In this brochure, discover how we support stakeholders in solving complex financial challenges driving results that matter.
Tackling complexity with confidence Restructuring businesses with clarity
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Contents
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About us
Key themes
At FRP, we work on large and complex restructuring and financial advisory assignments nationwide. Our capabilities are demonstrated by our recent experience, as set out in this document on engagements across a broad range of sectors with multi-stakeholder interests. The depth and scale of our national restructuring team enables us to quickly mobilise the most appropriate professionals to deliver reliable and timely advice. We are actively engaged across a broad range of sectors, including retail, wholesale, pharmaceuticals, healthcare, manufacturing, leisure, and aggregates - bringing
Contingency planning Our experts identify, evaluate, and develop robust plans that minimise risk, ensure continuity and protect operations during crises. We work with you to establish the best course of action, ensuring resilience, maintaining stakeholder trust and supporting long-term success. Corporate restructuring is an opportunity to realign a business for sustainable success. Whether facing financial difficulties or seizing growth opportunities, our team works to streamline operations, optimise capital structures, and align strategies with market demands. With decades of practical experience, we simplify complex processes, providing clear, constructive solutions that ensure long-term success. By focusing on efficient, future-ready strategies, we help businesses navigate transitions effectively and position themselves for a successful future. Corporate restructuring Restructuring Plans Restructuring Plans are an effective way for distressed businesses to reorganise their operations without the need to enter into an insolvency process. Our team of experts have supported a substantial number of high profile businesses in landmark cases using Restructuring Plans – not only rebalancing their financal position but also enabling them to thrive. Business review Whether assessing an existing business, a new acquisition, or a change in business model, FRP delivers expert insight into financial performance, debt structures, and market position. We evaluate value drivers, management quality, and growth opportunities to help you make informed decisions. Our team provides actionable guidance to drive long-term success.
commercial insight, speed of execution, and a clear focus on protecting and enhancing stakeholder value.
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National coverage, local expertise
> Sector: Construction > Office: Manchester > Revenue: £100 million > Case: Business review
> Sector: Healthcare > Office: Edinburgh > Revenue: £10 million
> Sector: Manufacturing > Office: Birmingham > Revenue: £26 million > Case: Business review
> Case: Contingency planning
> Sector: Wholesale > Office: Leeds > Revenue: £29 million > Case: Business review
> Sector: Telecommunications > Office: Birmingham > Revenue: £20 million > Case: Contingency planning
> Sector: Energy > Office: London > Loan: £100 million > Case: Valuation
> Sector: Hospitality > Office: London > Revenue: £47 million > Case: Restructuring Plan
> Sector: Aviation > Office: Bristol > Revenue: £26 million
> Case: Corporate restructuring
> Sector: Leisure > Office: Southampton > Debt: £47 million
> Sector: Retail > Office: London > Revenue: £270 million
> Sector: Food manufacturing > Office: London > Revenue: £73 million
> Sector: Pharmaceutical > Office: London > Revenue: £69 million > Case: Contingency planning
> Case: Corporate restructuring
frpadvisory.com > Case: Corporate restructuring
> Case: Business review
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Project Argon Pharmaceutical | Contingency planning
FRP assisted a distressed pharmaceutical business in executing an accelerated sale process, successfully facilitating the sale of the company under challenging circumstances.
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Project Argon, a family-owned business operating 25 community pharmacies across the South of England, had traditionally grown through the acquisition of independent pharmacies. Over the last decade, it diversified into pharmaceutical wholesaling, a division managed by the majority shareholder and a contractor in India. This shift led to an exponential rise in revenue - from £28 million to £69 million in just one year. However, the rapid expansion of the wholesaling operation exposed the business to significant financial risks, eventually culminating in substantial losses and an unsustainable financial position. Rapid expansion through diversification and financial strain
As the wholesaling operation was wound down, it became clear that the company faced severe liquidity issues. A detailed management review revealed that stock sales were unable to cover £19.9 million in creditor arrears, excluding bank debt. To address this, FRP introduced an interim finance manager to support the business in developing a daily cash flow model, helping to better manage finances during a difficult period. FRP then conducted a short- term cash flow and options review, followed by contingency planning and an Estimated Outcome Statement (EOS) assessment, which identified key financial constraints, including limited stock availability. Identifying critical financial challenges and liquidity issues
Given the unfortunate financial situation, FRP recommended an accelerated sale via pre-pack administration as the best option for preserving the value of the business and protecting its assets. FRP worked closely with the interim finance manager, management, and secured creditors to manage cash requirements in the lead-up to the sale. A targeted marketing campaign was launched with the help of sales agents, focusing on potential acquirers. Within three weeks, a successful sale was completed, ensuring business continuity and safeguarding jobs during a critical time. Accelerated pre-pack administration sale for continuity
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Project Aries Food manufacturing | Business review
FRP conducted a comprehensive review of an underperforming snack and cereal bar manufacturer, providing strategic advice on resetting financial covenants and implementing enhanced KPIs to drive operational improvement and long-term stability.
