Grant Thornton wins big at 2015 Management Consultancies Association awards, including prestigious "Project of the Year"
Leading business and financial adviser Grant Thornton UK LLP has been recognised with three accolades at this years' Management Consultancies Association (MCA) awards for its work on the UK Kodak pensions scheme. Along with top recognition in the "Change Management in the Private Sector" and "People" categories, the Kodak Alaris project received the "Project of the Year" accolade, generally regarded as the most prestigious prize of the evening.
The project, which worked across 33 counties, secured the future of the UK Kodak pension scheme (KPP), preserved thousands of jobs and created two profitable new businesses. Grant Thornton's solution played a pivotal role in avoiding possibly the largest pension insolvency in UK history, and a loss of 13,500 jobs.
Alan Dale, Partner and Head of Business Consulting at Grant Thornton UK LLP, commented: “Along with the trustees of the Kodak pension plan, we have helped develop a truly unique solution and one of the most innovative and unusual deals ever consummated during a cross-border insolvency. We brought together many teams and skills from across the global Grant Thornton network to deliver this ground breaking project and we're delighted to now receive such prestigious recognition from the MCA.”
Steven Ross, Chairman of Trustees at KPP said “Without Grant Thornton, we could not have completed the deal. Grant Thornton worked seamlessly across service lines, combining practical deal advice with specialist knowledge, helping us to deliver a ground breaking international asset carve out. The team also helped us cut through the layers of complexity which included a completion deadline driven by the parent company’s emergence from Chapter 11, a staggered closing which disrupted the supply chain and the number of stakeholders in the deal. The Grant Thornton team had a hands-on approach to supporting us, approaching issues in a creative and flexible way that was critical to a successful 'day one'.”
Grant Thornton was also highly commended for its work with Nationwide Building Society in the "Customer Engagement" and the "Digital and Technology" categories.
In its18th year now, the Management Consultancies Association, the representative body for management consultancy firms in the UK, organises the MCA Awards, a ceremony that highlights and recognises excellence in the advisory industry. The awards were celebrated at a black-tie ceremony on 23 April 2015, in a central London venue.
Grant Thornton's work with Kodak also won the "Turnaround Adviser of the Year" award at the 2014 Institute for Turnaround annual awards.