory through the practice named above.

Typical clients:
Large corporates, lenders and private-equity-backed businesses
Address:
1 New Street Square, London EC4A 3HQ

PwC UK

Business Restructuring Services (Restructuring & Insolvency)

PwC UK's Business Restructuring Services practice advises companies, lenders and other stakeholders on stressed and distressed situations, covering restructuring advice, contingency planning and formal insolvency processes. Its partners take formal insolvency appointments such as administrations and liquidations, and it has teams in London and regional centres including Birmingham, Edinburgh, Leeds and Manchester.

PwC UK said in 2024 that its practice had more than 500 restructuring and insolvency specialists across the UK. PwC UK did not sell its restructuring arm during the 2021 Big Four disposals (KPMG and Deloitte sold theirs).

Typical clients:
Large corporates, banks and financiers, government bodies
Address:
1 Embankment Place, London WC2N 6RH

EY UK (EY-Parthenon)

EY-Parthenon Turnaround and Restructuring Strategy

EY-Parthenon's UK&I Turnaround and Restructuring Strategy team covers contingency planning and insolvency solutions, liquidity and working capital, interim management including Chief Restructuring Officer roles, viability reviews, debt restructuring and performance improvement. It works with management teams, boards, lenders and private equity sponsors.

EY's UK page cites Flybe, which it describes as the first UK airline rescued from insolvency after EY-Parthenon protected the business and found a buyer. EY's principal UK office and registered office is 1 More London Place.

Typical clients:
Large corporates, lenders and PE sponsors
Address:
1 More London Place, London SE1 2AF

KPMG UK

Turnaround Services (Deal Advisory, KPMG Strategy)

KPMG UK's Turnaround team sits within Deal Advisory and offers financial turnaround, operational turnaround, and cash and working capital support, covering strategy, liquidity, capital structure and stakeholder engagement. The team says it provides hands-on support to corporates and private equity sponsors. Its page does not describe formal insolvency appointments.

KPMG UK sold its UK restructuring practice to H.I.G. Capital (H.I.G. Europe) in 2021, and it was rebranded Interpath Advisory. KPMG has since built a separate Turnaround team within Deal Advisory.

Typical clients:
Corporates and PE sponsors
Address:
15 Canada Square, London E14 5GL

Global restructuring and turnaround advisory firms

Specialist advisory firms built around restructuring, interim leadership and disputes. Several take formal insolvency appointments on large cases as well as advising.

When they are the right call: Complex, multi-jurisdiction restructurings, interim chief restructuring officers for large corporates, and lender-led or sponsor-led processes.

How K2 differs: Their typical client is far larger than a £3m–£20m company, and their teams are priced for that. K2 is built for owner-managed businesses.

Interpath Advisory

Restructuring (formal restructuring and insolvency, lead financial advisory, CRO services, independent business reviews)

Interpath is an independent advisory firm whose restructuring services include formal restructuring and insolvency appointments, CVAs, independent business reviews, lead financial advisory, Chief Restructuring Officer services, cash forecasting and contentious insolvency. It is engaged by companies, lenders, investors and other creditors, from the mid-market up to large corporates.

Interpath was formed in 2021 when H.I.G. Capital bought KPMG UK's restructuring business. Bridgepoint agreed in January 2026 to buy a majority stake from H.I.G. and completed the deal in May 2026; Interpath says it has more than 1,000 professionals in 14 countries.

Typical clients:
Lenders, PE sponsors, corporates and creditors
Address:
10 Fleet Place (9th floor), London EC4M 7RB

Teneo

Financial Advisory – Restructuring

Teneo's restructuring team offers lead financial advisory, business plan assessment, CRO and interim management, corporate simplification, financial services solvent wind-downs, and restructuring tax and pensions advice. Its UK practitioners take formal insolvency appointments, including administrations. It advises corporates, creditors and other financial stakeholders.

Teneo bought Deloitte UK's Restructuring Services business in 2021 (announced February, completed mid-2021); CVC Capital Partners is its backer. In September 2025 Teneo took over PwC Australia's Business Restructuring Services team.

Typical clients:
Corporates, lenders and creditor groups, mid-market and large businesses
Address:
The Carter Building, 11 Pilgrim Street, London EC4V 6RN

Alvarez & Marsal

Restructuring & Turnaround

Alvarez & Marsal's UK restructuring practice works with management teams and takes interim roles, including Chief Restructuring Officer, CFO and CEO positions, to stabilise financial and operational performance. It also provides insolvency support, takes UK administration appointments, and advises companies, investors and lender groups on complex restructurings.

Alvarez & Marsal was founded in 1983 and is privately held. Its UK practitioners take formal appointments; for example, A&M administrators ran the sale process for Fairline Yachts in November 2025.

Typical clients:
Corporates, lenders, investors and PE sponsors
Address:
Park House, 16–18 Finsbury Circus, London EC2M 7EB

AlixPartners

Turnaround & Restructuring

AlixPartners' Turnaround & Restructuring practice provides restructuring advisory, interim management and Chief Restructuring Officer services, creditor advisory, liquidity management, liability management, and middle-market restructurings and turnarounds. Its clients include companies, investors, secured lenders, bondholders, creditor committees, law firms and governments.

AlixPartners was founded in 1981 and is privately held. Its global practice page does not say whether its UK team takes formal insolvency appointments.

Typical clients:
Corporates, creditors, investors and law firms
Address:
One Millennium Bridge, 9 Peter's Hill, London EC4V 4AU

FTI Consulting

Turnaround & Restructuring (Corporate Finance & Restructuring)

FTI Consulting's UK Turnaround & Restructuring team provides company and creditor advisory, interim management, restructuring plans and schemes of arrangement, valuation and expert evidence, and insolvency services. It takes formal officeholder appointments where needed to carry out pre-packs, trading administrations and asset realisations. Clients include companies, boards, sponsors, lenders and other creditors.

FTI Consulting is a US-headquartered firm listed on the NYSE (ticker FCN). Its UK page says its practitioners take formal insolvency officeholder appointments.

