Credit Strategy were joined by Mike Sheath, Partner, CAPA in our latest 60 second interview
Q: What kind of work/cases have you been working on since lockdown?
A:
(A) Securing rent waivers and rent deferrals on behalf of commercial tenants whose business has been largely decimated due to Covid. These tend to be short-term measures.
(B) Large-scale lease restructuring where the entire lease is altered so that it reflects the current landscape better operationally and/or financially. Actual cases include Byron, Laura Ashley, Nando’s, Schuh and Wilko.
Q: When do you think we’ll start to see an increase in corporate insolvencies?
A: Not perhaps the best person to ask but we are witnessing a high degree, and prolonged period of retail and food & beverage casualties and sadly I see that continuing in 2021 and beyond. Whether via CVA or pre-pack Administration this activity, and within this sector, will continue.
Q: What advice would you give to the next generation of people working in either turnaround, restructuring or insolvency?
A: Be prepared for hard work, embrace the need for more transparency and be proud of every job you are involved in. Especially if within the retail and leisure industry.
Q: What do you think is the biggest challenge, or issue, for those working to rescue businesses?
A: It continues to be representing numerous stakeholders all at once, some of which have different objectives or risks, to produce an outcome which all parties can live with even if that involves substantial compromise.
Q: Without giving too much away, what do you hope delegates will learn from your session at the TRI Conference?
A: That early engagement with landlords, on an honest and transparent basis, endorses the spirit of ‘partnership’ and maximises the chances of a mutually acceptable outcome.
Q: What other sessions are you looking forward to at this year’s TRI Conference?
A: All of them.
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