Strengthening of Corporate Insolvency Offering
10 Julio 2009 - 1:00AM
UK Regulatory
TIDMINVO
RNS Number : 4452V
Invocas Group plc
10 July 2009
10 July 2009
INVOCAS GROUP PLC
('Invocas' or 'the Group')
STRENGTHENING OF CORPORATE DEBT SOLUTIONS OFFERING & DIRECTORATE CHANGES
Invocas Group PLC (AIM: INVO), one of the UK's leading providers of personal and
corporate debt solutions, today announces that it is strengthening its
established corporate insolvency offering and is also developing its offer to
include turnaround services and solutions, specifically for small and medium
sized businesses ("SMEs"). Invocas believes that there is a commercial
opportunity to capitalise more effectively on the skills, expertise and
relationships that already exist within the Group and grow the corporate
offering.
Invocas has a firmly established and successful corporate insolvency and
advisory service. For the year ended March 2009, the number of new cases won by
the Group increased by 23% to 54 and in the second half by 75% to 35. Invocas
continues to see an increasing number of enquiries. Corporate insolvency work
includes Administrations, Receiverships, Creditors' Voluntary
Liquidations, Court Liquidations and Members Voluntary Liquidations of solvent
companies.
Recent changes in the UK economic environment and the fallout from the recession
have led not only to an increased demand for our traditional corporate
insolvency services but also to changes in the requirements of banks and
SMEs looking for corporate debt solutions.
Increasingly, many SMEs are struggling to renegotiate their debt facilities when
they are due for renewal and, therefore, run up against bank facility limits and
breach banking covenants on a more frequent basis. Banks are increasingly unable
to achieve a 'managed exit from problem SMEs because there are fewer
opportunities to re-bank problem accounts and many formal insolvency
appointments are realising no more than break up valuations. Therefore, banks
are seeking advisers who can work with them to achieve turnaround solutions
rather than solely provide traditional insolvency services such as receivership,
liquidation and administration.
The Group announces today that it has appointed John Hall on a full time basis
as Group Development Director with immediate effect. Mr Hall will help to drive
the Group's corporate insolvency business and new turnaround offering. He has
been a non-executive director since April 2008, was previously Chief Executive
of the Group from its admission to AIM in March 2006 and was also a founding
partner in the predecessor firm.
Invocas also announces that Ian Wright has stepped down as Managing Director and
has left the Group.
David Macmillan, Chief Executive, commented:
"Invocas is extremely well positioned to grow its unique corporate offering
which satisfies an increasing market demand, providing a dedicated SME recovery
and turnaround service alongside traditional corporate insolvency services.
We already have an exceptional team of corporate Insolvency Practitioners with
'Big-Four' backgrounds. I believe that there is a commercial opportunity to
capitalise more effectively on the skills, expertise and relationships that
already exist within the Group and grow the corporate offering."
For further information:
+--------------------------------------------+--------------------------------------+
| Invocas Group plc | Tel: +44(0)131 222 2460 |
| Howard Bell, Chairman | |
| David Macmillan, Chief Executive | |
| | |
+--------------------------------------------+--------------------------------------+
| Kreab Gavin Anderson (PR Adviser) | Tel: +44(0)20 7554 1400 |
| James Benjamin | Email: |
| Michael Turner | invocas@kreabgavinanderson.com |
| | |
+--------------------------------------------+--------------------------------------+
| Charles Stanley Securities (Nominated | Tel: +44 (0)20 7149 6000 |
| Adviser) | |
| Philip Davies | |
+--------------------------------------------+--------------------------------------+
Website: www.invocas.com
Notes to editors
Invocas is one of the UK's leading providers of personal and corporate debt
solutions. Its Personal Insolvency business is firmly established as a leading
provider of Protected Trust Deeds (Scottish equivalent of Individual Voluntary
Arrangements ("IVAs")). It also operates a Corporate Services business which
enjoys an excellent reputation in the Scottish market place.
Invocas applies stringent minimum case acceptance criteria to Trust Deeds and
IVAs. It will only accept a case if it is likely to progress smoothly to
completion and result in a successful outcome which balances the interests of
both the indebted individual and their creditors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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