Typical clients:
Corporates, PE-owned companies, lenders and creditors
Address:
200 Aldersgate, Aldersgate Street, London EC1A 4HD

Kroll

Restructuring (Restructuring Advisory and Insolvency)

Kroll's restructuring business offers restructuring advisory, special situations M&A, property restructuring and formal insolvency services, with licensed practitioners acting as administrators, liquidators, receivers and trustees. It works with management teams, boards, creditors and their legal and financial advisers. In the UK it has teams in London and Manchester.

Kroll takes UK formal insolvency appointments; for example, Kroll administrators handled the sale of Eve Sleep. Kroll has been named a supplier on the Crown Commercial Service's Restructuring and Insolvency Services framework (RM6269).

Typical clients:
Corporates, lenders and creditors, public bodies
Address:
The News Building, Level 6, 3 London Bridge Street, London SE1 9SG

Strategy consultancies

The large strategy firms run transformation and performance-improvement programmes, and some have dedicated recovery or turnaround practices.

When they are the right call: Large-scale operational transformation where the board needs a large team for a defined programme.

How K2 differs: Strategy firms rarely work on SME turnarounds or negotiate with HMRC and creditors. K2 partners do that personally.

McKinsey & Company (Recovery & Transformation Services)

McKinsey Recovery & Transformation Services (RTS)

McKinsey's RTS unit works on corporate turnarounds, organisational restructuring, crisis management and rapid performance improvement, and can provide interim C-level managers, including people with Chief Restructuring Officer experience. It is typically engaged by large companies facing falling performance, excessive leverage, liquidity pressure or refinancing risk. It does not take formal insolvency appointments.

McKinsey says RTS has 200+ specialists and 60+ former CEOs, CFOs and COOs; RTS now sits under the McKinsey Transformation umbrella. McKinsey is a private partnership founded in 1926.

Typical clients:
Large corporates and PE portfolio companies
Address:
1 Jermyn Street, London SW1Y 4UH

Boston Consulting Group (BCG)

Turnaround and Restructuring Services (Special Situations / BCG TURN)

BCG's special situations team provides turnaround and restructuring consulting to companies in profitability and liquidity crises, covering short-term stabilisation and cash management, cost reduction and longer-term strategy. Its services include turnaround planning, independent business reviews, distressed M&A and carve-outs, restructuring and cash offices, and insolvency support. It does not take formal insolvency appointments.

BCG was founded in 1963 and is privately held. Its BCG TURN unit provides senior leadership for the duration of a turnaround, which it says typically lasts 12–18 months.

Typical clients:
Large corporates and their lenders and investors
Address:
80 Charlotte Street, London W1T 4QS

Bain & Company

Transformation (Full Potential Transformation)

Bain addresses turnaround work through its Transformation practice; its Full Potential Transformation offering is a cross-functional programme to change a business's financial, operational and strategic trajectory, from restructuring to full corporate rescue. It is typically engaged by large corporates and private equity owners. It does not take formal insolvency appointments, and it has no separately branded UK restructuring service line.

Bain says it has run 700+ transformation programmes in the last ten years. Bain was founded in 1973 and is privately held.

Typical clients:
Large corporates and PE owners
Address:
40 Strand, London WC2N 5RW

Mid-tier accountancy firms

National accountancy firms with restructuring and insolvency teams alongside audit, tax and advisory. Many SMEs first hear about turnaround from their own accountant.

When they are the right call: Mid-market businesses that want restructuring advice, or a formal appointment, from a firm with a regional office network.

How K2 differs: If your accountant audits or prepares your accounts, independence rules can limit what its restructuring team can do for you. K2 is independent of your auditors.

Grant Thornton UK

Restructuring (Insolvency, Forensics and Restructuring)

Grant Thornton UK's restructuring team covers contingency planning, administrations and liquidations, creditor and lender advisory, corporate restructuring, restructuring plans, debt and capital advisory, pensions advisory and restructuring tax. It also carries out turnaround work and independent business reviews. It advises lenders, investors, management teams and directors, from owner-managed businesses to large groups.

Cinven agreed a majority investment in Grant Thornton UK in November 2024, and the deal completed in 2025, with the partners remaining significant shareholders. The firm cites 450+ people in its combined Insolvency, Forensics and Restructuring team, led by 40 partners.

Typical clients:
Lenders, investors, mid-market and owner-managed businesses
Address:
8 Finsbury Circus, London EC2M 7EA

BDO UK

Business Restructuring

BDO UK's Business Restructuring team provides business reviews, restructuring advice, formal insolvency appointments, cross-border and contentious insolvency, special situations M&A, corporate simplification and operational turnaround support. It works with businesses from UK SMEs to large international groups, and with lenders and creditors.

BDO says it is regularly appointed in all forms of formal insolvency process and is represented on every UK lender panel. Its team has 21 partners and over 200 staff across the UK.

Typical clients:
SMEs, mid-market businesses, lenders and creditors
Address:
55 Baker Street, London W1U 7EU

RSM UK

Restructuring (Restructuring Advisory, Restructuring & Insolvency, Creditor Solutions)

RSM UK's restructuring practice sits within its consulting business and provides restructuring advisory, formal restructuring and insolvency services, and creditor solutions such as debt management and portfolio risk monitoring. It works with management teams and stakeholders including lenders, trustees and creditors, with a national team that serves mid-market businesses.

Formal appointments are taken through RSM UK Restructuring Advisory LLP, which employs licensed insolvency practitioners. RSM UK formed a transatlantic partnership with RSM US from 1 January 2026, and both remain independent members of RSM International.

Typical clients:
Mid-market businesses, lenders and creditors
Address:
25 Farringdon Street, London EC4A 4AB

Forvis Mazars UK

Restructuring and Insolvency Services

Forvis Mazars UK's restructuring and insolvency team advises on cash-flow pressure, business viability, crisis management, debt and funding, insolvency options, accelerated M&A and solvent wind-downs. It also handles contentious insolvency and outsourced insolvency portfolio management. Clients include lenders, investors, creditors, pension schemes, government bodies and businesses in financial difficulty.

The UK firm operates as Forvis Mazars LLP, part of the Forvis Mazars international network, with its registered office at 30 Old Bailey. Its team also runs a National Bankruptcy Centre for personal insolvency work.

