Richard has been a senior client facing partner at PwC who has significant experience of working with stakeholders at the most senior level to solve complex business problems. He has worked across the public, private and not for profit sectors. Richard is particularly skilled at getting to grips with complex commercial issues, communicating with clarity and building consensus amongst diverse stakeholders.
Richard’s extensive experience across many organisations and sectors has made him particularly effective at assessing the effectiveness of boards, particularly those facing urgent change.
Richard has specialised in turnaround and restructuring work for underperforming organisations under stakeholder pressure and was a founder member of PwC’s turnaround practice. He is particularly experienced in dealing with high profile sensitive situations.
He has extensive restructuring experience, working with stakeholders in developing and implementing constructive, realistic and commercial solutions for organisations by understanding and managing different stakeholder agendas.
Richard is a Fellow of the Institute of Chartered Accountants in England & Wales, was made a PwC partner in 1989 and has historically taken insolvency appointments. Prior to becoming a partner Richard was seconded to the work out group of Midland Bank.
- Richard was a key member of PwC’s Health restructuring team working with Monitor, NHS England, providers and commissioners to stabilise organisations and to drive efficiencies across the sector. This has typically involved engagement with clinicians to ensure that care standards and quality are improved.
- Richard led a significant team to support NHS England and the DH in expediting the financial transition from PCTs to CCGs
- Richard has led teams that have stabilised and refinanced private equity backed, listed and privately owned companies.
- Richard has been lead advisor to the trustees of one of the largest UK pension schemes. This involves understanding the complex covenant of the employer as well as building consensus amongst the parties and liaising with The Pensions Regulator.
- Richard led the high profile investigation into the financial position of the Millennium Dome. He subsequently provided substantial implementation support. At the time this was one of the most high profile situations in the UK and Richard interacted with stakeholders at all levels.
- Richard assisted a UK listed business services group with a successful refinancing involving its three core banks.
- Richard worked with management and the owners of a global manufacturer of petrochemicals, special chemicals and oil products on its refinancing.
- Richard was appointed to work with the board of a major quoted UK DIY retailer to implement a value recovery programme following the discovery of major accounting irregularities and subsequent share suspension. This process involved, inter alia, negotiation of new terms of trade with some 100 suppliers and the establishment of an investment case to allow the group to raise new equity.
- Following the discovery of substantial unrecorded liabilities, as administrator, Richard led the run off of one of the world’s largest computer leasing companies with a hardware portfolio in excess of £500 million. He worked with leasing experts to establish a strategy to realise value from the portfolio whilst minimising liabilities to end users and funders by negotiating settlements with the many counterparties.