The Institute for Turnaround 2025 Awards

Celebrating excellence in business turnaround, The Institute for Turnaround (The IFT) has announced this year’s independently judged and prestigious award winners.

This year’s judging focused on the importance of building effective teams, bringing together internal and external expertise, alongside managing complexity – engaging with varied stakeholders from financial to regulators, employees and the wider community. The winners demonstrate how to build models for lasting success, embodying the IFT message of Adapt, Transform, Succeed.

The winners are as follows:

Large Company Turnaround of the Year – AlixPartners for SGS Group.  AlixPartners undertook a comprehensive and holistic turnaround focused on understanding SGS’ customers, practical approaches to system, strategies and operations.  The successful delivery was contingent on skill, determination and commitment.

The mid-market company turnaround award was an exceptionally competitive category this year with an outstanding shortlist. This reflects a period in which mid-market companies have faced unprecedented pressure and turnaround experts have risen to the challenge. Two cases stood out in particular, and the judges decided that both ultimately deserved recognition.

The first winner for Mid-Market Turnaround of the Year is Blandford Capital for Hesley Group. This showed a great recovery from crisis and achieved impressive financial figures whilst driving up operational excellence and delivering for vulnerable clients. The judges noted that the renewed focus on people and culture was a standout element.

The second Mid-Market Turnaround of the Year is Dave Knight for Bristol Waste Company Ltd. This was a complex case in a challenging and unpredictable environment, led by an independent IFT member who worked collaboratively with councils and unions and ensured continuity throughout the process.

SME Turnaround of the Year – BDO for Festival Place. This case demonstrated turnaround excellence with pace, momentum and professionalism. It included financial and operational elements and clear engagement with stakeholders. The positive outcome was important for the local economy, residents and employees.

Community Impact Turnaround of the Year – York Stadium. This showed clear community impact, pace and expertise in both financial and operational turnaround and engagement with varied stakeholders including the local authority, illustrating the benefits of the turnaround skillset.

The Legal Adviser of the Year was Gateley Legal, with the firm demonstrating a a wide breadth of roles including board mandates, effective involvement in consensual restructuring, and successful handling of diverse cases across the market and sectors.  The judges also highlighted that the firm plays a significant role in the turnaround community and has an impressive profile in the regional mid-market space.  

Turnaround Adviser of the Year went to Teneo. The firm showcased a prolific record across sectors, with innovation in the mid-market and high-profile complex cases. They work with a range of stakeholders with a national profile and regional strength, having built a very strong brand and more broadly they are focused on growing the turnaround market and championing diverse leadership at all levels.

An important turnaround and transformation investor for the UK market, RCapital wins Special Situations Private Equity Provider of the Year. They demonstrate a commitment to SMEs and preserving jobs and value, as well as to the turnaround marketplace as a whole.

Special Situations Debt Provider of the Year was IGF – Independent Growth Finance. They demonstrated flexibility and agility in the market, with a willingness to take on difficult cases and to work alongside other lenders to achieve a solution. This is reflected in the delivery of some great outcomes for their customers.

This year The IFT changed the process for the Independent Adviser of the Year award and sought suggestions from stakeholders across the market for people who they believe have stood out in the past year. We were inundated with nominations reflecting the new process and the esteem for independent turnaround expertise, but making the judges’ job very difficult. They chose to award two individuals for this category.

The first Independent Turnaround Adviser of the Year award winner is David Stone. David delivers excellent results for a range of stakeholders across different sectors.  He demonstrates first rate financial, strategic, operational, refinancing skills and is known for his approachability and supportive style.

Our second Independent Turnaround Adviser of the Year winner is one of the long-standing trusted leaders of the turnaround profession:  Chris Howell. He is someone that people turn to in challenging situations who manages to take people with him on the journey, whilst keeping everyone focused on the goal. The judges were particularly impressed by his ability to find solutions where this had not previously proved possible, with impressive results.

Finally, as ever, our rising star category was filled with exceptional candidates and extremely challenging for the judges to decide. We received such high-quality submissions with a number of candidates that would be suitable to receive the award and are therefore awarding to two entrants.

Our first Rising Star Award went to Cara-McNally-Lockett of Interpath. In the words of our judges, she has it all:  the skillset, entrepreneurial approach and a high EQ. Her submission showcased how she had been fast-tracked through promotions, developing particular sectoral expertise and combining hands on delivery with the ability to engage with senior stakeholders.

Caroline Platt of Freshfields was the second Rising Star of the evening, who was described as the engine room of the process for a noted complex case, recognised  for building rapport quickly and earning respect at every level, from boardrooms to project teams.

Claire Burden, Chair of The IFT said:

“We are delighted to celebrate the expertise of our members and partners in supporting businesses and communities throughout the cycle of change, challenge and opportunity. In the face of persistent uncertainty, they continue to deliver exceptional outcomes as highlighted in the submissions and winners this year”.

Milly Camley, CEO of The IFT said:

“Our annual awards are an important opportunity to showcase some of the real-world examples of the exceptional efforts and impact of the turnaround and transformation sector, including saving jobs, value and delivering for communities.

Congratulations to the 2025 winners, and as always thank you to our independent judging panel who dedicate such time and consideration to deciding on the winners amongst a high volume of exceptional submissions”. 

Full list of winners:

• Special Situations Debt Provider of the Year: IGF

• Special Situations Private Equity Provider of the Year: Rcapital

• Community Impact Turnaround of the Year: York Stadium

• Large Company Turnaround of the Year: Alix Partners for SGS Group

• Mid-market Turnaround of the Year: Blandford Capital for Hesley Group

• Mid-market Turnaround of the Year: Dave Knight for Bristol Waste Company Ltd

• SME Turnaround of the Year: BDO for Festival Place

• Legal Adviser of the Year:  Gateley Legal 

• Turnaround Adviser of the Year: Teneo

• Independent Turnaround Adviser of the Year:  David Stone

• Independent Turnaround Adviser of the Year:  Chris Howell

• Rising Star 2025: Cara McNally-Lockett, Interpath

• Rising Star 2025: Caroline Platt, Freshfields