Typical clients:
Mid-market businesses, lenders and creditors
Address:
30 Old Bailey, London EC4M 7AU

S&W (formerly Evelyn Partners Professional Services / Smith & Williamson)

Restructuring Services (Restructuring & Recovery Services)

S&W's restructuring team provides restructuring advisory, special situations, insolvency services, company moratorium services, solvent restructuring, creditor services, pensions advisory, and international restructuring and insolvency. It advises boards, owners, shareholders, lenders and other stakeholders, and its partners take formal appointments, including administrations of financial services firms.

Evelyn Partners sold its professional services business, which includes the former Smith & Williamson restructuring team, to funds advised by Apax Partners. The sale completed on 31 March 2025 and the business was rebranded S&W. S&W partners were joint administrators of London Capital & Finance plc (appointed 2019).

Typical clients:
Owner-managed and mid-market businesses, lenders and financial services firms
Address:
45 Gresham Street, London EC2V 7BG

Azets UK

Restructuring & Insolvency

Azets' UK Restructuring & Insolvency team advises on informal restructuring strategies and formal insolvency procedures, solvent and insolvent closures, dealings with creditors, guidance for directors, asset recovery and contentious insolvency. It works with businesses large and small, lenders, creditors, individuals and government bodies through a national team.

Azets is backed by private equity firms Hg and PAI Partners; PAI joined Hg as an equal co-controlling investor in 2023. The UK restructuring practice is jointly led by Louise Brittain and Matt Richards, with specialists in Birmingham, Glasgow, Leeds, London, Plymouth and Southampton.

Typical clients:
SMEs, owner-managed businesses, lenders and creditors
Address:
5th Floor, 16 Great Queen Street, Covent Garden, London WC2B 5DG

Moore Kingston Smith

Restructuring and Insolvency

Moore Kingston Smith's Restructuring and Insolvency team provides restructuring advisory, corporate and personal insolvency, corporate streamlining, employer covenant advice and creditor debt-recovery services. It works with directors, lenders, creditors and other stakeholders of businesses in financial difficulty, mainly in London and the South East. Its licensed insolvency practitioners take formal appointments where a rescue is not possible.

Moore Kingston Smith bought London insolvency firm CBW Recovery in July 2025 and named Ryan Davies Head of Restructuring & Insolvency in May 2026. The firm says it was the first UK accountancy firm to take private equity investment to fund acquisitions while remaining a partnership.

Typical clients:
SMEs, owner-managed businesses, charities, lenders and creditors
Address:
6th Floor, 9 Appold Street, London EC2A 2AP

Insolvency and corporate recovery firms

Firms of licensed insolvency practitioners. Many also advise on rescue before a formal process, but their core work is administration, CVAs, liquidation and receivership.

When they are the right call: When a formal process is needed: a CVA, an administration or pre-pack, or a liquidation. Only a licensed insolvency practitioner can act as office-holder.

How K2 differs: Once appointed, an insolvency practitioner acts in the interests of the creditors. K2 works for the owners, often alongside an insolvency practitioner when a formal process is the right tool.

BTG Begbies Traynor (BTG Consulting plc, formerly Begbies Traynor Group plc)

Restructuring (BTG Begbies Traynor)

BTG Begbies Traynor is the insolvency and restructuring business of BTG Consulting plc. It takes formal appointments (administration, CVA, liquidation, restructuring plans), advises on business restructuring and turnaround, and acts for creditors. It also has an SME insolvency service for owner-managed businesses. Clients include company directors, lenders and creditors, and businesses of all sizes.

Listed on AIM since October 2004. The group renamed itself BTG Consulting plc in February 2026 (Companies House no. 05120043, incorporated 5 May 2004) and moved its website to btguk.com.

Typical clients:
SMEs and their directors, lenders, creditors
Address:
340 Deansgate, Manchester, M3 4LY

FRP Advisory

Restructuring Advisory

FRP Advisory is a national business advisory firm with restructuring advisory as one of its core service pillars. The other pillars are corporate finance, debt advisory, forensic services and real estate advisory. Its corporate restructuring team takes formal appointments (administration, CVA, restructuring plans, receivership, liquidation) and also offers solvent restructuring advice. Clients include companies, directors, lenders and investors.

Established in 2010; FRP Advisory Group plc listed on AIM in March 2020. Reported revenue of £177.0m and 894 staff for the year to 30 April 2026.

Typical clients:
Mid-market and SME companies, lenders, investors
Address:
110 Cannon Street, London, EC4N 6EU

Leonard Curtis

Restructuring and Insolvency

Leonard Curtis is a Manchester-headquartered restructuring and business services group. Its restructuring and insolvency division handles corporate insolvency appointments (administration, CVA, liquidation), restructuring advisory, solvent liquidation, property solutions and personal insolvency. The wider group also offers legal, funding, M&A and business advisory services. Its work comes largely from business owners and their professional advisers, including a referral network of regional accountancy practices.

Pollen Street Capital acquired a majority stake in August 2025. The group has 30 UK and offshore offices and over 330 staff.

Typical clients:
Owner-managed businesses and their accountants
Address:
Leonard Curtis House, Elms Square, Bury New Road, Whitefield, Manchester, M45 7TA

Quantuma

Restructuring & Insolvency

Quantuma is an advisory firm whose restructuring and insolvency practice takes formal appointments: administration, CVA, liquidation and receivership. It also handles corporate simplification and personal insolvency, and the firm offers corporate finance, forensic and tax services. Its clients are companies in financial difficulty, their directors, lenders and creditors.

Founded in 2013 and acquired by K3 Capital Group in 2020, in a deal worth up to £42m. That group now trades as K3 Advisory Group.

Typical clients:
Distressed companies, directors, lenders
Address:
7th Floor, 20 St Andrew Street, London, EC4A 3AG (registered office of Quantuma Advisory Limited)

Opus Business Advisory Group

Restructuring & Insolvency

Opus is a restructuring and advisory group. It takes corporate insolvency appointments, including administration, pre-pack administration, CVA, CVL, compulsory liquidation, MVL and receiverships. It also carries out independent business reviews and handles partnership, personal and Scottish insolvency procedures. Clients include company directors, lenders and creditors.

Describes itself as independently owned and lists 16 UK offices plus one in Bermuda. Opus Business Advisory Group Limited (Companies House no. 10996623) was incorporated on 4 October 2017.

