Restructuring and Recovery. Property on track gva.co.uk/restructuring-recovery

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1 Restructuring and Recovery on track gva.co.uk/restructuring-recovery

2 on track As the property market changes it is time for lenders, other loan holders and stakeholders to reconsider their options. Having specialised in this sector for over twenty five years our Restructuring and Recovery team offers best in class advice. GVA operates a full national coverage, unrivalled in the sector. Our people bring the essential local market knowledge to assessing assets, delivering solutions and expertise at a local level. We have the experience to understand the value and potential of any property and how this can best be realised. This is supported by teams in planning consultancy, project management, asset management, construction insolvency and environmental risk. Lenders, borrowers and other stakeholders need accurate advice from experienced people. Whether engaging in restructuring, refinancing, consensual or non consensual solutions instructing an established team of trusted advisors is key.

3 Whatever your need, we have the team, and the expertise to deliver it.

4 Our approach Our large national team is led by directors dedicated to restructuring and recovery Whatever the size or complexity of the situation, we focus on the lender s ambitions to work consensually with borrowers to carry out strategic advisory instructions and assist in taking forward an orderly restructure or exit. Our directors can assemble specialist sector teams delivering a tailored range of services to help with any corporate recovery situation. Drawing upon the wider expertise within GVA, we can help develop a business plan, look at asset management strategies or Red Book valuations to aid with restructuring and refinance. Where the borrowers relationship has broken down, our directors act as property receivers. Over the last 10 years we have accepted 1,800 property receivership appointments and have achieved a place on all of the main restructuring and receivership panels.

5 Our services Our services include: Asset management Building, project management and construction consultancy Capital markets Environmental risk Fixed charge receiverships Letting and sales Planning consultancy Plant and machinery management Valuation Our sectors include: Automotive and roadside Commercial development Commercial property Education Healthcare House building Licensed, leisure and hotels Minerals and waste management Asset management We aim to enhance and maximise asset value for lenders and insolvency practitioners over time while increasing asset liquidity before the property is sold. We take responsibility for the day to day decisions, from property management to pursuing opportunities to add value. Building, project management and construction consultancy We are one of the largest advisers in the country. Our expertise covers traditional building consultancy services such as surveys, neighbourly matters, fit-out and dilapidations through to specialist construction project management, project monitoring and construction insolvency advice across the full property lifecycle. We help lenders and insolvency practitioners to assess the risks of completing part built developments. Where appropriate, we ensure developments are completed on time and on budget. Capital markets Our national team specialises in acquiring, managing and selling all types of incomeproducing investment property on behalf of leading UK and overseas investors, funds and institutions. The team understands which properties to hold over the medium term, and the growing importance occupiers are placing on sustainable buildings.

6 Our services Early options Working in partnership with both lender and borrower on a consensual basis, GVA will reassess property, producing strategic valuation and option reports to provide an up-to-date indication of value and a preliminary review of opportunities to create value. Environmental risk Almost all property transactions now require environmental due diligence to identify contamination liability issues, regulatory status and development constraints. We provide a single source of specialist property and environmental capabilities, easing the pressure on clients and saving them money. Fixed charge receivership We have fixed charge/law of Act receivers in each region, all with a long established track record dealing with a wide variety of appointments. Properties over which we have been appointed include individual and portfolios of buy-to-let residential properties, City of London investment, shopping centres, part built residential estates and commercial buildings. Lettings and sales Our national agency team provides specialist advice to clients across the industrial, retail, office and mixed-use development sectors. The team enables clients to maximise rental income while ensuring that they are consistently armed with the most up-to-date commercial property advice so that they can make the best commercial decisions.