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Operational challenges and declining performance
FRP’s first step was to thoroughly review the company’s historical and forecast trading performance, as well as the cash flow implications on its financial covenants. Our team worked closely with the sponsor, management, and the bank to understand the debt capacity and the impact of the business’s underperformance on future financial commitments. Through this review, we modelled key trading risks in risk- based sensitivity scenarios, highlighting potential outcomes under both solvent and insolvent options. These scenarios helped all parties better understand the risks, costs, and benefits of each route forward. Reviewing financial performance and assessing options
Based on our analysis, FRP provided recommendations on a covenant reset and proposed enhanced monitoring of the company’s performance. This strategic advice allowed the bank to adjust its expectations and be better prepared for any future adverse performance. We also provided a detailed Estimated Outcome Statement, which outlined potential returns to creditors in various insolvent scenarios. Our work enabled the group to continue trading while the bank and management had a clearer path to navigate through future challenges, helping to stabilise the business for the long term. Strategic advice and covenant reset for stability
Project Aries, a manufacturer of snack and cereal bars, was trading significantly below budget due to a series of operational challenges. These included constraints on raw materials, shortages in the labour market, and rising utility costs, which negatively impacted production capacity and reduced productivity. As a result, the company’s margins were eroded, putting its financial performance under increasing strain. With the business facing mounting pressure, FRP was engaged to help assess its financial position and provide strategic advice to support recovery.
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Project Basil Construction | Business review
FRP advised on cashflow management, stakeholder engagement, and a refinance process to support the successful delivery of a broader strategic transaction.
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Project Basil is a national aggregates, quarry, and plant hire group that had experienced substantial growth over eight years, both organically and through acquisitions. This expansion was funded via a syndicated revolving asset finance facility, supplemented by invoice financing. In 2024, the group was progressing a broader strategic transaction involving a demerger, acquisition, and private equity investment. However, the deal was jeopardised when updated valuations and a reassessment of the borrowing base revealed that the revolving facility had become over-advanced. Strategic growth and emerging challenges for national quarry
FRP was engaged to support the business in managing its lenders and helping stabilise the financial position. We worked alongside other advisers to maintain access to existing funding facilities whilst coordinating the development of a robustfinancial information pack to support a refinance. This ensured continuity of operations during a critical period and gave potential lenders the clarity needed to proceed with alternative funding proposals. Managing lender relations and supporting refinance
A full refinance of the group’s debt facilities was achieved, replacing the revolving structure with a traditional finance arrangement. This transition allowed for improved availability against the asset base by introducing a fixed charge security and removing borrowing base dilution. The refinancing completed in parallel with the wider strategic transaction, securing a stable financial foundation and delivering an optimal outcome for all stakeholders involved. Delivering a successful outcome for all parties
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The Body Shop Retail | Corporate restructuring
FRP successfully maintained business operations throughout the administration process, working collaboratively across all functions to deliver a comprehensive and effective turnaround.
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The Body Shop, a well-known global health and beauty brand, operated across a mix of directly owned and franchised international markets. Over time, the business structure became increasingly complex, leading to rising costs and inefficiencies. This was further impacted by leadership changes and a lack of central control. With profitability heavily dependent on strong Q4 performance, the company faced ongoing losses during the rest of the year. Following its sale to a private equity firm in late 2023, it became clear in early 2024 that the funding required to support a turnaround was higher than expected - and unavailable. Complex international footprint with mounting pressures
Stabilising under pressure and extending the runway
Finding a sustainable future for an iconic brand
FRP was engaged on an accelerated timeline to evaluate strategic options for the group. To safeguard the business, The Body Shop was placed into administration. In exceptionally challenging conditions, FRP stabilised operations, working closely with over 300 key suppliers. Immediate cost reductions were actioned across rent, staffing, and IT, while the team traded the business for eight months to preserve value and extend the cash runway. Proactive negotiations with major suppliers helped secure stock and manage a complex international supply chain, buying vital time for a longer-term restructuring solution.
