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3 February 2009 | TMA (UK) meeting predicts ‘bloodbath in the high street’
"Between 1995 and 2006 a baboon running a banana shop could have made a lot of money."
So said one of the UK's leading retail turnaround experts, Barry Knight, at a TMA (UK) conference in London just a day before the Bank of England cut interest rates to the lowest level since it was founded in 1694.
Knight's comment could have been made by many around the world, looking at the wreckage of the recent global credit boom. On 7 January, with barely the chance to digest their last mince pie, over 120 restructuring directors, investors, insolvency practitioners and interim manager recruiters packed out the London offices of accountancy firm PKF to attend the TMA (UK)'s annual 'Turnaround Preview- 2009'.
Everyone agreed that it's not the cost of credit that is the problem. It's the availability. As Philip Long, senior insolvency partner with PKF in the UK and host of the evening pointed out: "We have gone from credit feast to credit famine."
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This first appeared in the January 2009 issue of Global Turnaround, the leading monthly international magazine for company rescue and insolvency specialists.
John Willcock, Editor
Tel.: +44 (0) 1225 705 181
info@globalturnaround.com
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