Typical clients:
SMEs, directors, lenders
Address:
322 High Holborn, London, WC1V 7PB

Moorfields

Restructuring

Moorfields is an independent restructuring and insolvency firm with licensed insolvency practitioners. Its restructuring practice offers contingency planning, debt restructuring, independent business reviews, strategic reviews, lender and creditor advisory, and business turnaround advisory. It also takes formal insolvency appointments. Clients include companies, directors and lenders.

Five UK offices: London, Manchester, Crawley, Preston and Worthing. The Preston office opened in 2023.

Typical clients:
Companies, directors, lenders and creditors
Address:
82 St John Street, London, EC1M 4JN

Menzies LLP

Restructuring & Insolvency

Menzies is a UK accountancy and advisory firm with a restructuring and insolvency team. The team gives solvent restructuring advice and takes formal appointments, including administration, pre-pack administration, creditors' voluntary liquidation and members' voluntary liquidation. Clients are mainly owner-managed and mid-sized businesses and their directors.

Moved its headquarters from Woking to Gresham Street in the City of London in 2025. Menzies LLP (OC336077) was incorporated in 2008, and its insolvency team grew through a merger with Rollings Butt.

Typical clients:
Owner-managed and mid-sized businesses
Address:
4th Floor, 95 Gresham Street, London, EC2V 7AB

Kreston Reeves

Restructuring and Transformation

Kreston Reeves is an accountancy and advisory firm with a restructuring and transformation team. The team offers business turnaround, crisis management, debt advisory, banking reviews, accelerated M&A, and formal insolvency options (administration, liquidation, CVA), plus solvent liquidations. It can also provide interim management. Its clients are mainly businesses in London, Kent and Sussex.

Part of the AAB group, for which it serves as the London and South East hub. Kreston Reeves LLP (OC328775) was incorporated in 2007.

Typical clients:
SMEs in London and the South East
Address:
2nd Floor, 168 Shoreditch High Street, London, E1 6RA

Purnells Insolvency Practitioners

Corporate and Personal Recovery

Purnells is an insolvency practice. On the corporate side it handles company rescue through administration and CVAs, and company closure through CVL, MVL and compulsory liquidation. It also deals with partnership and personal insolvency and acts as LPA and court-appointed receiver. Clients are mainly company directors, sole traders and partners in South West England, with meeting locations elsewhere in England.

Trading name of Corporate Recovery Specialists Limited (Companies House no. 06324774). Its head office is in Penryn, Cornwall, and it has offices or meeting spaces in Cornwall, Devon, Dorset, Bristol, Worcestershire, London, Leeds and Birmingham.

Typical clients:
Small company directors, sole traders, partnerships
Address:
5a Kernick Industrial Estate, Penryn, Cornwall, TR10 9EP

Bishop Fleming

Restructuring

Bishop Fleming is an accountancy firm whose restructuring team includes licensed insolvency practitioners. The team covers corporate advisory and restructuring, debt raising and refinancing, distressed M&A, creditor services, and capital extraction and solvent solutions. Clients are mainly businesses in South West England and the West Midlands.

Nine offices: Bath, Birmingham, Bristol, Cheltenham, Exeter, Plymouth, Torquay, Truro and Worcester. Bishop Fleming LLP (OC391282) has its registered office in Exeter.

Typical clients:
SMEs in the South West and West Midlands
Address:
Brook House, Manor Drive, Clyst St Mary, Exeter, EX5 1GD

Antony Batty & Company

Company Turnaround

Antony Batty & Company is an insolvency practice. It handles company administration, pre-pack administration, CVAs, and business advice and turnaround. It also handles company closure through CVL, MVL and compulsory liquidation. Clients are mainly directors of owner-managed companies, and the firm also lists work with charities, transport businesses, venture capital trusts and AIM-listed companies.

Founded in 1997. Registered office in Gray's Inn, London, with further offices in Salisbury, Brentwood, Thames Valley, Bournemouth and Mill Hill.

Typical clients:
Directors of owner-managed companies
Address:
Third Floor, 3 Field Court, Gray's Inn, London, WC1R 5EF

Law firms with restructuring practices

Restructuring and insolvency lawyers act for companies, directors, lenders, insolvency practitioners and investors, from court applications to restructuring plans.

When they are the right call: Court work (winding-up petitions, injunctions, restructuring plans), directors' duty and liability questions, and documenting a deal with lenders or creditors.

How K2 differs: Lawyers give legal advice; they do not run the business through a turnaround. K2 brings in solicitors where a turnaround needs them.

Kirkland & Ellis (London)

Restructuring

Kirkland & Ellis is a US-headquartered law firm whose London office forms part of its European restructuring team, alongside Munich. The group advises debtor companies, private equity sponsors, lenders and other creditors on out-of-court and in-court restructurings, refinancings, schemes of arrangement and distressed acquisitions. It is typically instructed on large, often cross-border, capital-structure restructurings.

The firm describes its global restructuring group as more than 225 attorneys across the US, Europe and Asia. Its London office moved to 40 Leadenhall Street from 30 St Mary Axe (the Gherkin), which it had occupied since April 2006.

Typical clients:
Sponsor-backed and large corporate debtors, private equity funds, creditor groups
Address:
40 Leadenhall Street, London EC3A 2AA

Linklaters

Restructuring and Insolvency

Linklaters is a London-headquartered international law firm whose Restructuring and Insolvency practice covers stressed and distressed situations, from balance-sheet restructurings and distressed M&A to insolvency litigation and formal procedures. It acts for companies, lenders, bondholders, investors and insolvency office-holders, typically on large domestic and cross-border matters.

The practice's Global Co-Heads, Richard Hodgson and Nick Le Masurier, are based in London. The firm advised PwC as administrators of Lehman Brothers International (Europe).

Typical clients:
Large corporates, banks and lenders, investors, insolvency office-holders
Address:
One Silk Street, London EC2Y 8HQ

Freshfields

Restructuring (restructuring and insolvency)

Freshfields is an international law firm whose restructuring practice advises stressed and distressed corporates and their stakeholders on credit solutions, restructuring and insolvency options. Its work covers formal insolvency proceedings, in-court restructuring tools such as UK restructuring plans and US Chapter 11, distressed M&A, liability management and insolvency-related litigation. Clients include corporates, creditors, regulators and insolvency practitioners.

