Safe Harbour

Safe Harbour ITP Partners

Accreditation Criteria

  • Recognised as a reputable professional services firm with turnover in excess of £40m.
  • Over 15 years relevant experience in audit, accountancy, tax, restructuring, insolvency and advisory services.
  • Dedicated UK based personnel with over 10 years relevant experience working in the automotive sector, and with the capacity to progress Safe Harbour cases in a timely and professional manner
  • Financially robust, and able to manage Safe Harbour cases through to the end of the Safe Harbour period
  • Description of company services

    At Grant Thornton UK LLP, we know about the automotive industry because we have worked in it, both as advisors and in senior positions for OEMs including Jaguar Land Rover, General Motors and Tier One suppliers. We are one of the few firms that can advise you across the whole automotive supply chain from raw materials to dealerships. This means you will get a solution that works in the real world, not just in theory.

    We have a marketing leading Restructuring team with extensive experience of working alongside management teams and key stakeholders to maximise the situation in a distressed scenario. This can be through assisting corporates with stakeholder management, gaining access to new finance, assisting management teams in devising and communicating their business plan or through supporting M&A opportunities. We are also one of the world’s leading financial and business advisors, we believe our global footprint of member firms, in-depth sector knowledge and network of industry experts, places us in a unique position to deliver a fully integrated service; providing clients with the comfort of a dedicated and bespoke service from a single source provider.

    In addition to our core services of advisory, audit and tax, we have in-house expertise to deliver operational support to management teams. We can support you with the project management and delivery of complex international reorganisations and re-financings, as well as the implementation of operational improvement programmes. We also have extensive experience in complex cross-border accounting and taxation structures, audit, M&A and due diligence assignments.

    Relevant links

    https://www.grantthornton.co.uk/industries/automotive/
    https://www.grantthornton.co.uk/en/services/restructuring/corporate-restructuring/
    https://www.grantthornton.co.uk/en/services/consulting/business-consulting/operations/
    https://www.grantthornton.co.uk/en/insights/three-actions-to-improve-automotive-business-viability/
    https://www.grantthornton.co.uk/insights/will-the-automotive-industry-bounce-back-post-lockdown/

    Disclaimer

    © 2020 Grant Thornton UK LLP. All rights reserved.
    ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires.

    Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. This information has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.

  • KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world.

    The UK automotive sector is facing some of the biggest challenges in its history. Responding to COVID-19 and repositioning for the Brexit transition period are both equally important now together with long term strategic change towards electric and autonomous vehicles and Mobility as a Service.

    The KPMG Automotive team provides large-scale support to over 120 UK and international clients, from manufacturers to dealerships and other ancillary automotive focused businesses. We can help you with the pressing issues such as cashflow, workforce management, supply chain risk management, mergers & acquisitions, integration & separation, re-onshoring and rationalisation. We focus on digital and can help you integrate and accelerate your digital capabilities, including artificial intelligence (AI) and machine learning.

    Disclaimer

    © 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

  • RSM UK is a provider of audit, tax, consulting, and advisory services to middle market businesses. We are the seventh largest business advisory firm in the United Kingdom and the sixth largest, globally.

    Our automotive focus
    Our experience in the automotive sector has been built up over many years by serving the needs of our automotive clients and providing proactive solutions to their compliance and business advisory requirements. Our focus on the automotive sector enables us to understand the challenges that businesses within the industry are up against. Whether that be managing complex supply chains, tackling emissions, developing new technologies, addressing the skills shortage or ensuring the safety of the vehicles on our roads.

    Our restructuring advisory team
    Our national restructuring advisory team advises corporate clients in a wide variety of
    financially stressed and distressed scenarios. The coronavirus pandemic has hit the automotive industry hard and our approach has been to invest time with our clients to fully understand their challenges and work alongside them to solve their issues. Our services include:

    Utilising our experienced teams we focus on supporting you during challenging times.

    Please contact Gareth Harris or Deviesh Raikundalia for more information.

  • With over 18,000 staff across the UK, Deloitte is able to provide a wide range of advisory services to SMMT members. Deloitte’s dedicated team of experts in the Automotive sector have a track record of supporting clients navigate challenging times, through periods of changing regulations, consumer tastes, over-supply, falling demand, Brexit preparedness and most recently the disruption from COVID-19.

