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Our insolvency team are experts in helping businesses with significant financial challenges. We work alongside management teams to assess the available options to rescue businesses and/or protect value.

If you are facing cash flow issues, have mounting pressure from creditors/major stakeholders or are worried about a major debtor who owes your business, we can help.

We have market-leading experience in both mid-corporate UK situations as well as some of the largest, most complex, cross-border transactions and therefore help businesses of all kinds.

Case studies

Delivering great outcomes

PwC has shown that it can continue to deliver success in an increasingly virtual world.

The Coronavirus lockdown in 2020 meant that already struggling leisure company, X4L was essentially mothballed, requiring a significant inflow of cash before it could reopen. The PwC team worked with X4L’s management to assess the options for the business and provided continuous virtual support through an accelerated sale process. Securing a sale of the business in just 6 weeks preserved 400 jobs and put the business on stable footing for the future. Finalising all of the post sale tasks within 12 months also meant the administration did not need to be extended. PwC’s ability to adapt to a virtual world meant we were able to assist management through a challenging time, and also achieve a great outcome for the company’s employees, customers and its secured creditor.

For more information contact James Brewerton.

Working with empathy

At PwC we genuinely care for our clients, and so our team of experts are able to combine their highly specialised technical advice with compassion and emotional support.

In March 2020, FX services company, Travelex was running out of cash due to the effects of a cyber attack, a significant fraud at their parent company and falling demand due to Covid-19. Experts from across PwC internationally worked tirelessly with Travelex to implement a lender restructuring to solve these liquidity problems. We were able to generate £84m of new money and ultimately save 5,000 jobs, whilst also introducing a number of cost saving initiatives. The team received a lot of praise for their proactive approach, but Travelex’s management was equally grateful for the level of emotional support they received during the process.

For more information contact Toby Banfield.

Bringing you the best of PwC

Due to our considerable experience and resources, we are able to implement multidimensional strategies to achieve the best outcomes for our clients.

A challenging retail environment which had been exacerbated by Covid-19 had led to furniture company, The Blue Group being placed in administration, with PwC as the administrators. The Blue Group was made up of multiple well-known brands that were each facing their own challenges, and so applying a “one size fits all approach” was not appropriate. Instead, we used a multidimensional approach with a different strategy for each company. This included a prepackaged sale of Bensons for Beds and accelerated M&A for Harveys. Implementing different strategies for different members of the group maximised the returns of creditors whilst also saving thousands of jobs.

For more information contact Zelf Hussain.

Supporting Global Brands

PwC has extensive experience in supporting and ultimately saving well-known brands that are facing financial difficulty and here also saving the pension scheme.

By November 2019 Mothercare’s UK stores had been loss making for a number of years, even though their international counterparts were still profitable. PwC was appointed administrator of Mothercare UK Limited to exit the UK store network. However, before this, PwC facilitated the sale of their international contracts and intellectual property to Mothercare Global Brand Limited. This transaction ensured a great outcome for both creditors and management of Mothercare; the purchaser committed to paying all secured creditors in full, suppliers retained an important route to market, and significantly the employee pension scheme was preserved, whilst Mothercare’s internationally renowned brand would continue.

For more information, contact Toby Banfield.


Lehman Brothers

The largest, most complex and successful insolvency in history.

Lehman Brothers were the fourth largest investment bank, and their collapse was one of the defining moments of the 2008 financial crisis. PwC were appointed as administrators.

A myriad of new legislation and new powers of intervention built directly from the lessons learned as a result of the Lehman administration. Our partners, staff, legacy Lehman people and specialist advisors have made a significant global impact on subsequent insolvency matters, regulators, central banks and governments.

Find out more

100p/£1 returned - £36bn of cash and assets. And a further £7bn surplus.

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Whatever your business challenges or industry sector, we’re available to help you find your best way forward. We can explore your options with speed, imagination and care to find sustainable solutions for you and your stakeholders.

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Contact us

Mike Jervis

Mike Jervis

Partner, Restructuring and Insolvency, PwC United Kingdom

Isabelle Gross

Isabelle Gross

Restructuring and insolvency partner, PwC United Kingdom

Tel: +44 (0)7802 659267

David Kelly

David Kelly

Head of Clients and Markets, Business Restructuring Services, PwC United Kingdom

Tel: +44 (0)7974 332659