The firm lists experience with pre-insolvency cram-down tools across jurisdictions including UK restructuring plans, US Chapter 11, the Dutch WHOA and German StaRUG. Partners' profiles cite work for the administrators and liquidators of the Arcadia, Debenhams and Four Seasons Health Care groups.

Typical clients:
Corporates and boards, creditors, insolvency practitioners
Address:
100 Bishopsgate, London EC2P 2SR

Clifford Chance

Restructuring & Insolvency

Clifford Chance is a London-headquartered international law firm whose Restructuring & Insolvency group advises on out-of-court restructurings, liquidity and liability management, distressed debt, formal insolvency proceedings, distressed M&A and enforcement. Its clients include corporates, financial institutions, sponsors, creditors and public sector bodies, often on multi-jurisdictional matters.

In April 2025 the firm appointed David M. Feldman to co-lead the global practice alongside Philip Hertz, who has led it since 2016. Matters the firm has cited include Thomas Cook and British Steel.

Typical clients:
Corporates, banks and financial institutions, sponsors, creditors, public bodies
Address:
10 Upper Bank Street, London E14 5JJ

A&O Shearman

Restructuring, Insolvency and Capital Solutions

A&O Shearman, formed from the merger of Allen & Overy and Shearman & Sterling, has a restructuring group that works on liability management exercises, in-court and out-of-court restructurings, rescue financing and distressed acquisitions. The London team advises debtors, creditors, investors, trustees and insolvency office-holders, from formal insolvencies to distressed M&A.

The firm's careers material describes a restructuring and insolvency team of more than 200 lawyers across 33 offices. On 12 October 2026 it announced its London office is relocating from One Bishops Square to 2 Broadgate, with the move due to complete at the end of October 2026.

Typical clients:
Corporates, lenders and creditor groups, investors, trustees, insolvency office-holders
Address:
One Bishops Square, London E1 6AD (relocating to 2 Broadgate, London, end of October 2026)

Weil, Gotshal & Manges (London)

Restructuring (London Restructuring practice)

Weil, Gotshal & Manges is a New York-headquartered law firm whose London office is the hub of its European restructuring practice. The team acts for debtors, creditors, directors, private equity houses, lenders, insolvency practitioners and buyers and sellers of distressed assets, on cross-border, out-of-court and formal restructurings and insolvency litigation.

Andrew Wilkinson is Head of the London Restructuring practice. The firm acted for KPMG as special administrators of MF Global UK.

Typical clients:
Financial institutions, funds, private equity houses, corporates, insolvency practitioners
Address:
110 Fetter Lane, London EC4A 1AY

DLA Piper UK

Restructuring

DLA Piper is a global law firm whose UK restructuring lawyers advise on corporate reorganisations, debt restructurings, distressed M&A, liability management, contingency planning, enforcement and insolvency-related investigations and litigation. Clients include companies and their directors, banks and asset-based lenders, insolvency practitioners and shareholders.

The firm states it has more than 200 dedicated restructuring lawyers worldwide. UK matters it cites include advising the directors of Carillion plc subsidiaries and the administrators of Lehman Brothers Limited.

Typical clients:
Companies and directors, banks and ABL lenders, insolvency practitioners
Address:
160 Aldersgate Street, London EC1A 4HT

Pinsent Masons

Restructuring

Pinsent Masons is a UK-headquartered international law firm with a restructuring practice covering financial and operational restructurings, formal insolvency, distressed M&A, directors' duties and contentious insolvency. It acts for insolvency practitioners, lenders, boards and distressed companies, including on CVAs, pre-pack administrations and Part 26A restructuring plans.

The firm advised Poundland on a High Court-sanctioned restructuring plan under Part 26A of the Companies Act 2006. It won 'Insolvency Law Firm of the Year' at the Turnaround, Restructuring and Insolvency Awards.

Typical clients:
Insolvency practitioners, lenders, boards and distressed companies
Address:
30 Crown Place, Earl Street, London EC2A 4ES

Addleshaw Goddard

Restructuring

Addleshaw Goddard is a UK-headquartered law firm whose restructuring group covers financial restructuring, formal insolvency, distressed transactions and insolvency disputes. It acts for lenders and creditors, companies and insolvency practitioners, including on challenges to restructuring plans and schemes and claims against office-holders and directors.

The firm's London office is now at 41 Lothbury, having moved from Milton Gate, which it occupied from 2009. It also has restructuring teams in the Netherlands and Ireland.

Typical clients:
Lenders and creditors, companies, insolvency practitioners
Address:
41 Lothbury, London EC2R 7HG

Eversheds Sutherland

Restructuring and Insolvency

Eversheds Sutherland is an international law firm whose UK restructuring and insolvency team advises on refinancing and renegotiating banking facilities, restructuring equity, formal insolvency and enforcement processes, CVAs, pre-packaged administrations and Part 26A restructuring plans. It acts for corporates, lenders, insolvency practitioners, landlords and other stakeholders.

The firm publishes UK commentary on restructuring plans, including landlord challenges such as the Fitness First plan sanctioned in 2023. Its London office is at 1 Wood Street.

Typical clients:
Corporates, lenders, insolvency practitioners, landlords and creditors
Address:
1 Wood Street, London EC2V 7WS

Shoosmiths

Corporate restructuring & advisory; Restructuring & insolvency litigation

Shoosmiths is a UK law firm whose restructuring team covers contingency planning, distressed acquisitions, formal insolvency procedures, CVAs, restructuring plans and advice to directors of distressed companies. A separate litigation team handles misfeasance, antecedent-transaction and contested scheme or plan disputes across England, Scotland and Northern Ireland.

The firm states it has acted on more retail CVAs than any other law firm. Its registered office is 1 Bow Churchyard, London.

Typical clients:
Lenders, investors, directors, private equity houses, insolvency practitioners
Address:
1 Bow Churchyard, London EC4M 9DQ

TLT

Restructuring & Insolvency

TLT is a UK law firm whose Restructuring & Insolvency practice covers insolvency practitioner advisory, directors' duties and contingency planning, lender advisory, fixed charge receivers, public sector insolvency, personal insolvency, and restructuring and turnaround. It acts for corporates and their boards, banks, government agencies and creditors.

