Profile: Mike Jervis

Mike Jervis

Office: London

Mike is the Partner responsible for the middle market practice in London. Heworks in both an advisory capacity and takes appointment roles, to assist thereconstruction or sale of businesses.

Since September 2007 Mike has spent the majority of his time on a number ofdistressed structured finance situations.

Highlights of Mike's recent experience include:

• Advisor to the banking group on a work-out in the restaurant sector; thisquoted operator has recently launched a rights issue to improve its financialposition.
  
  
• Lead adviser to the project bank lenders exposed to PFI constructiondifficulties caused by Jarvis PLC and its subsidiary Jarvis Construction (UK)Limited. Jarvis identified 14 critical special purposes vehicles, wherecontract delays initially were estimated to have cost £110m. The project banklending exceeds £Â½ billion. The Financial Times described this as 'the mostcomplex restructuring of modern times' (January 2005).
  
  
• Adviser to the pension scheme trustees of a group which entered into aUS$200 million refinancing. Mike guided the trustees through the financialramifications of the new pensions legislation and liaised with the PensionsRegulator.
  
  
• Review of a mid-market housebuilder, following a number of setbacks. Mikeis managing a team drawn from PwC's capital projects group to deliver value tothe company and its lenders.
  
  
• During 2005/06, Mike advised a listed property company to effect a solventrestructuring. This involved working with the UKLA to delist the company toaccommodate the restructuring, raising additional borrowing to settle historicliabilities, preserving losses for tax purposes and preserving actions againstpast officers (2006).
  
  
• Administrator of Adams Childrenswear, the largest specialist retailer ofchildren's clothing in the UK with an annual turnover of over £200 million. Thebusiness was sold immediately to a newly formed company backed by retailentrepreneur, John Shannon, which preserved 273 Adam's stores across the UK andthe employment of over 3,200 employees.
  
  
• Administrator of Greeting Card Group, an operator of around 500 greetingcard retail outlets in the UK and Ireland and the second largest independentoperator in the UK. The business was sold in January 2007, securing theemployment of over 1,800 employees.
  
  
• Administrator of Millfield Group plc and its subsidaries. Millfield was aleading IFA network organisation, listed on the London AIM and regulated by theFSA. The business was sold on insolvency.
  
  
• Administrator of SFI Holdings Limited, the operator of 150 pubs, tradingunder the Slug & Lettuce and Litten Tree brands. 100 of these were sold onappointment to the Laurel Pub Company. SFI was delisted in 2003, followingaccounting irregularities in 2002. Its borrowing at this time was £150million.
  
  
• Administrator of Arthur D Little Limited, part of the global managementconsultancy business. The UK appointment encompassed three distinct businesses,two of which were hived into new companies to enhance the sales process. Mikeworked closely with the chief restructuring officer of the US holding company,during its Chapter 11. All UK businesses were sold as going concerns to quotedUS and French groups; gross proceeds exceeded US$20 million. Part of theinnovative approach adopted was to sell the UK businesses through a Chapter 11363 auction process (2003).
  
  

Principal recent industry sector experience:

• Financial services, including structured finance
• Retail
• Service industries
• Leisure
• Telecommunication
• Insurance and financial services
• Construction, including PFI