Last night, Dean Finch, Chief Executive of the National Express Group, who has been recognised for the award winning turnaround of National Express, spoke at the Institute for Turnaround (IFT) Annual Lecture held at Pinsent Masons LLP.
Dean Finch told IFT members, who are all experienced turnaround professionals, about the necessary elements for implementing a successful turnaround strategy. He highlighted the importance of swift decision making, alongside a decisive managerial team who must implement forward thinking business objectives.
Dean Finch said: “The main challenge facing any company in difficulty is that it must have a precise view about where the future business opportunity lies, and what strategy can be implemented to achieve that goal.
The management team within the business must also show a sense of leadership, and a willingness to challenge the orthodoxy that has contributed to the business getting into difficulty in the first place. To successfully re-build a company, the management has to be brave and recognise the need for systemic, rather than minor change.
We have a strong team in place focusing and delivering on the fundamentals and I believe National Express can look forward to the future with confidence.”
Christine Elliott, Chief Executive of the IFT said:
“Dean Finch’s record at National Express is a great example of what can be achieved when a business fundamentally re-appraises itself and executes an operational turnaround. UK businesses that are cash-constrained as we emerge from recession, should face up to potential problems at the first possible moment, and implement reforms to ensure their future viability. Zombie companies in particular, drip-feeding banks with interest-only payments and rollover fees can and should act to improve their prospects.
Jamie White, Head of Restructuring at Pinsent Masons said:
“We are delighted to host the 2013 IFT Annual Lecture. Dean Finch’s leadership of National Express is truly inspirational and thought-provoking. Transforming a business, on the verge of break up, to robust financial health, posting record profits and securing thousands of jobs, is no mean feat in these challenging economic times. It demonstrates the importance of identifying opportunities and risks to deliver innovative business recovery programmes.”
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