The firm states it advises the Insolvency Service and Official Receiver's offices on around 1,000 instructions a year. Its Head of Restructuring and Insolvency, Andrew Lockerbie, is based in London.

Typical clients:
Corporates and boards, banks and lenders, insolvency practitioners, government agencies
Address:
20 Gresham Street, London EC2V 7JE

Irwin Mitchell

Restructuring & Insolvency

Irwin Mitchell is a UK law firm whose Restructuring & Insolvency team advises on restructuring outside formal insolvency and on administrations, CVAs, liquidations, receiverships and bankruptcy. It acts for lenders, insolvency practitioners, directors and businesses ranging from owner-managed companies to large corporates.

The firm states it sits on the legal panels of most major UK retail banks and independent asset-based lenders. Its London office moved in 2025 to The Northcliffe, 28 Tudor Street.

Typical clients:
Owner-managed businesses, directors, lenders, insolvency practitioners
Address:
The Northcliffe, 28 Tudor Street, Temple, London EC4Y 0AY

Gateley

Turnaround & insolvency (incl. Restructuring Advisory)

Gateley is a UK legal and professional services group whose turnaround and insolvency team advises boards, investors, lenders and insolvency practitioners on turnaround options inside and outside formal insolvency, directors' duties and asset preservation. It also runs a contentious insolvency practice acting for office-holders and institutional creditors.

Gateley's restructuring advisory team received the Institute for Turnaround's 2025 Legal Adviser of the Year award. The group is headquartered at One Eleven Edmund Street, Birmingham, with a London office at 1 Paternoster Square.

Typical clients:
Boards and directors, lenders and investors, insolvency practitioners
Address:
One Eleven Edmund Street, Birmingham B3 2HJ (London office: 1 Paternoster Square, London EC4M 7DX)

Womble Bond Dickinson

Restructuring & Insolvency

Womble Bond Dickinson is a transatlantic law firm whose UK restructuring team advises companies, boards, lenders and insolvency practitioners on restructuring plans, CVAs, receiverships and administrations, directors' duties and enforcement. It covers both English and Scots law.

The firm states its UK restructuring team includes over 20 lawyers. It advised the administrators in the only two further education college special administrations, Hadlow College and West Kent & Ashford College.

Typical clients:
Companies and boards, lenders, insolvency practitioners
Address:
4 More London Riverside, London SE1 2AU

Property, valuation and asset advisers

Surveyors, valuers and asset specialists value property, plant and stock for lenders and insolvency practitioners, act as receivers over property, and sell assets in distressed situations.

When they are the right call: When a lender needs a valuation, a property is subject to a receivership, or assets need to be sold quickly and for a fair price.

How K2 differs: Their client is usually the lender or office-holder. A K2 turnaround aims to keep the assets working in the business.

Hilco Global (UK) – Hilco Valuation Services Europe

Valuation and asset sales (Hilco Global Professional Services UK & Europe)

Hilco Valuation Services Europe is Hilco Global's UK asset valuation, advisory and disposal business. It values and sells assets such as inventory, receivables, machinery and business assets, real estate and intellectual property, including accelerated sales during turnarounds, insolvencies and corporate restructures. Clients include asset-based and commercial lenders, private equity sponsors, investment banks and insolvency practitioners.

ORIX Corporation USA completed its purchase of a majority stake in Hilco Global, headquartered near Chicago, on 2 September 2025. Hilco Global's UK operations include Hilco Capital, Hilco Real Estate Finance and Hilco Valuation Services Europe.

Typical clients:
Lenders, private equity, insolvency practitioners
Address:
11 Ironmonger Lane, London, EC2V 8EY

KR8 Advisory (Real Estate; formerly Allsop Recoveries & Receivership)

Real Estate (real estate restructuring, recoveries and receivership)

KR8 Advisory is a UK advisory and restructuring firm whose Real Estate team provides restructuring, receivership and valuation-related advice to property owners and lenders. In July 2026 it took over Allsop LLP's Recoveries and Receivership team and its active case portfolio, so Allsop no longer runs a receivership team. Lenders typically use the team for LPA / fixed charge receiverships over property.

Allsop announced on 14 July 2026 that it had sold its Recoveries and Receivership team to KR8 Advisory with immediate effect. KR8 launched in early 2025 and in 2026 agreed to combine with Quantuma's restructuring and forensic business under the KR8 brand.

Typical clients:
Lenders and secured creditors, property owners
Address:
St Andrew's House, 20 St Andrew Street, London EC4A 3AG

Savills

Recoveries & Receivership (within Valuation)

Savills is a UK-listed real estate adviser whose Recoveries & Receivership team advises lenders, banks, insolvency practitioners and corporates on property loans that are expected to become impaired or are in default. Services include LPA and fixed charge receiverships, strategic reviews, shadow receivership, valuation, asset management, development build-out and sales.

Savills states the team has more than seven appointment takers and over 30 years of experience with distressed property loans. Savills directors have been appointed as LPA receivers over Finzels Reach in Bristol.

Typical clients:
Lenders and banks, insolvency practitioners, corporates
Address:
33 Margaret Street, London W1G 0JD

Knight Frank

Restructuring & Recovery

Knight Frank is a UK-headquartered real estate consultancy whose Restructuring & Recovery team acts as Law of Property Act receivers for lenders and advises on distressed and stalled property assets, including independent reviews of borrowers' business plans and exit strategies. It is typically instructed by lenders enforcing property security.

Knight Frank states its LPA receivers are registered property receivers, NARA accredited and RICS affiliated. Marc Nardini is Partner and Head of Restructuring & Recovery.

Typical clients:
Lenders and secured creditors, borrowers with distressed or stalled property
Address:
55 Baker Street, London W1U 8AN

CBRE UK

Loan Services (loan advisory, servicing and LPA receivership)

CBRE is a global commercial real estate services firm whose UK Loan Services team covers loan servicing, loan advisory and loan recovery. Where enforcement is the only option, it can advise on enforcement routes, accept appointment as LPA receiver or act as agent for an insolvency practitioner; it also handles CMBS and NPL workouts and special servicing. Users are mainly lenders and loan investors.

CBRE UK lists LPA / fixed charge receivership among its loan services. Its UK head office is Henrietta House, Henrietta Place, London.

