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Summer 2011
The last year has been an exciting one with Armitage Jones LLP and LPA Direct LLP, the two turnaround businesses in which Tourmalet founder Chris Jones is a Partner, were acquired by the Montpellier accountancy group and Chris and his colleagues Tony Armitage and Simon Padgett now deliver turnaround services through the Montpellier Business Reorganisation brand.
Tourmalet continues to operate successfully and Chris maintains his various board interests which currently include;
- non executive directorship of Drydens Ltd, the leading legal debt recovery business
- Chairman of Ilius Properties Ltd, a major residential property business acquiring and letting residential properties around the UK
- Chairman of The Business Desk Ltd, the Country’s leading online business news service
- Non executive director of Trango Ltd, the safe travel and disaster management specialists.
In addition Chris is serving on the With Profits Committee of Co operative Insurance Services. The services we provide are being provided in extremely challenging times and we are seeing;
- A continuing reluctance for Banks to lend, other than on highly expensive and heavily secured terms to SME’s
- Continued malaise in the Comemrcial Property market for all except absolutely prime commercial properties
- Lack of deal activity, both in the Corporate Finance and indeed the turnaround fields.
Tourmalet Consulting continues to offer innovative and dynamic services, back by a huge level of expertise.
April 2010
2009 proved to be a further record trading year for Tourmalet Consulting and we are grateful to our clients for their continuing support.
Tourmalet Consulting, along with Armitage Jones LLP and LPA Direct LLP, now operates from combined office premises at 50a The Grove, Ilkley where we benefit from excellent office meeting and catering facilities to support the practice.
As we approach the general election in May, uncertainty is the key word in the current economic climate. We have concerns that asset values, particularly within commercial property and the licence trade, will continue to decline as lenders begin to unwind some quite catastrophic positions.
In the meantime, it is our experience that finding working capital remains immensely difficult. The idea, for example of commencing a start-up operation with banksŐ support at the moment is quite simply fanciful. Until lenders start to do business on manageable terms, itŐs difficult to see a route to sustained business recovery.
As ever, early access to experienced and commercially orientated advisors can help. On a more optimistic note it is encouraging to see The Business Desk Ltd, where Tourmalet Managing Partner Chris Jones is Chairman, opening its third centre in the West Midlands and posting excellent month on month sustained growth. This is a real success story in these challenging times.
December
2009
Tourmalet Consulting Managing Partner Chris Jones entered
into partnership with Tony Armitage and Simon Padgett in
January 2009 to form Armitage Jones LLP and LPA Direct LLP,
both specialised turnaround businesses. The economic climate
has meant that both these businesses have enjoyed a high
level of activity during 2009, full details of which can
be seen at www.armitagejones.com
and www.lpadirect.com.
Chris has joined the Board of the Cooperative Financial
Services Ltd and has also taken a seat on the audit and
regulatory committee of CFS.
May
2009
Tourmalet Consulting Managing Partner Chris Jones resigned
from the Board of Samian Underwriting Agencies Ltd on 18th
May following receipt by the Board of an offer to acquire
the business. Chris served on the Samian Board from its
foundation in February 2007 during which time it has developed
into a leading provider of I.P insurance and gained Lloyds
coverholder status.
April
2009
Tourmalet Consulting Managing Partner Chris Jones was appointed
Deputy Chairman of Britannia Building Society following
the Society’s AGM on 22nd April.
Chris is also to join the Board of Co-op Financial Services
following completion of the merger with Britannia later
this year.
November
2008
2008 has been a record year for Tourmalet Consulting as
we moved into our fourth year of trading. Taking a snapshot
of the business this month we are:-
- Working on five possible acquisitions/disposals
- Handling two fund raisings
Capital is the lifeblood of business and working capital
from conventional lenders can be difficult to obtain and
expensive. We have access to a number of sources of equity
capital which have an appetite to invest in higher risk/higher
return opportunities.
On the turnaround and reconstruction front there is a significant
upturn in activity. Our team have vast experience gained
in two previous recessions and we are currently putting
that to good use.
Finally a very Happy Birthday to the Business Desk. Headed
by David Parkin, former Business Editor of the Yorkshire
Post and backed by capital raised by Tourmalet Consulting.
The BusinessDesk.com has enjoyed an excellent first year
which has seen it expand from Leeds and West Yorkshire into
Manchester and the North West and attract over 10,000 subscribers.
Tourmalet Consulting’s managing partner Chris Jones has
chaired the business from the outset and looks forward to
another year of successful expansion.
As ever, thank you to all our clients for your support.
March
2008
2008
has begun with an exceptional level of activity. Already
this year the firm has acted on a proposed funding of a
buy out of a well established specialist engineering business
and a rights issue of a financial services business.
We are also advising on a large private business sale and
working on a further fund raising.
Finally we have been appointed on behalf of a loan creditor
to monitor a multi sited professional services business.
Managing Partner Chris Jones has accepted an invitation
to join the board of Glasgow based Red2Black UK Finance
Ltd.
October 2007
Tourmalet Consulting Managing Partner Chris Jones assumes
two new Board positions this month.
Firstly, Chris has joined the Board of Trango Ltd. Based
in Selsey in West Sussex, Trango is a business specialising
in disaster management and response services.
Chris
has also assumed the role of Chairman of TheBusinessDesk
Ltd, an online business news and information and events
business based in Leeds. Tourmalet Consulting advised on
the establishment of this business and its funding.
February 2007
Tourmalet Consulting Managing Partner Chris Jones has this
month joined the Board of Samian Underwriting Agencies Limited.
Samian
is based in the City of London and specialises in the insurance
of intellectual assets.
The
business has ambitious growth targets in this key business
area.
For
more information about Samian contact Chris
Jones.
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