People

Ben Davies is a Senior Managing Director with Teneo in London, having joined Teneo as part of its purchase of Deloitte’s UK Restructuring business.

Ben is a highly experienced restructuring professional with a wide variety of credentials from across the UK and European market, having led and advised on over 30 transactions with combined debt in excess of €50 billion. He is a Fellow of the Institute of Chartered Accountants in England & Wales, holds a doctorate from Cambridge University and a postgraduate diploma in financial strategy from the Said Business School, Oxford University.

Selected Project Experience:

Company-side Work

• Advisor to the board of a global vertically-integrated energy group with $10bn revenue on its restructuring options
• Advisor to the board of a European specialty steel group on a new money raising and a €260m debt amendment
• Advisor to a UK-based fibre broadband provider on liquidity, governance and strategic options
• Advisor to the board of the online retailer MatchesFashion on an amendment and extension of its debt facilities
• Co-adviser (alongside Rand Merchant Bank) to the board of Transnet SOC on a balance sheet optimisation exercise in relation to its ZAR 130bn debt (c.USD 7 billion)
• Advisor on restructuring options to the board of a privately-owned global insurtech group with c.$550m debt
• Advisor to the board of Vue Cinemas International on new financing arrangements with its c.€700m TLB syndicate, including provision of £50m of new money underwritten by an Ad Hoc Group of private debt funds
• Advisor to the board of an Italian-based manufacturer of electrical consumer products during the amendment & extension of a €225m term loan, led by two special situations funds, and a subsequent €80m cross-border ABL refinancing
• Advisor to the board of Matalan on the terms and implementation of a holistic £500m recapitalisation including a material reduction in bond debt, injection of £100m of new money by special situations funds and the exit of its Founder-Chairman
• Adviser to Transport for London on its emergency financing negotiations with the UK Department for Transport and the Mayor of London during the Covid pandemic
• Advisor to the board of Matalan in relation to an emergency £50m new money raise via a CLBILS loan and a new bond
• Advisor to the Danish tech group Nets A/S and its private equity sponsors Advent, Bain and Hellman & Friedman during the restructuring negotiations and eventual administration of Thomas Cook plc
• Advisor to the board of a distressed Norwegian oilfield services group and its private equity sponsor on funding options
• Advisor to a distressed tier 1 UK-headquartered global construction group with £4bn revenue
• Advisor to the board of a global offshore vessel owner-operator during a refinancing of c.€320m bank debt
• Advisor to a Danish-based downstream oil services group (trading, bunkering, shipping & logistics across EMEA) during the negotiation of amendments to its borrowing base facility
• Advisor to the board of a Northern European oil company during negotiations on amendments to its reserves-based lending facilities and a new equity raising
• Commercial counterparty risk assessment for one of the supermajor Oil & Gas groups
• Advisor to the board of the M6 Toll Road during its £1.6bn debt and swap restructuring

Appointments for Creditors, Governments and Other Stakeholders

• Advisor to a syndicate of banks and funds on the recapitalisation of a leading global processing technology group headquartered in Germany, including advice on revised governance arrangements following transfer of the business into lender ownership and utilising Shareholder-as-a-Service arrangements for banks unable to hold equity
• Advisor to the RCF lenders to Oriflame, a Swedish headquartered cosmetics group, during its €800m debt restructuring and new money raising
• Advisor to Riverstone in its capacity as senior secured creditor to the listed shipyard and engineering group Harland & Wolff plc through a period of management change, restructuring and subsequent sale to Navantia S.A.
• Advisor to the bondholders to a Swedish-headquartered global industrial services business during a restructuring leading to the consensual exit of its shareholder and transfer of ownership to the bondholders
• Advisor to the co-ordinating committee of senior creditors to ED&F Man in relation to the raising of new bespoke $300m trade finance facilities as part of a wider $1.5bn restructuring
• Advisor to HM Treasury in relation to an initial £2bn Export Development Guarantee for British Airways (2020) and a further £1bn EDG-backed facility in 2021
• Advisor to HM Treasury in relation to a £1.4bn Export Development Guarantee for easyJet plc
• Advisor to HM Treasury in relation to the structuring of a bespoke UK Government loan to Celsa Steel UK
• Advisor to the surety bonding providers to a distressed French construction group in relation to c.€200m of bonding lines
• Advisor to the surety bonding providers of Interserve plc, a £3 billion turnover services/contracting group, during its recapitalisation by special situations funds
• Strategic options review for the bondholders (led by three special situations funds) of New World Resources plc, a leading European natural resources group
• Advisor to the monoline credit insurer of a European shadow toll road during renegotiation of a PPP concession agreement
• Adviser to the coordinating committee of banks and investors to The Investment Dar KSCC, a Kuwait investment group with c. USD 2.7bn of bilateral/syndicated debt and sukuk obligations

In addition to his professional commitments, Ben serves as a member of the Finance and Resources Committee of the Philharmonia Orchestra.