    Deloitte’s Automotive team is pleased to be able to support the SMMT’s Safe Harbour Scheme by working with companies across the industry and their stakeholder groups execute mitigation plans in a sustainable way to best allow for the agility that the current outlook requires.

    Please see the links below to some of the wide ranging expertise we are able to provide to cope with these unique, urgent and unprecedented challenges.

    Relevant links

    Deloitte Automotivehttps://www2.deloitte.com/uk/en/pages/manufacturing/topics/automotive-manufacturing.html?icid=top_automotive-manufacturing
    Automotive companies are facing new and different stresses. Some are market-driven, while others are more regulatory in nature. Advancements in technology, the changing nature of mobility and evolving regulatory environments in developed and emerging markets will have tremendous impacts on industry over the next 20 to 30 years. We are helping automotive companies navigate changes in markets around the world by working with companies across the value chain and renowned industry organizations to develop leading perspectives on the industry, and then leveraging that insight to enhance our professional services.

    Restructuring services https://www2.deloitte.com/uk/en/pages/corporate-finance/solutions/restructuring-services.html

    Deloitte’s restructuring team supports companies and their stakeholders through periods of stress to stabilise and establish a path to recovering value. Companies are operating in an increasingly complex environment, with innovation and structural change accelerating to form new challenges that require different and quicker responses.

    At certain stages of a company’s life cycle, it may end up facing financial and operational challenges that will be critical to its long term survival. We have a dedicated team with automotive sector experience to work with management teams, their lenders and other stakeholders to help them tackle these challenges and manage periods of distress, from providing support with stakeholder communication or lender negotiations to assisting with additional funding requirements or asset sales.

    Whether assisting OEMs, suppliers or dealerships, we can rapidly deploy specialist Third Party Risk assistance, leveraging our situational experts to quickly assess financial viability issues, identify a preferred action plan and support effective engagement with stakeholders to minimise disruption to the businesses operations.

    Value Creation Serviceshttps://www2.deloitte.com/uk/en/pages/financial-advisory/solutions/value-creation-services.html

    Our specialist team of senior hands-on professionals lead companies through a variety of situations to deliver rapid cash and EBITDA benefits that are both measurable and sustainable by leveraging a combination of turnaround and performance improvement expertise, focusing on cost reduction, working capital improvement and cash management analytics. We typically operate as a small team mixing operational and financial professionals who work side by side with our clients to drive fast, measurable and long lasting operational improvements.

    Third Party Credit Riskhttps://www2.deloitte.com/uk/en/pages/financial-advisory/solutions/third-party-credit-risk.html

    Whether assisting OEMs, suppliers or dealerships, we can rapidly deploy specialist restructuring and risk management expertise to quickly assess financial viability issues, identify a preferred action plan and support effective engagement with stakeholders to minimise disruption to the businesses operations.

    Our risk monitoring solutions leverage off cutting edge technology to illuminate supply chains and continuously monitor risk.

    Deloitte has been working extensively in the sector for many years on supply chain resilience projects with many of the major OEMs and this experience allows us to bring deep sector knowledge and first hand, industry wide best practice to each situation.

    Disclaimer

    Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London, EC4A 3HQ, United Kingdom.

    Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

  • Description of company services

    At EY, we are dedicated to helping organisations solve challenges and realise their greatest ambitions; from start-ups to FTSE 100 companies, the work we do with them is as varied as they are.

    Through our service lines; Assurance, Consulting, Strategy and Transactions, and Tax, we help clients capitalise on transformative opportunities. We help them fulfill regulatory requirements, keep investors informed and meet the needs of their stakeholders. In a fast-changing world, we provide the support clients need to be effective today and create long-term value for tomorrow.

    The automotive industry is wrestling with legacy and emerging issues due to the COVID-19 pandemic. Shifts to Connected, Autonomous & Electrified vehicles in parallel with the movement to Shared Mobility has now been amplified by changes driven by the pandemic. Changing consumer needs and expectations associated with emerging digital technologies are leading disruptive innovation at pace.

    Succeeding in this new world of mobility and manufacturing, incumbents have to make transformative changes at unprecedented speed. Business models require new cultures and practices: companies must think like a start-up, access talent and engage digital consumers. The need to work across sectors has never been stronger with original equipment manufacturers (OEMs), suppliers and dealers collaborating with each other and partners in the emerging ecosystem. The prize? A world of new value pools and opportunity.

