DTZ's Manchester office has reported growing business from its corporate recovery team to meet the increasing demand from banks and insolvency practitioners dealing with both stressed and distressed assets.
Russell Hefferan, associate director at DTZ who heads up the corporate recovery team of six, commented: "We are currently working on a wide range of assets covering residential and commercial lots to large portfolios such as the recent Dawnay Day assignment, which included 30 investments throughout the north west. The team works closely with the corporate recovery team in London which has been established for approximately ten years."
Several Dawnay Day subsidiary portfolios were put into administration in the summer when Norwich Union called in £624m of loans. Bids were received in October.
Richard Chambers, valuation director at DTZ comments: "The strong relationship we have with key accountancy firms and major banks in the north west means we are the first port of call for strategy advice across all asset classes. We offer a bespoke service to clients including access to in-house specialists. Due to the size and expertise of our team, DTZ can arrange for team members to be sent on secondment to clients' businesses."