7 Planning consultancy Challenging times can mean that development opportunities can take a long time to progress through the planning system. Our Planning team maintains and enhances value by renewing and amending advantageous planning consents and renegotiating planning gain agreements. They can monitor the production of local development framework documents and advise on influencing planning policy in your favour. Plant and machinery Plant and machinery are tangible fixed assets that are often overlooked as a financial asset when a business is redeveloped or reorganised. That is, until an accurate assessment of their true value becomes a necessity. Our Plant and Machinery team has valued and sold a wide range of machinery from the automotive supply sector and paper industry to locomotives and gems. management GVA manages more than 2,000 properties with over 5,700 property interests nationally. We demand and recover over 350 million of rent per annum and administer over 50 million of service charge accounts. Core services include rent collection, service charge administration, health and safety advice, risk mitigation, legislative compliance and monitoring lease events. Valuation Lenders and insolvency practitioners need to know how much a commercial property is worth at any given time. That demands in-depth knowledge of local markets backed by experience, robust research and analytical skills. We deliver commercial valuation services on any size and complexity of property asset, producing accurate, fast, confidential, value-for-money advice and reports that fulfil your needs.

8 Our business sector experience Automotive and roadside We are the UK s longest established property specialists in the automotive retail and fuel sectors. Our multi-disciplinary service works across the UK on an array of property types, including dealerships, auto centres, petrol filling stations, motorway and trunk road service areas. Commercial development Our clients include many of the UK s leading developers. We have advised on the site assembly, planning, building mix, letting and management of many mixed use and out of town development schemes. Many town centre developments require several years of careful planning and negotiation with the public sector. Our specialist teams take the long-term, value-driven approach to ensure we get the results our clients need. Commercial property Our national team has the capability to provide holistic strategic advice on the development, acquisition and disposal of commercial premises across the UK. This crosses all the main commercial property areas of offices (including business parks), retail (units and warehouses and shopping centres) and industrial (from detached industrial units, through to multi let industrial estates and regional distribution units). Education We advise many colleges and schools on how best to plan and manage the expansion of their facilities, and the opportunities for adding value are endless, as many occupy valuable town centre land with significant potential. GVA has advised on the strategic accommodation direction for over 80 universities and is currently managing the provision of a large number of further education colleges under the Government s current initiative.

9 Healthcare We have long been recognised as one of the country s leading advisers to the care/nursing home, private hospital and primary healthcare sectors. We have acted in many of the leveraged buy-outs and significant corporate transactions that have been a feature of this sector in recent years. House building This GVA team delivers independent advice on the value of residential land, strategic land, part completed development, work in progress and completed developments. Our work ranges from city centre developments and urban housing regeneration, to reviewing the suitability of vacant land for residential use. As we don t have a residential estate agency network, our input is particularly prized by lenders looking for impartial advice. Licensed, leisure and hotels In an ever-evolving market, owners, investors, lenders and advisers need informed, confidential advice. Our team provides a full range of services and support to clients in this sector including the valuation and sale of leisure businesses. Minerals and waste management Changes in legislation and EU directives have brought about new opportunities in the minerals and waste management sectors. In particular, increased levels of recycling are attracting high levels of investment in new technologies. Our specialist team can help to unlock asset value in this niche sector through valuation, disposal, acquisition, leasing and estate management advice.

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11 Our people GVA s Restructuring and Recovery team is one of the most experienced in the UK Our directors are known for their hands-on expertise and independent, specialist advice, whether reviewing, safeguarding or enhancing value. We believe in making realistic recommendations that underpin robust commercial decisions. Everything we do is focused on you, the client. We re committed to client confidentiality at all times, and to exceeding your expectations. Our goal is to be the leading adviser to lenders and insolvency practitioners in the UK. Thanks to the experienced fixed charge receivers who work in each of our regional offices we have had the privilege of acting on a wide variety of projects, from buy-to-let flats and City of London investments to shopping centres and residential developments. This section illustrates our directors expertise across a range of businesses and decades.