    Through our global network of 15,000 sector professionals, EY helps companies in the automotive industry simplify complex issues, build resilient businesses and position themselves for tomorrow, today.

    With our understanding of technology, innovation and a network of cross-sector players, we deploy a range solutions and capabilities to enable our clients to succeed.

    Under EY-Parthenon, our Turnaround and Restructuring Strategy practice supports clients from design to delivery – focusing on practical solutions that yield measurable results. We act as an advisor, to provide leadership and actionable advice to identify financial and operational strategies in order to generate liquidity, improve earnings and extract value across high performing, underperforming, stressed and distressed businesses.

    EY-Parthenon’s multidisciplinary team use their global reach to offer integrated and objective services, helping clients achieve their strategic goals – whether buying or selling a distressed asset, restructuring a business, addressing underperformance or preserving value through insolvency, the practice has helped a variety of stakeholders to rapidly create, preserve and recover value.

    Relevant links

    EY Parthenon

    Preparing for Brexit: keeping the wheels of automotive turning

    Why UK automotive dealers must prepare for change sooner than expected

    Mobility innovation as a service

    Are you ready to catch the coming EV wave?

    Contact the following for more information:

    David Borland, UK&I Automotive Lead
    David.Borland@uk.ey.com
    +44 20 7806 9563

    Dan Hurd, UK&I Partner, Turnaround and Restructuring Strategy
    dhurd@parthenon.ey.com
    +44 121 535 2473

    James Nicholson, Partner, Advanced Manufacturing & Mobility
    jnicholson1@parthenon.ey.com
    +44 7970 723012

    Surinder Bougan,  Director, EY Parthenon, Turnaround & Restructuring Strategy
    sbougan@parthenon.ey.com
    +44 121 535 2142

    Disclaimer

    The UK Firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC300001 and is a member firm of Ernst & Young Global Limited.

    A list of members’ names is available for inspection at 1 More London Place, London SE1 2AF, the firm’s principal place of business and registered office. Ernst & Young LLP is a multi-disciplinary practice and is authorised and regulated by the Institute of Chartered Accountants in England and Wales, the Solicitors Regulation Authority (authorisation number 614947), the Financial Conduct Authority (registration number 196203) and other regulators. Further details can be found at  http:/www.ey.com/UK/en/Home/Legal

  • The automotive sector is in the midst of unprecedented change. It is marked by the continued advancement of EVs and AVs and a convergence of industries, transformed supply chains and rapidly changing customer preferences. These shifts are requiring companies to simultaneously navigate today’s evolving landscape and plan for the future of mobility. At the same they are also dealing with Brexit transition and the impact of COVID-19.

    PwC’s technical skills, industry experience and knowledge of local markets around the world help you become future-ready in every aspect of your business and in every market. We bring you valuable insights to address critical risk, tax,audit and assurance issues. Locally, our UK Automotive practice works with global organisations, multinationals, UK companies, privately owned businesses, entrepreneurs and industry organisations. We are an integral part of our global automotive network giving our experts access to industry specialists in over 150 countries. It is with this depth and breadth of experience that we assist both large and small automotive companies, across the complete automotive value chain throughout the UK.

    When facing uncertainty, decisive action counts.
    To successfully plan your path to recovery, you need to know what challenges are standing in your way. Because sometimes it’s not as simple as acting on the issue you’re aware of, those that you did not foresee often cause the biggest problems. Restructuring and recovery services aren’t just for businesses who have lost control and face insolvency, they are a way to proactively take — and retain — control of your business, for recovery in the long term.

    Useful links

    https://www.pwc.co.uk/services/business-restructuring.html
    Act now to recover
    https://www.pwc.co.uk/services/business-restructuring/insights/act-now-recover-restructuring.html
    Responding to the business impacts of COVID-19
    https://www.pwc.co.uk/issues/crisis-and-resilience/covid-19.html
    Beyond Brexit
    https://www.pwc.co.uk/the-eu-referendum.html

    Automotive Industry
    https://www.pwc.co.uk/industries/automotive.html

    Disclaimer

    At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

    PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
    © 2020 PwC. All rights reserved