With operations stabilised, FRP explored a Company Voluntary Arrangement (CVA) to return the business to its shareholder. However, this route fell through due to the shareholder’s inability to reach agreements with essential stakeholders. As a result, FRP launched an accelerated sales process within administration, attracting significant global interest. After an intensive period of due diligence, a successful sale was completed in September 2024. FRP’s intervention preserved the future of one of the UK’s most iconic high street brands, ensuring business continuity and safeguarding jobs across its international network.
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Project Crow Wholesale | Business review FRP supported constructive negotiations between the bank and shareholders, resulting in an agreed funding package to back a turnaround plan and stabilise the business.
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Project Crow operates as a retailer and wholesaler of food products. Like many in the sector, the business was heavily impacted by Covid-19 and suffered trading losses. Despite multiple interventions - including £10 million of shareholder funding and £5.3 million from the bank - the business continued to underperform. By mid-2024, a more ambitious turnaround plan was underway, supported by a newly appointed management team. Shareholders proposed further substantial investment, requesting the new funding rank pari passu with existing bank debt, alongside an extension to the current capital repayment holiday. Ongoing financial losses and the need for change
To evaluate this proposal, the bank requested an independent review of the group’s financial forecasts and estimated outcomes in the event of insolvency. FRP was engaged to assess the credibility of the turnaround plan and its reflection in short- and medium- term forecasts. Due to limitations in historical financial data, FRP focused on the most recent trading performance to inform its analysis. Estimated Outcome Statements were also prepared for each group company, then consolidated to determine the group’s overall financial position and to incorporate the proposed funding structure. Independent review to support critical funding decision
FRP advised both the bank and management on their respective positions, recommending a suite of monitoring tools to track performance and flag underperformance early. Following review of FRP’s analysis and proposals, the bank agreed to the shareholders’ terms on new funding security and the extension of the capital repayment holiday. Monitoring arrangements were then implemented with FRP’s guidance, tailored to focus on the business’s key risk areas. This collaborative outcome laid the foundations for the turnaround plan to proceed under close oversight and renewed financial support. Agreed terms and monitoring for recovery
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Corin USA Healthcare | Contigency planning - Moratorium FRP led a successful moratorium process for a healthcare company, enabling critical breathing space to stabilise operations and ultimately preserve the business as a going concern.
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Corin Group is a global medical technology company focused on innovative orthopaedic solutions. In 2019, it acquired OMNI Orthopaedics Inc., a U.S.-based pioneer in robotic-assisted knee replacement technology. Corin USA Limited (CUSAL), the direct shareholder of OMNI, inherited various contractual liabilities arising from the acquisition. However, due to an ongoing group-wide restructuring process, CUSAL was unable to meet these obligations as they fell due. FRP was engaged by the directors to provide advice on the options available, including both solvent and insolvent solutions. Addressing post-acquisition liabilities for Corin
After undertaking contingency planning and reviewing potential outcomes, FRP advised that a moratorium was the most appropriate route to stabilise the situation. This approach offered immediate protection from creditor action while enabling discussions with key U.S. stakeholders to progress in a structured environment. FRP was appointed as joint monitors of CUSAL and worked closely with the business to develop a backup administration strategy, ensuring that the company was prepared for any scenario should negotiations fail. Stabilising the business through a moratorium process
The breathing space afforded by the moratorium allowed for constructive negotiations between CUSAL and its creditors. As part of a broader Restructuring Plan for the Corin Group, the moratorium process proved critical in avoiding administration and maintaining business continuity. With creditor support secured, the company was preserved as a going concern, safeguarding its operations and future contribution to the wider group. FRP’s leadership throughout the moratorium was instrumental in achieving a successful resolution under complex and time-sensitive circumstances. A successful outcome within a broader restructuring
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Project Enterprise Energy | Valuation FRP carried out an independent valuation to facilitate the enforcement of shares, empowering lenders to implement a comprehensive financial restructuring strategy.
