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Morrisons Group Finance Director Richard Pennycook will address the inaugural meeting in Sheffield of the Institute for Turnaround (IFT), which exists to save and strengthen potentially viable businesses.

IFT Corporate Partner Grant Thornton is supporting the meeting, with IFT accredited member Daren Bekisz, a Grant Thornton director, taking the lead. The meeting is hosted by DLA Piper, also an IFT Corporate Partner and it is a pro bono public event at which places can be booked via the website:

The acquisition of Safeway by Morrisons in 2004 saw the coming together of two huge businesses – £14bn of turnover, 140,000 staff and over 9m customers each week. The integration went badly, customers left in their droves, profits collapsed and management became overwhelmed by the challenges they faced. Five profits warnings and a breach of banking covenants followed, and Boardroom dissent was played out in the newspapers weekly.

Three years later, the business had reported a strong profits recovery and was awarded ‘Retailer of the Year’ by its peers. In December 2008, Richard Pennycook and his team received ‘Europe’s Top Turnaround Award – Listed Company’ from The Rt. Hon. William Hague MP on behalf of the Institute for Turnaround.

IFT Chief Executive Christine Elliott said,
“The combination of a basically good business and sound turnaround techniques can yield powerful results. We have some exceptional retailers in the UK. Morrisons is an impressive turnaround by any measure and they have applied the learning from that process to their daily business.”

Morrisons Group Finance Director Richard Pennycook said,
“For me, there are always two things that are very rewarding about a successful turnaround. The first is the response of the people in the business - the vast majority of whom will be good people with a strong desire for the business to succeed. All they need is clear leadership and a good plan. The second great thing about a successful turnaround is proving the doubters wrong!”

Editor’s Notes

The Institute for Turnaround (IFT) is Europe’s leading professional body for the whole Turnaround Community. We represent a unique audience responsible for funding, structuring, negotiating and executing business turnaround that shapes the real economy. We have a membership of rigorously accredited turnaround executives and advisers, with corporate partners representing the best in law, accountancy, corporate banking and finance, private equity and other experts involved in the field. IFT’s aim is to create value for ALL stakeholders. IFT holds regular regional meetings.

Further information:

Christine Elliott, Chief Executive and Director
Email –
Telephone – 020 7324 6244; Mobile – 07812 370121

This press release was distributed by ResponseSource Press Release Wire on behalf of Institute for Turnaround in the following categories: Business & Finance, for more information visit