Business Plan Assessment & Analysis
We provide insightful, independent evaluations of business plans and their key assumptions, leveraging our market-leading experience and sector expertise.
Establishing a robust business plan as a platform for stakeholder discussions is critical. We work with our clients and their stakeholders to test and challenge the strategy and financial projections of a business. We also provide an independent information platform to support assessment of the financing requirements of a business and the robustness of any re-financing or restructuring plan.
We complement our extensive restructuring experience with sector and operational insight from Teneo’s other business segments to deliver hands on, in depth support for our clients.
Latest Financial Advisory Insights
- Lenders and other stakeholders need to understand 1) the capacity of a business to service its debts and 2) the impact of internal and external risks to the business plan on forecast liquidity, debt service and other constraints.
- Our scope also considers the short-term liquidity position of the business and the options available to the stakeholders with a focus on preserving value in the business and ensuring an optimal outcome for our clients.
- We provide a robust, independent assessment of a business plan before it is shared with external shareholders.
- The assessment can be used as an information platform for stakeholder groups or to tailor the business plan to meet likely stakeholder requirements.
Our Lender Advisory and Corporate Advisory teams have advised on some of the most complex and high-profile restructurings in the market.
Virgin Atlantic Airways
In May 2020, as passenger demand plummeted to unprecedented levels, we were appointed to advise the RCF Lenders, Senior Finance lessors (SFL) and bond holders with debt of c.£1bn.
We reviewed the company’s business and contingency plans and worked closely with a group of cross holder lenders to negotiate terms with the company on behalf of the RCF and SFL.
The deal saw a £200m shareholder injection, £170m new money and a re-profiling of debt from multiple creditor groups. 100% of RCF Lenders and SFL supported the deal implemented by means of the first Restructuring Plan under the new Part 26A of the UK Companies Act and a US Chapter 15.
We were appointed as financial restructuring adviser to the senior syndicated lenders to a global commodity trading business with a turnover of $7bn and debt in excess of $2.5bn.
Our scope included business plan assessment, options analysis and valuation. Our role involved a red flag review of the business and divestiture plans and we advised lenders on strategic options.
We negotiated with legal and financial advisors with respect to the terms of the restructuring, which was ultimately agreed to and implemented by a two class UK Scheme of Arrangement.
Recent deterioration of group performance led to a covenant breach and crystallisation of a funding requirement.
We were engaged by the lenders to review management’s operational cost and working capital improvement plan, focusing on feasibility and achievability, as well as the ability of management to implement and deliver the plan.
Our review highlighted a number of concerns and recommendations for the lender group and management team, which were acknowledged with mitigating actions taken immediately.
We Are Independent
Our firm is free from audit conflicts, does not manage capital, and our people hold trusted and enduring relationships across the whole spectrum of capital providers operating in the market. We are wholly objective, impartial and aligned with our clients’ interests.
Our Style of Working
We are hands-on, practical, efficient and collaborative. Our team will work hand-in-hand with you to deliver the optimal outcome, providing you with dedicated senior advisers throughout the process.
Details of the entity providing services, legal and regulatory information in respect of the Teneo entity are also included in our engagement letters.
Teneo Financial Advisory (DIFC) Limited is authorised and regulated by the Dubai Financial Services Authority for the provision of Advising on Financial Products or Credit and Arranging Credit or Deals in Investment services
Specific information relating to our regulated entities which provide services to clients is detailed below:
|Registered Name||Legal Form||Registration Location and Reference||Registered Office||Data Protection||Regulator(s)||Professional Indemnity Insurance|
|Teneo Financial Advisory Limited||Limited Company||England & Wales, 13192958||5th Floor, 6 More London Place, London, SE1 2DA||UK - ZA920639||The Institute of Chartered Accountants in England and Wales (“ICAEW”) C008873136. All insolvency practitioners are licenced by the ICAEW. ICAEW Designated Professional Body licence for a range of investment business activities.||Details of the professional indemnity insurer can be provided on request.|
|Teneo Securities LLC||Limited Liability Company||USA - Delaware||280 Park Avenue, 4th Floor, New York, NY 10017||N/A||Financial Industry Regulatory Authority (FINRA) #151256. Securities and Exchange Commission (SEC).||Details of the professional indemnity insurer can be provided on request.|
Teneo Securities LLC’s Business Continuity Planning
Teneo Securities LLC has developed a Business Continuity Plan (“BCP”) on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our BCP.
The Firm has developed and installed a BCP in the case of any business disruption that causes the Firm to have limited or no communications with its employees or customers. Our plan anticipates two types of business disruptions, internal disruptions which affect only our Firm’s ability to do business (such as a fire in our building) and external disruptions that prevent the operation of securities markets or other firms (such as natural disasters or acts of war).
The Firm intends to stay in business during both internal and external disruptions due to the fact that the Firm employees can conduct Firm related business from alternate off-site physical locations and the Firm maintains an alternate location for the maintenance of its books and records. We anticipate that the Firm will recover from internal business disruptions within 24-48 hours. An outage due to an external business disruption may be longer and is beyond the control of the Firm. However, the Firm will endeavor to resume business as soon as it is possible for the Firm to establish business operations from alternate off-site physical locations.
The Firm’s BCP specifically addresses the following areas related to Firm operations:
- Data back-up and recovery (hard copy and electronic);
- All mission critical systems;
- Procedures to test and determine the Firm’s ability to do business (i.e., financial and operational assessments);
- Alternate communications between customers and the Firm;
- Alternate communications between the Firm and its employees;
- Alternate physical location of employees;
- Critical business constituent, bank, and counter-party impact;
- Regulatory reporting; and
- Communications with regulators.
If you have questions about our business continuity planning, you can contact us (212) 886-1600.