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Bhachu_Tarnjeet-July 02 2023

Tarnjeet Bhachu

Director

Tarnjeet Bhachu is a Director with Teneo’s Financial Advisory business, based in Leeds. Tarnjeet has over 14 years of employer covenant and restructuring experience and leads Teneo’s Pensions Advisory team in the North.

He joined Teneo as part of its purchase of Deloitte’s UK Restructuring business and is experienced in advising on covenant grading, mitigation options and affordability in an integrated manner alongside funding and investment considerations.

Tarnjeet advises corporate and trustee clients on employer covenant and providing covenant advice in triennial valuations, restructuring and transaction situations.

Selected Project Experience

  • Project Hammer – Advised on covenant loss mitigation options to be proposed to the trustees of the scheme following a corporate transaction valued at $6.5bn.
  • Project Harbour – Advised on covenant loss mitigation options following a corporate transaction valued at $7bn, including pre- and post-transaction insolvency analysis.
  • Project Bono – Advised on employer covenant impact matters relating to the merger of two pension schemes.
  • Triennial valuation related covenant assessment advice includes:
    • Project Drive – A UK retailer owned by a US parent for its senior management team.
    • Project Dale – A leading UK building society for its scheme trustees.
    • Project Key – A global FTSE 100 bank for its scheme trustees.
    • Project Sally – A global car hire business for its scheme trustees.
    • Project Kodiak – An Asian bank for its scheme trustees.

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