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GAVIN PARK_15629-2-HERO

Gavin Park

Senior Managing Director

Gavin Park is a Senior Managing Director with Teneo in Scotland, having joined Teneo as part of its purchase of Deloitte’s UK Restructuring business.

Prior to the acquisition, Gavin led Deloitte’s Scottish RS team. Gavin has 13+ years restructuring experience and works across a range of sectors, covering both corporate and creditor advisory in addition to formal insolvency work and is a Chartered Accountant and licensed Insolvency Practitioner. Prior to joining Deloitte in 2018, Gavin spent 12 years at KPMG, 10 of which were in the restructuring team.  Gavin’s experience includes financial restructurings, accelerated M&A processes, advisory remits for lenders, shareholders and corporate clients, as well as complex insolvency assignments.

 

Qualifications:

  • MBA
  • JIEB qualification
  • Chartered Accountant (ICAS)
  • BEng (hons) Electronic Engineering

Selected Project Experience

  • Project Meridian – an options review, stakeholder management and AMA engagement for a 270 site clothing retailer. As a consequence of the challenging retail environment and COVID-19 trading restrictions, the business encountered acute liquidity pressure and was unable to secure further funding from its lender. Following the AMA process, a sale of business and assets was completed through a pre-pack transaction, preserving 2,500 jobs and achieving a rescue of the Company’s defined benefit pension scheme.
  • Project Volantes – a business plan review, options analysis and advice to the lenders to a listed aviation services business. Following a substantial decline in air traffic as a result of the COVID-19 pandemic, the Group’s revenues and liquidity were significantly affected. Consequently, the Group’s lenders received a request for new funding and an amendment to the Group’s existing covenant suite. A detailed review of the Group’s forecast trading recovery and liquidity needs was performed, with lending facilities successfully restructured.
  • Project Bella – short term cash flow review and contingency planning of an office supplies wholesaler. On identification of invoicing irregularities and a liquidity shortfall, the business was placed into administration. A process to identify a buyer for the business was unsuccessful, however a significant stock and debtor realisation exercise was completed, maximising returns to the Company’s lenders.
  • Project Bow – an options review, contingency planning and AMA process for an AIM listed leisure operator. The business had recently uncovered significant legacy accounting irregularities and as a result, was in breach of its banking facilities and had an immediate liquidity need. The business and assets were ultimately sold in a pre-pack transaction, protecting 700+ jobs and achieving a significant multiple on the business’s EBITDA.
  • Project Gate – a lender led business review of a global footwear and apparel designer, producing goods under various high profile brand licence agreements. Following a divestment of a significant part of the business, together with headwinds in the global retail sector, the group had breached its banking covenants and required financial restructuring. Working closely with the 5 lender banking syndicate, a shareholder injection of $100m was achieved, reducing the lenders’ exposure and providing a platform for the Group’s management to enact its turnaround strategy
  • Bifab– the administration of an industrial fabrication and engineering business, with sites in Fife and the Isle of Lewis in Scotland. The company had previously benefited from support from Scottish Government, however an inability to win new contracts created significant liquidity pressure in the business. A sales process was conducted during administration, achieving a sale of the business and assets to a listed infrastructure investor. The administration attracted a high level of media interest and political scrutiny, requiring a considerable stakeholder management exercise as part of the insolvency process.

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