Entrants to the 2017 Turnaround, Restructuring and Insolvency (TRI) Awards, sponsored by Capa, saved more than 18,000 jobs last year by rescuing distressed companies of various sizes.
The companies that entered the 2017 TRI Awards, which marked a decade last year, include in their applications details about how they used various tools to rescue failing businesses – and how they saved jobs as a result.
Having crunched the numbers from every entry, Shard Financial Media has discovered that the TRI Awards entrants saved a total of 18,913 jobs in the past year.
Such a high number comes from the fact that every entrant, where relevant, was asked in the entry criteria to provide statistics on how many jobs have been saved through a mix of solvent turnarounds, corporate restructuring methods and formal insolvency processes.
Entrants therefore included numbers of jobs safeguarded via pre-packs, CVAs and administrations, as well as various types of solvent restructurings.
The high figure also includes jobs that have been saved on an international basis, where insolvency practitioners (IPs) and turnaround professionals were called into find solutions for struggling multinational companies that employed thousands of staff.
As well as IPs and turnaround practitioners, the total figure also includes jobs that were effectively saved by investors, commercial finance lenders, barristers and legal firms, that all helped to safeguard jobs either by providing funding to firms, or through their use of insolvency law to aid business rescue.
Held the same day last October as the inaugural TRI Conference: Special Situations and Turnaround, the awards celebrated the outstanding firms, teams and individuals in their respective fields of turnaround, funding, corporate restructuring, insolvency and personal debt advice.
For 10 years the awards programme has highlighted those responsible for outstanding work in the field of business recovery, who have shown skill, innovation and know-how while restoring companies to a sustainable position.
During the night guests from across the industry raised more than £20,000 for Childline, a free 24-hour counselling service for children and young people in the UK.
See the full winners list here.