Typical clients:
Lenders, loan investors and servicers, insolvency practitioners
Address:
Henrietta House, Henrietta Place, London W1G 0NB

Newmark (formerly Gerald Eve)

Value Recovery and Fixed Charge (LPA) Receivership

Newmark is a US-listed commercial real estate adviser which acquired Gerald Eve in March 2023; Gerald Eve's UK business has operated under the Newmark brand since January 2025. Its UK Value Recovery team reviews underperforming loans, advises lenders on consensual options, LPA receivership or administration, and works with administrators and liquidators to maximise recoveries.

Newmark announced the acquisition of Gerald Eve on 10 March 2023 and said in January 2025 that Gerald Eve and BH2 now operate as Newmark. Its UK valuation page cites 130+ registered valuers and 80+ lender clients.

Typical clients:
Lenders, insolvency practitioners (administrators, liquidators)
Address:
One Fitzroy, 6 Mortimer Street, London W1T 3JJ

Lambert Smith Hampton

Property Restructuring / Asset Advisory (LPA receivership; plant & machinery restructuring & insolvency)

Lambert Smith Hampton (LSH) is a UK commercial property consultancy with a property restructuring team that takes Law of Property Act / fixed charge receivership appointments and provides valuation and agency advice to lenders and insolvency practitioners. Its Asset Advisory arm values and disposes of plant, machinery and business assets in restructuring and insolvency cases.

Nick Blackwell is listed as National Head of Property Restructuring and an FNARA LPA receiver. LSH's plant and machinery corporate recovery team is RICS registered and regulated.

Typical clients:
Banks and lenders, insolvency practitioners
Address:
UK House, 180 Oxford Street, London W1D 1NN

Sanderson Weatherall

Restructuring & Recovery / Asset Advisory & Recovery

Sanderson Weatherall is a UK property consultancy whose Restructuring & Recovery team takes fixed charge (LPA) receivership appointments and advises administrators, liquidators and lenders on property, including assisted voluntary sales and mortgagee-in-possession arrangements. Appointments come from high street banks, building societies, challenger lenders and private lenders.

The firm states it has made more than 200 receivership appointments in the past three years, with receivers in London, Leeds, Manchester, Birmingham, Bristol, Cardiff and Southampton. Its registered address is in Leeds.

Typical clients:
Banks, building societies, alternative lenders, insolvency practitioners
Address:
4th Floor, 87-88 Bartholomew Close, London EC1A 7BL (registered office: 6th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL)

BTG Eddisons

Asset advisory, restructuring and recovery

BTG Eddisons is a UK property and asset consultancy that provides valuations, asset advisory and disposal services to lenders and insolvency practitioners, including RICS Red Book valuations in distressed and time-critical cases. Its auction teams sell property, plant, machinery and business assets, with plant and machinery valuations handled through its asset platform.

BTG Eddisons is RICS-regulated and provides Red Book valuations. Its head office is at 10 Wellington Place, Leeds.

Typical clients:
Insolvency practitioners, administrators, lenders
Address:
2nd Floor, 10 Wellington Place, Leeds LS1 4AP

Interim management and chief restructuring officer providers

Interim firms place experienced executives, such as chief restructuring officers, interim CEOs and finance directors, into businesses going through change or crisis.

When they are the right call: When the board needs a specific senior role filled quickly, for a defined period, and has the budget for a day rate.

How K2 differs: An interim is paid by the day and leaves at the end of the assignment. K2 partners take a stake in the recovery and stay for the long term.

NSCG (New Street Consulting Group, incorporating Interim Partners)

Interim Management

NSCG is a people advisory business that provides interim management, executive search, leadership assessment and development, and Consulting on Demand. Its interim management service places senior interim executives, including during restructures and mergers. Clients include private and public sector organisations and private equity investors.

The group was formed from Interim Partners, Wickland Westcott and Brightpool and took the New Street Consulting Group name in 2020. The interimpartners.com domain now redirects to nscg.com.

Typical clients:
Private and public sector organisations, PE-backed businesses
Address:
8 Bishopsgate, London, EC2N 4BQ

Russam

Restructure & Turnaround

Russam is an interim management and executive search firm. Its restructure and turnaround offering places interim executives such as chief restructuring officers, transformation directors and interim CEOs and CFOs. These executives lead financial and operational restructuring, turnaround and change programmes. Clients include private, PE-backed and public sector organisations.

Russam GMS Ltd (Companies House no. 01865337) was incorporated in 1984 and went through a management buyout in 2014. Russam co-founded the WIL Group international interim network in 2014 and has been a certified B Corporation since March 2023.

Typical clients:
Private and PE-backed businesses, public sector bodies
Address:
Suite 1b, AW House, 6-8 Stuart Street, Luton, LU1 2SJ

Odgers Interim

Interim Management

Odgers Interim is the interim management business of the Odgers (Odgers Berndtson) executive search group. It places senior interim executives and board members during periods of change, crisis and growth, including restructuring and transformation work. Clients span the private, public and not-for-profit sectors.

Part of the Odgers group, which reports 200 partners and 29 offices across 33 countries. The UK office is at 20 Cannon Street, London.

Typical clients:
Corporates, PE portfolio companies, public and charity sector
Address:
20 Cannon Street, London, EC4M 6XD

Industry bodies and public resources

Professional bodies and public organisations that set standards, license practitioners or publish guidance. Useful for checking credentials before you appoint anyone.

When they are the right call: To check that an adviser is qualified and regulated, find a licensed insolvency practitioner, or read independent guidance.

How K2 differs: Tony Groom, K2's founder, is a director and past President of the Turnaround Management Association UK and a Certified Turnaround Professional.

Turnaround Management Association UK (TMA UK)

Membership association for turnaround and restructuring professionals; UK affiliate of the Turnaround Management Association

TMA UK is the UK affiliate of the Turnaround Management Association, a membership body for turnaround, restructuring and corporate renewal professionals. It runs networking, education and events, including regional boards, a NextGen committee and Network of Women, and hosts joint events with R3 and the Institute for Turnaround.

The Turnaround Management Association was established in 1988 and has almost 10,000 members in 54 chapters. TMA UK and R3 are running a joint event with the IFT in Bristol on 18 November 2026.

