Eddy Dempsey A.C.I.B.

40 Maricas Avenue

Harrow Weald

Harrow HA3 6JA

Mobile: 07772 816451

PROFILE

Proficient and accomplished banking professional with experience of private equity and working at Board level with management teams. Proven analytical and influencing skills whilst working in challenging business turnaround environments. Effective, results orientated manager of change. Energetic and focused on the achievement of own and wider team goals, whilst retaining personal and corporate integrity. Strong communicator with internal or external stakeholders.

I have worked extensively with businesses in varying degrees of distress, delivering successful turnarounds and exits for value in the leisure, hospitality, business services, media, manufacturing, healthcare, printing, packaging and professional services sectors. Full Member of the Institute for Turnaround (previously Society of Turnaround Professionals) since 2007.

Director, Diomasaigh Services Ltd (own company) June 2014 - present

Assignments:

  • Review opportunity for investment in plastics recycling business. Led negotiations on structure and terms with existing private equity backers and liaison with legal teams, prospective backer and management team. On my advice, investor withdrew due to underperformance and resultant loss of planned cash headroom.
  • Review investment opportunity in a distressed signage business. Advised potential investor that whilst acceptable lifestyle business, opportunity for investor returns limited.
  • Advise director and shareholder of small healthcare supply business on implications of cash drain and influenced refocus on cash management and refocused sales effort.
  • Review £39m turnover portfolio client for investor advising on options for exit and potential value.
  • Review financial performance of loss making £3.5m turnover family controlled business for executor of majority shareholder, advising on options for turnaround, approach to resolution of large pension deficit & exit options.
  • Initial assignment for FTI Consulting re Hellenic Bank Public Ltd (see also below)
  • Review and analyse historic default data in preparation for updating regulatory financial modelling

Senior Restructuring Officer, Hellenic Bank Public Ltd April 2015 – April 2016

Role: manage portfolio of financially challenged clients, identifying and executing restructuring options, including negotiation, preparation of credit papers. Support Head of Business Support and Recoveries in delivering operational and organisational change and improved people management.

Key successes:

  • Restructured a number of clients which had not had realistic formalised facilities for a number of years, improving quality of interest income stream with defined repayment and review milestones.
  • Introduced monitoring regime for portfolio assets.
  • Developed debt to asset strategy, preparing policy and procedures from scratch and oversaw initial implementation.

Director / Senior Associate Director, Barclays Ventures (Jul 2007 – April 2014)

Role: negotiate terms of debt for equity swaps and manage portfolio from an equity perspective to deliver business turnaround, create and realise shareholder value; including working closely with Board directors (as active Observer) and other stakeholders as required to support turnaround process and maximise future prospects.

Key Successes

  • Negotiated 17 debt for equity transactions, including leading a number of multi-Bank negotiations with management on behalf of the lenders.
  • Led multi-Bank negotiation of £200m dual jurisdiction automotive supplier during public to private debt for equity. Subsequently most active Board observer supporting senior management in £15m improvement in UK performance and increase in equity value of c. £80m (based on sale price).
  • Led 3-bank group in management negotiations for consensual public to private debt for equity swap of £500m business services plc. Complex transaction involving numerous internal and external stakeholders, including the Stock Exchange. Proposed offer declined by shareholders and change of ownership effected through an insolvency process. Represented the lenders at Board and business has flourished under lender ownership.
  • Initiated strategic review of 11-unit entertainment business, leading the subsequent sale process to fully repay £15m debt with future equity value. Worked closely with Chairman to keep increasingly dysfunctional management team on track during sale process.
  • Negotiated secondary multi-Bank debt for equity of high profile sub-prime lender, including new management incentive and introduction of additional management support. Subsequently oversaw the sale of the business at a value resulting in a £20m better outcome than would have been possible at the original debt for equity.
  • Repaired broken banking and equity relationship with management of profitable industrial products group; subsequently negotiated terms of tertiary buy-out to deliver a £3m capital return to BV and repay all Bank debt.
  • Influenced management team of £53m turnover extrusion business to reconsider ambitious plans in light of declining market; initiated subsequent sale of business with £14m debt fully repaid without Bank being directly involved in process.
  • Led sale of Northern Irish student accommodation business delivering £1.6m capital gain ahead of all previous expectations.
  • Negotiated debt for equity of Budapest-based property investment business, recruited and supported local management and professionals to prepare business for sale. Personally negotiated terms of sale with buyer, leading stakeholders (including new Barclays Bank funding) to deliver a clean exit at a value some €3m greater than had the business failed as anticipated; kept sale on track notwithstanding language and cultural differences and poor local professional support.
  • Initiated and completed production of internal manual for the negotiation and management of debt for equity swaps, co-ordinating numerous internal stakeholders, including Legal, Accounting and Compliance.
  • Led negotiation of the first Portuguese debt for equity with private owner of Algarve-based leisure resort; supported management team in identifying and appointing professional operator, agreeing key short and medium term objectives. Operational turnaround progressed with Bank position c €8m better than insolvency outcome.

