Author(s): Alan Tilley - Bryan Mansell & Tilley

Publication date: Feb 2019

Format: Hardback

Pages: 221

Price: £95.00

ISBN: 9781787421684

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Featuring a foreword by Richard Tett

 A must have book for any turnaround professional.

- Mike Measures , FCA

 The book is a very useful tool when addressing underlying business problems, managing managers’ overconfidence, developing a turnaround business plan, identifying a revised strategy and what it needs to get the management team to implement these plans, including some war stories, eg La Seda de Barcelona.

- Professor Dr Bob Wessels

In summary, a very useful and worthy text, not simply for the “war stories”, but especially for the distillation of experience and reference to developments in a number of jurisdictions, lending this work a very strong comparative feel.

- Paul J. Omar, Eurofenix, the journal of INSOL Europe


Tilley is the quintessential hands-on operational turnaround professional. As such, his book reads like a battle cry in the war to preserve value.


- John Willcock, Global Turnaround

Over time, business distress has become more common and more unpredictable. European restructuring’s default position has historically been insolvency, but all too often this has destroyed value and brought little, if any, unsecured creditor recovery. 

Influenced by US Chapter 11 and “debtor in possession”, restructuring professionals sought better ways to enhance value preservation. As a result, consensual turnaround and restructuring ahead of insolvency is becoming Europe’s new default position. 

This practical book draws upon the author’s 25 years’ experience in turnaround management and guides the reader through the key issues including staunching cash burn, creating cash generation, identifying viable business elements, eliminating loss-making sectors and excess cost, and identifying a revised strategy, a credible business plan and the management team to implement them. 

The importance of stakeholder management is emphasised and covers the role of creditors, suppliers, customers and employees, as well as a comprehensive explanation of how new sources of finance and debt rescheduling can leave a balance sheet consistent with the business plan. In short, Turnaround Management is the perfect guide to help you navigate the benefits of turnaround rather than insolvency. 

Author Alan Tilley is currently chairman of BM&T. Before this he was managing director Europe at Glass & Associates. He is a chartered accountant, a certified turnaround professional and has won a number of turnaround awards. Alan has also held key positions at TMA Global, TMA UK, TMA Europe and the European Association of Certified Turnaround Professionals.