Typical clients:
Turnaround practitioners, IPs, lawyers, lenders, investors
Address:
Unit 2 Business Box, Braunstone Business Zone, 3 Oswin Road, Leicester LE3 1HR

R3 (Association of Business Recovery Professionals)

Trade association for the UK restructuring, turnaround and insolvency profession

R3 is the UK trade association for restructuring, turnaround and insolvency professionals. It provides policy representation, technical guidance, events and training for members such as insolvency practitioners, lawyers, accountants and lenders. It also publishes public information on insolvency processes.

R3 is the largest association within INSOL International, and R3 members automatically become INSOL International members. It is a company limited by guarantee registered in England and Wales (no. 2553435).

Typical clients:
Insolvency practitioners, restructuring lawyers and advisers, lenders
Address:
3rd Floor (East), Clerkenwell House, 67 Clerkenwell Road, London EC1R 5BL

Insolvency Practitioners Association (IPA)

Regulatory and membership body that authorises and regulates insolvency practitioners

The IPA is a UK regulatory and membership body that authorises and regulates insolvency practitioners, sets professional standards and provides training and examinations. Members are licensed IPs and others working in insolvency; the public can use it to check or complain about an IP it regulates.

The IPA states it has licensed and regulated insolvency practitioners since 1961. It is a joint sponsor, with NARA and RICS, of the Registered Property Receivers' Scheme.

Typical clients:
Insolvency practitioners; members of the public checking an IP
Address:
46 New Broad Street, London EC2M 1JH

The Insolvency Service

Government executive agency (public body)

The Insolvency Service is a UK government executive agency that supports people and businesses in financial distress, administers compulsory insolvencies through the Official Receiver, investigates financial misconduct and director conduct, and works to maximise returns to creditors. Directors, creditors and the public use its guidance and helpline.

It is an executive agency sponsored by the Department for Business, Innovation, Science and Trade. Its helpline is open 9am–5pm Monday to Thursday and 9am–3pm on Friday.

Typical clients:
Company directors, creditors, employees, members of the public
Address:
16th Floor, 1 Westfield Avenue, London E20 1HZ

European Association of Certified Turnaround Professionals (EACTP)

Pan-European accreditation body for turnaround professionals; European licensee of TMA's Certified Turnaround Professional (CTP) programme

EACTP runs a pan-European accreditation scheme for turnaround and restructuring professionals and is the licensee of the Turnaround Management Association's Certified Turnaround Professional (CTP) programme, in association with TMA Global. Candidates must show relevant qualifications, experience and continuing practice; the self-paced online Certified Turnaround Analyst (CTA) programme is the first step towards CTP. As the European licensee, it is the route by which European (including UK) practitioners are certified as CTPs.

EACTP is a UK-registered company (no. 08276887) with a registered address in Surrey. It describes CTA accreditation as the first step towards becoming a CTP and an EACTP member.

Typical clients:
Turnaround and restructuring practitioners seeking accreditation
Address:
c/o Centora James Limited, Jury Farm, Ripley Lane, West Horsley, Leatherhead, Surrey KT24 6JT

Questions to ask any turnaround adviser

Whichever firm you speak to, these questions tell you quickly whether it is the right one for your business:

Who will you be working for?

The directors, the shareholders, the bank or the creditors? The answer decides whose interests come first when they conflict.

How are you paid, and when?

Day rates and fixed fees are paid whatever happens. A success fee or equity stake means the adviser only does well if the business does.

Who will actually do the work?

The partner you meet, or a junior team? In an SME turnaround the experience of the person in the room matters most.

Have you run a business through this?

Advising on a turnaround and managing one, cash flow by cash flow, are different skills.

What happens if a formal process is needed?

Will the same firm be appointed as insolvency practitioner? If so, ask how conflicts are handled.

Can I check your credentials?

Companies House records, professional qualifications such as CTP, licensing for insolvency practitioners, and named references.

More on the difference in turnaround specialist vs insolvency practitioner, what a turnaround consultant does and what a business turnaround costs.

Frequently asked questions

Who are the main turnaround and restructuring firms in the UK?

The UK market includes the Big Four accountancy firms (Deloitte, PwC, EY and KPMG), specialist restructuring advisers such as Interpath, Teneo, Alvarez & Marsal, AlixPartners, FTI Consulting and Kroll, mid-tier accountants such as Grant Thornton, BDO and RSM, insolvency firms such as BTG Begbies Traynor, FRP Advisory and Leonard Curtis, restructuring law firms, property and asset advisers, and specialist turnaround investors such as K2 Business Partners, which works with owner-managed companies of £3m to £20m turnover.

What is the difference between a turnaround specialist and an insolvency practitioner?

An insolvency practitioner is licensed to act as administrator, liquidator or CVA supervisor, and in that role acts for the creditors. A turnaround specialist works for the directors and shareholders to rescue the business, ideally without a formal process, and brings in an insolvency practitioner when a formal process is the right tool.

Which turnaround firm should a small or medium-sized business use?

Large advisory firms are built for companies with complex debt and lender-led processes. An owner-managed business with £3m to £20m turnover usually needs a hands-on adviser who works for the owners, negotiates directly with HMRC, the bank and creditors, and is paid in a way that aligns with the outcome. That is the gap K2 Business Partners was set up to fill in 2001.

How do I check a turnaround adviser's credentials?

Ask who the adviser acts for, how they are paid and what happens if the business fails. Check the company on Companies House, check professional qualifications such as Certified Turnaround Professional (CTP), and for any formal insolvency appointment confirm the practitioner is licensed, through the Insolvency Practitioners Association, ICAEW or the Insolvency Service's register.

Is K2 Business Partners an insolvency practitioner?

No. K2 is a turnaround investor. We work for the directors and shareholders, invest our time and expertise for a minority stake or success fee, and work alongside licensed insolvency practitioners when a formal process is needed.

Talk to a turnaround specialist who works for you

A free, confidential conversation with a K2 partner. We will tell you honestly whether the business can be saved, and if another kind of firm is the better fit, we will say so.

Get a Free Assessment 020 7720 8000

Firm details are taken from each firm's own website, Companies House and published announcements, checked in October 2026. Firms change ownership and contact details often: please confirm directly before relying on them. Inclusion is not an endorsement. To correct an entry, email [email protected].