David Morris is a Senior Managing Director at FTI Consulting. He is Head of UK Restructuring and the COO of Corporate Finance EMEA.
Mr. Morris has over 25 years of experience advising stakeholders in complex, stressed and distressed, financial restructurings. Mr Morris has experience advising lenders, investors and executive management teams. He has experience in many sectors, including Retail, Energy Financial services, Business Services, Industry & Consumer Products, Technology Media & Telecom and Construction across both listed public companies and private equity leveraged transactions. Mr Morris has also acted as an Expert Witness. Some examples of Mr. Morris’ experience include:
- Lead restructuring advisor to the syndicate of 12 banks on DIA, Spanish listed supermarket (3rd largest player in its Domestic market with operations in Iberia and LATAM). The role included lead financial advisory, provision of financial, commercial and operational due diligence to support the restructuring of €2bn of debt.
- Led the financial due diligence, valuation and review of Entity Priority Model to provide the Common Platform Information on Steinhoff (listed €20bn global retail conglomerate including Poundland, Pepco, Mattress Firm, Conforama, Bensons for Beds, Harveys and kika-Leiner) to support the restructuring of €10bn of financial debt.
- Led the financial and strategic review of the Co-op a £10 billion conglomerate with operations in food, retail and financial services on behalf of the incumbent Lenders, which resulted in the successful amendment of £1 billion of banking facilities.
- Led the financial and commercial review of Edcon (South Africa’s largest retailer) which acted as the common platform information to support the ZAR26bn restructuring of the debt.
- Advised the Lenders of Palmer & Harvey (UK’s largest delivered wholesaler with a retail portfolio) on the refinancing and proposed restructuring.
- Advisory partner for the independent business review of Mothercare (listed UK children and baby clothes retailer) to support the successful refinancing.
- Advised the Lender on the debt restructuring and pre-pack sale of Faith Shoes (UK shoe retailer with 200 outlets). The case resulted in a lender assisted sale of the Group to a newly formed retail consortium.
- Acted as an expert witness to review, critique and validate the business plans of Silentnight (UK mattress manufacturer).
- Advised the lenders of a PE owned specialist bathroom retailer to support the amendment of debt facilities.
- Advising the US private placement note holders in the restructuring of Cattles PLC’s (a £3m consumer finance business) £2.6bn debt facilities.
- Lead Advisory role supporting the CH11 trustee of MF Global in respect of the European and Asian business wind downs and accelerating the repatriation of cash from Group’s subsidiaries.
- Advised the Senior and Mezzanine Lenders of a sub prime retail financing business with a loan booked of c£100m and net debt of £150m, which resulted in the partial refinancing of the banking facilities.
- Led the financial and strategic review of a private equity backed specialist motor insurance broker on behalf of the lenders that resulted in a recapitalisation of the business by the sponsor in return for a debt A&E.
- Provided the board of a non standard vehicle financing business with a loan book of £300m with restructuring advisory services in respect of the restructuring of its £250m banking facilities, including the development of detailed loan by loan financial model.
- Advised the senior lenders of a consumer debt purchase and collection agency, which operated call centres. The senior facilities were extended in return for an equity injection from the sponsor.
- Advised the debt leverage provider of an alternative investment fund to develop and evaluate realisation strategies.
- Supported the expert witness in a +£1bn lawsuit in respect of the likely restructuring options following the discovery of a substantial misstatement of the financial statements in respect of a listed consumer finance business.
- Advised the senior lender of a car financing and dealership Group in respect of a restructuring of the vehicle loan book financing facilities.
- Advised the lender in a PE owned insurance broker to support a financial restructuring of the debt facilities.
- Advised Imperial Bank (Kenya) in respect of its planned $38m recapitalisation.
- Led the independent business review of the UK business of Slater & Gordon (Australian listed law firm and claims management company) to support the debt restructuring.
- Advised the 2nd lien lender and potential purchaser in respect of Paribas, a PE owned legal services firm serving the insurance sector in respect of PI claims.
- Led the financial and commercial due diligence of a listed £800m turnover BPO business to support a refinancing of its debt facilities.
- Led the financial due diligence and lender advisory of an IT outsourcing business supported a sale to a trade buyer.
- Advised the Senior Lenders of a global Clinical Research Outsourcing business serving the pharmaceutical sector. The outcome was a purchase of the senior debt and re-capitalisation of the business by the mezzanine lenders.
- Financial advisor to the mezzanine lenders in respect of the debt restructuring of a vehicle hire LBO focussed on the insurance replacement business.
- Supported the Board of a global provider of specialist logistics to the pharmaceutical industry in respect establishing the underlying operating margin and production of its business plan.
- Advised the Senior Lenders of Dawson Holdings PLC, a listed newspaper distribution business that resulted in a carve up and sale of its operations to its competitors.
- Led the Vendor Due Diligence of an inbound claims management outsourcer which provides claims processing and support, particularly in relation to PPI for the banking industry.
- Advised the SS RCF lenders in the debt restructuring of Polestar (UK PE owned commercial printing business) in which the Unitranche Senior Debt providers recapitalised the Company and took control.
- Led a financial review of the European operations of Paperlinx, a AUS6bn listed paper merchanting paper which resulted to the full refinancing of the Group’s banking facilities through a strategic business disposal and the implementation of the pan European working capital and cash pooling facility.
- Led the financial and strategic review of a quoted $400 million global electronic component manufacturer on behalf of the refinancing bank, which resulted in the successful refinancing of $75 million in banking facilities.
- Advised the unitranche lenders in a PE equity owned pan-European ventilation business resulting in the successful extension and amendment of the facilities to support the turnaround plan.
- Introduced and managed cash forecasting methodology and systems into a €3 billion global electrical component distributor.