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A global consulting firm in energy sectors
In response to the financial distress, FRP was appointed to conduct an independent valuation of the business. This valuation assessed the company on both a going concern basis and an accelerated sale basis to determine whether its value had fallen below its outstanding debt obligations. This analysis was crucial in establishing whether share pledge enforcement would be a commercially fair and reasonable course of action. Additionally, FRP provided a valuation of each geographic division, offering a detailed financial perspective. The final valuation report was addressed to the security agent, who relied upon it in executing the enforcement process. Independent valuation and enforcement proceedings
Following the successful enforcement of share capital, lenders took control of the business, allowing them to install new board members and initiate a restructuring strategy. The focus was on reducing liabilities, improving financial oversight, and stabilising operations to create a stronger foundation for future growth. With these improvements in place, the company was positioned for long-term success, ensuring better financial governance and operational efficiency within the utilities and renewable energy sectors. Restructuring, leadership and long-term stability
Project Enterprise is an international consulting firm specialising in utilities and renewable energy, with operations across four continents. The business had senior loan note facilities of approximately £100 million, split between a UK clearing bank and a leading asset management firm. However, financial difficulties - caused by onerous contracts, cash collection challenges, and weaknesses in forecasting and financial control-led to loan defaults. Despite refinancing efforts, the company failed to secure a viable solution, prompting senior secured lenders to explore enforcement options.
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Project Garage Manufacturing | Business review FRP assessed options and supported the management team with securing additional support from their funder to allow time to explore a refinancing.
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Growth strategy brings operational strain
After the group requested additional financial support, its lender engaged FRP to assess the business. We worked quickly with management to review short-term cash requirements and determine the scale and timing of the funding gap. The lender agreed to a temporary increase in facilities and capital repayment holiday to ease pressure. FRP then supported management in enhancing both short- and long-term forecasting models, providing greater visibility over financial performance and business viability. We also assisted in securing a Time-to-Pay arrangement with HMRC to alleviate immediate cash pressure. Immediate support and financial forecasting
During our review, gaps in the management team’s capacity and experience were identified, leading to the introduction of an interim director to help steer the business through a refinance process. With improved forecasting and operational oversight, the group’s short term position is now stabilised, and the lender continues to waive covenant breaches while a controlled refinance progresses. FRP remains closely involved, coordinating with directors, lenders, the interim director, and debt advisers to ensure continued progress and a long-term funding solution. Strengthening leadership and supporting refinance
The group specialises in the supply of workshop equipment. Following a bank- backed management buyout, the group pursued a growth strategy, completing two acquisitions and expanding its product range. This rapid expansion in combination with extended supply chain lead times led to covenant breaches and highlighted a forecast shortfall in working capital funding.
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Project Ground Telecommunications | Contingency planning FRP evaluated a range of restructuring options to support investor decision- making and provide a clear path forward for the business.
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Navigating a saturated and capital-intensive market
Due to sensitivities around management involvement, FRP conducted a desktop review using only investor-held information. Leveraging this limited dataset, FRP quickly produced an informed options analysis to support urgent decision- making. This included a review of key contractual obligations, asset types, and the structure of each group entity. A primary restructuring strategy was identified—focused on taking control of core entities and assets—to maintain operational continuity while protecting the investor’s position. Rapid review and strategic option development
FRP’s analysis outlined the likely timelines for implementation of various restructuring options, factoring in the group’s uncertain cash runway. Contingency strategies were also developed to prepare for potential delays or setbacks. Additional commercial considerations, such as factors affecting the ability of any acquirer to continue operations, were also highlighted. As the group progresses with a targeted asset sale to stabilise the business, FRP’s strategy has been revisited and adapted to reflect the group’s evolving circumstances - demonstrating our ability to deliver clear, flexible advice in time-critical and complex scenarios. Delivering flexibility and ongoing strategic support
Following a period of rapid expansion by Alternative Network Providers (“AltNets”) in the UK, the sector became increasingly saturated. High levels of capital expenditure, coupled with ongoing debt service costs, led to sustained losses - common among new entrants. With performance projections showing that current funding arrangements were no longer viable, the group’s private equity investor engaged FRP to assess contingency options in the event that further investment could not be secured.
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Royale Group Leisure | Corporate restructuring FRP developed and implemented a strategy to replace incumbent receivers with HoldCo administrators, enabling the appointment of new management teams across operating companies to stabilise the group.
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Royale Group owned approximately 100 holiday parks across England, specialising in providing bungalows for the over-45s. The business had expanded aggressively through debt-financed acquisitions, accumulating around £1.5 billion in liabilities across multiple lenders. One lender, who had also provided bridging finance to support park acquisitions, appointed FRP after the group collapsed. The fall of Royale flooded the market with assets, distorting valuation metrics that were often based on unachievable assumptions around conversion to residential use. Strategic growth and the need for a new approach
Developing an alternative strategy to maximise value
Delivering stability through flexible execution
Initially, fixed charge receivers were appointed by the lender, but this approach quickly proved value- restrictive. FRP devised an alternative recovery strategy focused on maximising value through a more flexible structure. This involved replacing the incumbent receivers, appointing administrators over the holding company, replacing directors at the operating company level, and engaging sector specialists for detailed planning and options analysis. This pivot allowed for continued trading, selective capital expenditure, and more controlled asset management—none of which were possible under the Receivership route.
