Strengthening of Corporate Insolvency Offering

 

TIDMINVO 
 
RNS Number : 4452V 
Invocas Group plc 
10 July 2009 
 

10 July 2009 
INVOCAS GROUP PLC 
('Invocas' or 'the Group') 
STRENGTHENING OF CORPORATE DEBT SOLUTIONS OFFERING & DIRECTORATE CHANGES 
 
 
Invocas Group PLC (AIM: INVO), one of the UK's leading providers of personal and 
corporate debt solutions, today announces that it is strengthening its 
established corporate insolvency offering and is also developing its offer to 
include turnaround services and solutions, specifically for small and medium 
sized businesses ("SMEs"). Invocas believes that there is a commercial 
opportunity to capitalise more effectively on the skills, expertise and 
relationships that already exist within the Group and grow the corporate 
offering. 
 
 
Invocas has a firmly established and successful corporate insolvency and 
advisory service. For the year ended March 2009, the number of new cases won by 
the Group increased by 23% to 54 and in the second half by 75% to 35. Invocas 
continues to see an increasing number of enquiries. Corporate insolvency work 
includes Administrations, Receiverships, Creditors' Voluntary 
Liquidations, Court Liquidations and Members Voluntary Liquidations of solvent 
companies. 
 
 
Recent changes in the UK economic environment and the fallout from the recession 
have led not only to an increased demand for our traditional corporate 
insolvency services but also to changes in the requirements of banks and 
SMEs looking for corporate debt solutions. 
 
 
Increasingly, many SMEs are struggling to renegotiate their debt facilities when 
they are due for renewal and, therefore, run up against bank facility limits and 
breach banking covenants on a more frequent basis. Banks are increasingly unable 
to achieve a 'managed exit from problem SMEs because there are fewer 
opportunities to re-bank problem accounts and many formal insolvency 
appointments are realising no more than break up valuations. Therefore, banks 
are seeking advisers who can work with them to achieve turnaround solutions 
rather than solely provide traditional insolvency services such as receivership, 
liquidation and administration. 
 
The Group announces today that it has appointed John Hall on a full time basis 
as Group Development Director with immediate effect. Mr Hall will help to drive 
the Group's corporate insolvency business and new turnaround offering. He has 
been a non-executive director since April 2008, was previously Chief Executive 
of the Group from its admission to AIM in March 2006 and was also a founding 
partner in the predecessor firm. 
 
 
Invocas also announces that Ian Wright has stepped down as Managing Director and 
has left the Group. 
 
 
David Macmillan, Chief Executive, commented: 
 
 
"Invocas is extremely well positioned to grow its unique corporate offering 
which satisfies an increasing market demand, providing a dedicated SME recovery 
and turnaround service alongside traditional corporate insolvency services. 
 
 
We already have an exceptional team of corporate Insolvency Practitioners with 
'Big-Four' backgrounds. I believe that there is a commercial opportunity to 
capitalise more effectively on the skills, expertise and relationships that 
already exist within the Group and grow the corporate offering." 
 
 
For further information: 
 
 
+--------------------------------------------+--------------------------------------+ 
| Invocas Group plc                          | Tel: [phone]              | 
| Howard Bell, Chairman                      |                                      | 
| David Macmillan, Chief Executive           |                                      | 
|                                            |                                      | 
+--------------------------------------------+--------------------------------------+ 
| Kreab Gavin Anderson (PR Adviser)          | Tel: [phone]              | 
| James Benjamin                             | Email:                               | 
| Michael Turner                             | [e-mail]       | 
|                                            |                                      | 
+--------------------------------------------+--------------------------------------+ 
| Charles Stanley Securities (Nominated      | Tel: [phone]             | 
| Adviser)                                   |                                      | 
| Philip Davies                              |                                      | 
+--------------------------------------------+--------------------------------------+ 
 
 
Website:  www.invocas.com 
 
 
Notes to editors 
Invocas is one of the UK's leading providers of personal and corporate debt 
solutions. Its Personal Insolvency business is firmly established as a leading 
provider of Protected Trust Deeds (Scottish equivalent of Individual Voluntary 
Arrangements ("IVAs")). It also operates a Corporate Services business which 
enjoys an excellent reputation in the Scottish market place. 
 
 
Invocas applies stringent minimum case acceptance criteria to Trust Deeds and 
IVAs. It will only accept a case if it is likely to progress smoothly to 
completion and result in a successful outcome which balances the interests of 
both the indebted individual and their creditors. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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