LONDON--()--At the Institute for Turnaround’s Annual Conference, Lloyds Banking Group launched its new approach to assist access to turnaround and transformation professionals by SME customers that require this specialist assistance.
“We are determined to offer smaller businesses access to quality, reliable and sound experience through IFT accreditation and we must do so at an affordable price, on a nationwide basis wherever there is need.”
The new approach is supported by the Institute for Turnaround, the leading professional body for operational, funding and advisory practitioners in business. Its aim is to support struggling small businesses, which may be facing difficulties or lacking the resources to invest, in designing a route back to growth.
The concept, launched by Lloyds Banking Group’s Corporate and Commercial Business Support Unit, will provide to SMEs access to Institute for Turnaround practitioners, enabling SMEs to specifically draw on the skills of those accredited practitioners who hold a current IFT Practising Certificate and who have existing experience with SME’s.
SME customers that make use of the IFT services can expect an independent viability review lasting up to two days. This involves an assessment of their current position, prospects for rehabilitation and what the business needs to do to be successful in future. With the agreement of the business owner, the accredited turnaround and transformation professional may then carry out further support work.
Duncan Parkes, Managing Director, Business Support, Lloyds Banking Group, said,
“The aim of our new approach is to give our relationship manager network access to an accredited IFT practitioner to help ensure the success of our customers and in turn support the strengthening of the UK economy as a whole. To do this we need to offer our customers the full depth and breadth of our capabilities. By adding the provision of informed experience and knowledge to our own in-depth understanding of the support our customers’ need, we believe this will help them to achieve their ambitions, whether that is stability or growth for their business.
“We are determined to offer smaller businesses access to quality, reliable and sound experience through IFT accreditation and we must do so at an affordable price, on a nationwide basis wherever there is need.”
Christine Elliott, Chief Executive of the Institute for Turnaround, said,
“UK financial institutions own the economic interest in thousands of companies that are in a state of limbo. That is, they are making interest-only payment on their debts, they cannot attract investment and they have no compelling plan. In recent research conducted by the Institute for Turnaround, thousands of these “zombie companies” were reported to exist across the country.”
It is possible to prevent another economic catastrophe and job loss if these zombie companies are tackled, rather than left to eventually become insolvent at an alarming rate. If the government realised it could create thousands of properly functioning companies within a couple of years, there is no doubt it would be done. A magic wand is not required.
“Lloyds Banking Group’s Business Support Unit should be applauded for grasping this nettle and making practical, accredited expertise available to SME’s throughout the UK. The government should find ways of making it easy for Lloyds Banking Group – and other financial institutions – to offer this nitty gritty operational support to every customer that needs it.”
Notes to Editors:
About Lloyds Banking Group’s Corporate & Commercial Business Support Unit
Lloyds Banking Group’s Corporate & Commercial Business Support Unit supports customers that are experiencing financial difficulties, as part of the Group’s commitment to support customers through the economic cycle.
Within our Corporate & Commercial Business Support Unit we have more than 200 people working with our business customers, providing intensive management with the aim to help these businesses return to health.
Since 2009, across all our Business Support Unit teams, facilities have been restructured for around 10,000 businesses which have protected more than 250,000 UK jobs. The vast majority of the companies the Group helps are SMEs.
About IFT
The Institute for Turnaround is the leading professional body in Britain and Europe for operational, funding and advisory practitioners in business. It is an independent professional body established in 2000, supported and encouraged by government, the clearing banks and other financiers’ private equity investors and leading accountancy firms.
It is a nonprofit making company limited by guarantee. It was established in late autumn 2000, supported and encouraged by government, the clearing banks and other financiers, private equity investors and leading accountancy firms.
http://www.instituteforturnaround.com/default.asp
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