Hilco Capital, an investment company that backed a management buyout of Moores, kitchen and bathroom manufacturer, in 2017, has won the prestigious Turnaround of the Year Award 2019 at the Turnaround, Restructuring & Insolvency Awards (TRI).
The management buyout saved up to 500 jobs in a British furniture manufacturer, and also saw Hilco help Moores with its strategy of 'getting back to great' after 70 years in the KBB industry. According to Moores, Hilco have brought invaluable expertise to their already successful client focused growth strategy. The strategy has now delivered record growth this year.
Steve Parkin, CEO of Moores, says: “This award is a great achievement and one of which everyone should be proud. The business has been supported by a great team of supply partners, clients and Hilco. The board would especially like to recognize the hard work by its loyal workforce which has stood by the business during its turbulent period prior to this phase of recovery. We are truly excited about our growth plans and continuing our journey.”
TRI Awards judges also commented: “Hilco/Moores demonstrated here a true operational turnaround from carve out, avoiding insolvency from significant losses and saving 500 jobs. This was a well-rounded submission that hit many criteria points, ultimately making Hilco the winner.”