- Advised a €600 million turnover global automotive parts manufacturer in the implementation of a short term cash flow monitoring and forecasting process across 16 subsidiaries.
- Advised the Senior Lenders of a USD 1 billion global packaging business. led the review of the European operations which were focused on paper pharma packaging, PET and specialty plastics. The outcome was a purchase of the senior debt and re-capitalization of the business by the subordinated lenders.
- Advised the Senior Lenders of a CHF1.2 billion turnover global polymer and chemical manufacturer.
- Advised the lender of PE owned medical devices manufacturer and distributor in respect of a debt restructuring.
- Advised the Senior and Mezzanine lenders of a £60million European food packaging business. Our review covered financial, operational and commercial aspect of the Group.
- Advised the bank syndicate of a leveraged PE owned Oil and Gas Servicing business, which resulted in a recapitalisation and extension of debt facilities to support the business through an oil price led recovery.
- Advised the Senior and Mezzanine Lenders of £300m food processing business, which resulted in the restructuring of banking facilities to support the Group’s medium term strategy and an eventual sale of the business.
- Led the financial review and restructuring advisory of Hozelock, a DIY brand wholesaling into the multiples, which resulted in a sale of the Group and full repayment of bank facilities.
- Advised the senior syndicate of a PE owned specialist travel and hospitality business focusing on the schools and education sector. The sponsors and mezzanine lenders recapitalised the business.
- Advised the senior lender to Daler Rowney (PE owned art and craft supplies manufacturer) on the debt restructuring of the business, which resulted in a recapitalisation of the business by the sponsor to bridge to a trade sale.
- Advised the senior syndicate of Whitworths, a PE owned food producer suppling the multiples with own label and branded products. Our work resulted in the provision of new money to bridge to a going concern sale to a trade purchaser.
- Advised the senior lender of West Cornwall Pasty Company, a PE owned fast food group on the debt restructuring that resulted in a recapitalisation of the business by the sponsor.
- Played a key part of the team that jointly coordinated the £1.4 billion restructuring of MyTravel plc, which resulted in the restructuring and conversion of £1 billion of debt to equity.
- Led the independent business review of Sofa Brands, UK sofa manufacturer which resulted in a debt for equity swap and then subsequent ‘good co / bad co” insolvency
- Advised the inventory financing lender through the restructuring and refinancing of their exposure to Essar Stanlow, one of the UK largest oil refineries.
- Leading the financial, operational and technical review of a 26MW wind farm in UK on behalf of the Lenders. The review is resulted in a conversion of second lien debt to equity together with senior amortisation rescheduling and swap re-profiling.
- Leading the financial, operational and technical review of a 32MW wind farm in Ireland on behalf of the Lenders. The review is resulted in a recapitalisation of project by means of an equity injection and the buyout of senior debt by one of the two senior lenders. The debt amortisation was reprofiled.
- Led the financial restructuring of a 20 MW PV plant in Spain which resulted in an early repayment of debt and a restructuring of the remaining debt into a cash pay and PIK tranche.
- Led the financial restructuring of two 10 MW PV plants in Spain which resulted in the conversion of 51% of the debt into equity and the reprofiling of the remaining debt at a DSCR >2x.
- Led the financial review of a €300m turnover global renewables energy engineering group based in the Netherlands and supported the development of an operational restructuring plan.
- Led the financial review of an investment vehicle holding two refinery assets, including an appraisal of its investment in a new refinery project.
- Led the pre-lend financial due diligence of a £70m environmental services business.
- Led the financial advisory role for the junior lenders of a waste collection business with a waste to energy plant.
Telecom, Media and Technology
- Leading the financial and commercial due diligence of a commercial radio business which led to a significant disposal and a refinancing.
- Lead restructuring advisory for TV Loonland and Metrodrome (TV/film production and film distribution LBO).
- Led the €500 million syndicate of senior lenders in the financial restructuring of Primacom (German based cable TV operator and internet service provider). This resulted in full value being returned to the senior lenders and a partial recovery for the junior debt lenders.
- Provided three incumbent banks of GCap Media plc (Commercial Radio) with a financial and strategic review of the Group, which led to the refinancing of the Group’s £120 million of banking facilities by two of the banks combined with a significant disposal to de-leverage the balance sheet.
- Provided financial due diligence to support refinancing and equity raise for Ten Alps plc (TV production).
- Advised Readers Digest in preparation of its CH11 filing in respect of its European businesses including construction of an entity priority liquidation and intra Group cash flow analysis.
- Advised the Senior Lender of Sanctuary Music (a listed £200m Music Label and artist management company). The project involved a full diagnostic review of business and advising the Lender throughout the restructuring of £170 million of debt. The result was a recapitalisation of the business via a rights issue.
- Advised the lender of a pan European multi level marketing business offering telecommunication services.
- Advised the junior lenders of a €50million French outdoor advertising business in respect of restructuring and exit options. The Mezzanine lenders exited via a third party sale.
- Advised the board of a listed international sports management company on its strategic options to address over indebtedness and liquidity constraints, which resulted in a sale of the overseas operations to repay debt.
- Advised the bank syndicate of a leveraged PE owned event ticketing agency, resulted in a recapitalisation and extension of debt facilities to support the business through the implementation of a new technology platform.
- Led a development review and appraisal for a £0.5bn house builder which formed the foundation for a strategic and business planning process to secure land acquisition funding.
- Financial advisor to the senior lender of a £1bn property developer and contractor serving the private and public sectors. Led an independent business review which resulted in a significant debt for equity swap, increased working capital facilities, term extension and change of ownership to enable management to re-position and grow the business.
Prior to joining FTI Consulting, Mr. Morris was a partner at Ernst & Young, before that, he worked at Arthur Andersen.
Mr. Morris is a chartered accountant and Member of Institute for Turnaround.