The shift to administration enabled Royale’s assets to be held in a more stable position while initiating capex works to enhance value. To address concerns over costs, FRP implemented a flexible fee structure tied to value recovery, aligning all parties toward maximising outcomes. Planning specialists were also engaged to ensure licenses and consents reflected current operational use. The portfolio is now stabilised, and value-enhancing works are underway. This assignment is a strong example of FRP’s ability to deliver innovative, value-focused restructuring solutions in highly complex cases.
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Specialist Aviation Services Aviation | Corporate restructuring FRP advised a loss-making air ambulance provider through a complex and time-critical sale process, successfully identifying a suitable acquirer under an accelerated timeline. The transaction safeguarded vital emergency services and preserved over 180 jobs.
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Specialist Aviation Services Limited (“SAS”) provided essential air ambulance support to charities across Southern England, including pilot training, ground operations, engineering services, and helicopter maintenance. Despite the critical nature of its operations, the business had been loss-making for several years. With no further funding available from the owner, SAS faced the risk of closure - threatening the continuation of life-saving services. FRP was engaged to lead an accelerated sale process within just eight weeks, ahead of the business running out of funds. Preserving a critical emergency air ambulance service
Overcoming operational challenges under pressure
Securing a successful sale and continued mission
FRP launched a targeted sale process while simultaneously consulting with key stakeholders, including the Civil Aviation Authority (CAA), to ensure regulatory and operational continuity. Coordinating an orderly transition of such a vital service under extreme time pressure was without precedent. As the process unfolded, it became clear that more time was required for the necessary due diligence, stakeholder engagement, and contractual negotiations. To protect operations during this period, FRP supported management in securing short-term funding from two charity customers, ensuring the business could continue trading.
With interim funding in place, FRP led the business through a complex and collaborative sale process that ultimately secured a suitable buyer. The transaction ensured the uninterrupted delivery of emergency air services and safeguarded over 180 jobs. This outcome not only preserved a vital public service but also provided a platform for long- term operational stability. In recognition of the work undertaken to achieve a successful outcome under extreme time constraints, FRP’s role in the case was awarded by The IFT in October 2024.
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Tasty PLC Hospitality | Restructuring Plan
FRP restructured Tasty Plc, closing loss- making sites, securing new investment, preserving AIM-listed status, and positioning the business for sustainable growth.
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Tasty PLC, a casual dining business listed on AIM, faced sustained financial challenges from declining high street footfall, Brexit-related labor constraints, and Covid-19’s lasting effects. Rising energy costs, inflation, and the cost-of-living crisis further hit profitability, with losses funded through equity investment. Despite exiting unprofitable sites, many remained loss-making. FY23 results showed £47m in sales but an LBITDA of £0.9m, with further losses projected. Under mounting financial pressure, management concluded the business could not continue in its current form and required financial restructuring. Navigating financial challenges in a changing market
In November 2023, FRP was engaged to evaluate restructuring options for Tasty Plc. Our review identified a Part 26A Restructuring Plan as a viable path forward, allowing the group to exit underperforming locations while compromising associated lease and rating authority liabilities. Working closely with FRP, Tasty implemented a structured plan involving the closure of 20 sites, securing new equity investment from a third party, and compromising various financial obligations. Crucially, this strategy ensured the retention of the group’s AIM-listed status, protecting its market position. Additionally, FRP’s Valuations team conducted an extensive valuation to assess the expected outcomes of the restructuring alternatives. Restructuring Plan to stabilise and strengthen the business
The Restructuring Plan was sanctioned by the court in June 2024, enabling Tasty Plc to reposition itself for future success. Post-restructuring, the business now operates from 30 sites, with projected sales of £34m and an EBITDA of £1.2m. By securing financial stability and streamlining operations, the company is now better positioned to navigate market challenges while maintaining its public listing. The strategic intervention allowed for a sustainable turnaround, ensuring Tasty Plc remains a competitive player in the casual dining sector. A successful outcome, for a leaner, more profitable business
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FRP Advisory Trading Limited
110 Cannon Street London EC4N 6EU
FRP Advisory Trading Limited is a company incorporated in England and Wales registered number 12315855
May 2025
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