12 Our directors Andrew Rodger Head of Restructuring and Recovery BSc, MRICS Leeds Ros Goode BSc (Hons), MRICS London Roland Morgan BSc (Hons), FRICS London Nathan Pask BSc (Hons), MRICS London Andrew has specialised in restructuring and recovery for over 25 years and has accepted fixed charge receivership appointments since He acts for all the major clearing banks and many other lenders including northern based building societies. He is known as the leading practitioner in the North and is especially well known for his successes in dealing with hostile appointments and where money laundering or mortgage fraud is involved. West Riding House, Leeds Blue Steel 45, Cross Green, Leeds Humbrol (Airfix), Hull For over 20 years Ros has specialised in providing advice to banks and insolvency practitioners on a wide range of property related lending and recovery matters in the South East. During this time Ros has been involved with many well known public and private businesses that have become insolvent. Her experience ranges from appointments over shopping centres and residential buy-to-let portfolios to part built residential developments. Notably Ros gave evidence in the High Court on a significant property insolvency case, Silven Properties Ltd vs Royal Bank of Scotland plc, dealing with duties owed by receivers on sale of mortgaged property. Recent instructions include acting for the receivers on Pinton Estates Ltd and as fixed charge receiver over the New Liberty portfolio comprising over 150 properties. The Westville portfolio New Liberty portfolio Carter & Carter plc Roland has over 25 years experience in the provision of valuation, agency and strategic consultancy advice to businesses, secured lenders, venture capitalists and insolvency practitioners in London and the South East. He advises across a wide variety of property situations providing valuation and strategic advice which often progress onto the conducting of negotiations or appointment as fixed charge receiver. Such appointments range from City of London investments to buy-to-let residential portfolios. King Edward VII Hospital, Midhurst No 1 King William Street, London EC1 Aliffe House, Mansell Street, London E1 Nathan is a Director specialising in providing valuation, restructuring and recovery advice to banks, private equity firms and insolvency practitioners. He is also a RICS Registered Valuer and Receiver. He leads nationwide projects to provide loan book valuation and strategy advice involving 600+ properties. He has overseen the implementation of new management systems to streamline the valuation and receivership processes. Nathan provides advice with speed, creativity and reliability to maximise the value of non-core and distressed property assets. Recent appointments have included large residential portfolios, development sites and commercial investments. Nathan is supported by GVA specialists in all aspects of property including asset management, investment, residential and development, roadside, leisure, healthcare, environmental and automotive. Farepak Limited Part built residential development, Canterbury Aliffe House, Mansell Street, London E1

13 Richard Barlow HNDEng, MRICS Plant & Machinery Birmingham Greg Judd BSc (Hons), MRICS Birmingham John McElligott MRICS Construction Birmingham Andrew Foster BSc (Hons) MRICS Leeds Following an engineering career, Richard has gained considerable experience in the valuation of all types of plant and machinery throughout the UK. He currently leads the national plant and machinery team and undertakes mostly insolvency and bank related work including motor trade and associated dealerships. During the last 20 years, he has specialised in advising accountants, banks and other clients on a wide range of plant and equipment in a variety of situations including sectors such as automotive, plastics and food and drink. MG Rover CommaTECH Visteon UK Greg leads the 15 strong Midlands Restructuring & Recovery team at GVA based in the Birmingham office. During the last 20 years, he has specialised in providing high quality property advice in turnaround, recovery and insolvency situations. He has considerable experience as a project leader, having led large, multi-disciplinary teams in complex, multi-property portfolio situations. Greg s primary areas of expertise are Fixed Charge Receiverships, corporate recovery, corporate finance due diligence and valuation. Greg advises all of the major UK banks, overseas lenders, Special Loan Servicers, Insolvency Practitioners as well as corporate clients. Notably, Greg has acted as Receiver of over 500 properties across all sectors including the 3 main shopping centres in Shrewsbury which were sold for 61million and major corporate insolvencies such as the Administration of MG Rover. Jaguar Land Rover Shrewsbury Shopping Centre Central Hall, Birmingham As a quantity surveyor with over 30 years experience in the construction industry, John has extensive experience of construction costs and building contracts. He has specialised for over 20 years in providing strategic advice to banks and insolvency practitioners in new lending and distressed development scenarios. John is our national point of contact for our development monitoring service for several of the high street banks and other lending institutions. John has undertaken the forensic review and risk analysis of many individual building projects and of construction related businesses to assist with strategic decision making, to maximise the realisations in distressed situations and to enable lending to be undertaken more securely in new lending situations. John has also been involved with the negotiation and subsequent project management of several joint venture build out agreements to complete part built developments to maximise the return for banks and administrators. McInerney Homes McCann Homes Cotswold Water Park Hotel Andrew has over 15 years consultancy and transactional experience advising banks and insolvency practitioners on both the value of distressed property assets and the application and execution of disposal schemes. Andrew specialises in the creation and implementation of asset management strategies to obtain optimum value from distressed property assets. During recent years Andrew has developed an in depth knowledge of a wide range of property sub-sectors including house building, commercial investment and development and buy-to-let portfolios. Andrew works for all of the main clearing banks, the majority of building societies and most professional service firms that specialise in corporate recovery and turnaround. West Riding House, Leeds Wright Homes Limited Consort Homes Limited