Associate Director, Barclays Business Support (Jan 2001 – Jul 2007)

Role: provide credit and turnaround advice to clients with weakening financial and/or business risks within a supportive framework designed to preserve customer confidence, enhance their future prospects and develop brand loyalty.

  • Leveraged market (July 2005 – July 2007)

Working exclusively with businesses funded by private equity, overseeing change to financial performance /structure to improve asset quality and minimise impairment.

  • Larger business (Jan 2001 – July 2005)

Working with businesses from all sectors with turnover up to £100m.

Key successes

  • Over six years worked with c 68 businesses, with approximately 2/3rds successfully returned to normal banking.
  • Turnaround of £35m turnover computer manufacturer, increasing profit out turn by 50% in 12 months. Influenced management changes and focus on procurement; led discussions with credit insurers leading to retention of credit; financed acquisition and restructured total facilities.
  • Turnaround of £25m chilled food business from losses and brink of insolvency to trade sale within 18 months at three times enterprise value having restructured debt facilities. Led creditor negotiations in balance sheet restructure and provided support to executive turnaround team. Voted Private Company Turnaround of the Year 2005 by Society of Turnaround Professionals.
  • Turnaround of £70m fully quoted plc in the media sector from brink of insolvency to trade sale within 24 months at three times entry market capitalisation. Led debt stakeholders in restructure of credit facilities and provision of c £5m additional working capital.
  • Led Bank group in negotiations with Premier League football club facing relegation; led and negotiated £30m multi-bank debt restructure to successfully avoid Administration on relegation, enhancing Barclays’ relationship.
  • Turnaround of £23m fully quoted plc in business services sector over 30 months. Market capitalisation improved 6 fold during this period. Influenced management to recognise extent of problems and refocus on delivering short term cost savings of £3m with disposal / closure of non-core businesses.
  • Turnaround of £30m turnover high profile experiences business; introduced supplementary management, led negotiations with credit card supplier and influenced management away from undertaking expensive TV promotion campaign whilst insisting on improvements in financial analysis and reporting.
  • Turnaround of family hotel chain from brink of insolvency to profitability over 2 year period. Refocused management on bottom line rather than top line KPI’s, influencing cost reduction programme & improvements in financial reporting.
  • Developed and negotiated ground breaking memorandum of understanding with two main credit insurers, improving co-operation to reduce prospect of unilateral withdrawal of facilities undermining turnarounds.

OTHER MANAGERIAL POSITIONS:

  • Head of Mid-Market Corporate Credit, London regions (Dec 2000 – Sept 1996) - responsible for a team of four credit managers to provide focused lending support to eight sales teams with c. £2bn asset base in the achievement of stretching income targets, ensuring acceptable monitoring and control appropriate to the size of individual clients.
  • Business Development Manager, Enfield Business Centre (Sept 1996 - June 1994) – responsible for attraction of new corporate clients.
  • Senior Corporate Manager, Golders Green and Hendon branch (May 1994 – July 1991) – responsible for credit risk management of £1bn asset portfolio following accelerated amalgamation of four retail branches.
  • Corporate manager, Uxbridge Business Centre (July 1991 – July 1989) – responsible for credit and sales management of portfolio of corporate clients ranging from plc to local trader. Developed internal risk management system.
  • Manager, Warren Street Station (July 1989 – July 1987) – responsible for credit and sales management of portfolio of retail and corporate clients.
  • Recoveries Manager, London North Western Regional Office (June 1987 – July 1986) – responsible for co-ordinating and monitoring bad debt recovery strategy for c. 40 branches, collating provision information & reporting to Head Office.

Personal

Date of birth: 13 February 1959

Married, two grown up children