14 Our directors Robert Belcher Dip Estates Mgmt, FRICS Bristol Ben Lovell BSc (Hons), MRICS Bristol Edward Dry BSc (Hons), MRICS Manchester Roger Phillips BSc (Hons), MRICS Manchester Robert co-ordinated the property insolvency department within the South West during the recession of the 1990s. He built a team of property recovery surveyors and acted as fixed charge receiver for many of the banks dealing with leisure and healthcare properties. This included a period on secondment to the property recovery department of a major bank. Following the expansion of the healthcare property team in the late 1990s he became actively involved in the sale, acquisition and valuation of private healthcare properties providing advice to a range of clients from sole traders to major corporate groups. He is now actively involved in corporate recovery and fixed charge receiver appointments. In addition to advising numerous banks, insolvency practitioners, legal advisors and the not for profit sector, he also acts as an independent expert in care home valuations under Civil Procedure Rules. Ben is experienced in providing strategic property advice to both lending institutions and insolvency practitioners in respect of problem lend, turnaround and recovery situations. This includes a period of secondment within the impaired debt team of a major clearing bank. Ben accepts LPA receiverships and has managed many property receiverships including shopping centres, retail, industrial, office and leisure property, care homes and residential. Castle Place Shopping Centre Retallack Resort & Spa Tribute Homes Edward has been proving specialist advice in the recovery sector to lenders and insolvency practitioners for the last 17 years. His work has involved all types of property throughout northern England and North Wales. He works closely with other professionals and property specialists to coordinate beneficial outcomes in often complex situations with title and planning issues. As well as advising administrators and similar appointment takers and taking property receivership appointments, Edward has worked on many due diligence processes and business and security reviews. Cammel Laird Fresh Express Uno Since the late 1980s Roger has been active in advising insolvency practitioners on both the value of company assets and disposal strategies for a wide variety of property in the North West. Clients include the majority of accountancy practices, as well as the recovery departments of the main clearing banks and asset based lenders. Over the last three years he has taken appointments as joint fixed charge receiver over a variety of properties but particularly several town centre shopping centres, student halls, residential development sites and buy-to let portfolios. Merseyway Shopping Centre, Stockport Agnes Jones House, Liverpool 10 Duke Street, Liverpool Derry s Cross Shopping Centre Pentreff Developments Savage Group of Properties

15 UK offices Craigie Marwick BSc (Hons), FRICS, ACIArb Edinburgh Glasgow Edinburgh For over 15 years Craigie has led the Valuation Services team in Scotland. Craigie undertakes a range of significant valuation instructions for major clients and national corporate clients. He is very experienced in all aspects of valuation of commercial property, including advice to a number of receivers and administrators. Belfast Newcastle Leeds Curtis Fine Papers The Elphinstone Group of Companies The Stack Leisure Park Dublin Manchester Liverpool Birmingham Cardiff Bristol London

16 London West End London City Belfast Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool Manchester Newcastle Published by GVA 10 Stratton Street, London W1J 8JR 2014 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gva.co.uk/restructuring-recovery 09724