Cork Gully

Last updated

Cork Gully is a financial and operational restructuring advisory firm headquartered in London. [1] The firm specialises in business transformation, restructuring and special situations, such as the management of tail-end and/or challenged funds, as a sub-advisor or successor asset manager. [2]

Contents

The original firm Cork Gully was established as an insolvency practice, and became pre-eminent in its field from the 1960s to 1990s. [3] In 1980, it merged with Coopers & Lybrand, later becoming part of PricewaterhouseCoopers (PwC). [4] In 2010, the current management team bought the firm from PwC and established Cork Gully LLP, retaining the brand and its insolvency practices as an independent entity. [4]

Original firm

Cork Gully
Company typePartnership
IndustryInsolvency
PredecessorWH Cork & Co
Founded1906;118 years ago (1906) in London, England
FoundersWilliam Henry Cork, Kenneth Cork, and Harry Gully
Defunct1999
FateMerged into PwC
Headquarters
London
,
England
Key people
Sir Kenneth Cork, Roger Cork

In 1906 William Henry Cork created WH Cork & Co, focusing on grocery businesses which were, at that time, being forced out of business by the growth of multiple grocers. In 1935 William Henry Cork formed a partnership with his son Kenneth, and Harry Gully, creating Cork Gully. [2] [3] After William Henry Cork's death and a period of wartime service, his son Kenneth Cork succeeded him as senior partner. He went on to expand the firm as a specialist insolvency practice, gaining pre-eminence in its field by the 1970s. Gerhard (Gerry) Weiss joined the firm in 1952, and was made the first insolvency partner in 1954.

Sir Kenneth Cork (as he later became known) chaired the Cork Committee, whose report issued in 1982 is widely referred to as the Cork Report which led to the passing of the Insolvency Act 1986. He also served as Lord Mayor of London in 1978–79.

Sir Kenneth's son Sir Roger Cork followed in his footsteps, both as a partner in Cork Gully and as Lord Mayor of London (1996–97). [5]

In 1980 Sir Kenneth Cork's successor as senior partner, Michael Jordan, led the firm into a merger with Coopers & Lybrand, [6] which continued to use the name. The Cork Gully brand was eventually discontinued in 1999 after Coopers and Lybrand itself merged with Price Waterhouse to form PwC. [7] [8]

The original firm's assignments included Rolls Razor, Emil Savundra, [3] Barlow Clowes and car maker De Lorean. [9]

Present day

Cork Gully LLP
Company type LLP
IndustryAdvisory
Founded2010;14 years ago (2010) in London, England
FoundersStephen Cork
Headquarters
London
,
England
Key people
Stephen Cork, Managing Partner
Website www.corkgully.com

In 2010 Stephen Cork, great grandson of the original founder William Henry Cork, acquired Cork Gully [10] from PwC and established Cork Gully LLP, as a new restructuring and insolvency firm in London. [9] [11] Stephen Cork was formerly the Head of Restructuring & Recovery at Smith & Williamson [12] (now Evelyn Partners). The firm provides advice on business transformation, asset management, disputes, restructuring and insolvency. [13]

Cork Gully is now an international firm with offices in the United Kingdom, the Channel Islands, Luxembourg, Cayman Islands and New York primarily focused on business transformation, restructuring, and special situations. [4]

In June 2023 the firm launched an asset management division to provide support for managers and investors in challenged and tail-end funds. The division was set up to specialise in helping funds through a crisis, solving liquidity issues, and resolving disputes. [14] The firm also advises on and manages regulated and unregulated investment funds, either as sub-advisers or replacement managers. [14]

Industries

Cork Gully’s financial restructuring consultancy service coverage includes Business and Professional Services; Energy and Natural Resources; Manufacturing; Transport and Logistics; Fintech, Cryptocurrency Assets and Blockchain; Construction and Real Estate; Fund and Asset Management; Financial Cooperatives and Credit Unions; Financial Services and Banking; Leisure; Media and Communications; Retail and Wholesale; and Life Sciences and Healthcare. [15]

Office locations

See also

Related Research Articles

The Big Four are the four largest professional services networks in the world: Deloitte, EY, KPMG, and PwC. They are the four largest global accounting networks as measured by revenue. The four are often grouped because they are comparable in size relative to the rest of the market, both in terms of revenue and workforce; they are considered equal in their ability to provide a wide scope of professional services to their clients; and, among those looking to start a career in professional services, particularly accounting, they are considered equally attractive networks to work in, because of the frequency with which these firms engage with Fortune 500 companies.

<span class="mw-page-title-main">PwC</span> Multinational professional services brand

PricewaterhouseCoopers International Limited is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG.

Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a multinational professional services network. Deloitte is the largest professional services network by revenue and number of employees in the world and is considered one of the Big Four accounting firms, along with EY, KPMG, and PwC.

The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs).

<span class="mw-page-title-main">Institute of Chartered Accountants in England and Wales</span> UK professional organisation

The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of December 2023, it has over 208,000 members and students in 146 countries. ICAEW was established by royal charter in 1880.

<span class="mw-page-title-main">Financial Reporting Council</span> Regulator responsible for promoting high quality corporate governance

The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.

RSM Tenon was a professional services firm based in the United Kingdom, which was listed on the FTSE SmallCap Index and part of RSM Global. The company was formed from the merger of the Tenon Group with RSM Bentley Jennison in December 2009.

Travers Smith LLP is a corporate law firm headquartered in London, United Kingdom. It advises national and multinational companies in the UK and internationally across the full range of corporate and commercial matters.

Jonathan Paul Moulton is a British venture capitalist. He is the founder and managing partner of the private equity firm Better Capital, and is the former managing partner of the private equity firm Alchemy Partners. He is an active private investor and has been working in private equity since 1980. Moulton regularly writes, broadcasts and speaks on corporate finance and financial matters. His career has also included spells running Citicorp Venture Capital, Schroder Ventures (Permira) and the buy-out group of Apax, as well as being a director of numerous public and private companies.

Henry Alexander Benson, Baron Benson GBE was a British accountant best known as a partner of Coopers & Lybrand, an advisor to the Bank of England, his work organising the accountancy profession as president of Institute of Chartered Accountants in England & Wales and for the part he played in various Royal Commissions.

Sir Kenneth Russell Cork GBE was a British accountant and insolvency expert, and the Lord Mayor of London from 1978–1979. He is best known for chairing a major review of UK insolvency law.

<span class="mw-page-title-main">FRP Advisory</span> British firm specialising in corporate restructuring

FRP Advisory is a business advisory firm based in the United Kingdom, providing restructuring, corporate finance, debt advisory, forensic accounting and financial advisory and is one of the UK’s largest specialists in the area of corporate restructuring.

Macfarlanes LLP is a London-based law firm.

<span class="mw-page-title-main">MNP LLP</span> Professional services firm in Canada

MNP is one of the largest full-service chartered professional accountancy and business advisory firms in Canada. MNP's head office is in Calgary, Alberta, and has offices from Vancouver Island to St. John's. MNP's 127 offices span across 10 out of 13 of the provinces and territories of Canada, as it does not have locations in Yukon, Northwest Territories, and Nunavut. With 8,000+ employees, MNP is the third largest professional service firms in Canada by headcount.

An accounting network or accounting association is a professional services network whose principal purpose is to provide members resources to assist the clients around the world and hence reduce the uncertainty by bringing together a greater number of resources to work on a problem. The networks and associations operate independently of the independent members. The largest accounting networks are known as the Big Four.

AlixPartners is a financial advisory and global consulting firm best known for its work in the turnaround space. Jay Alix founded what became AlixPartners LLP in 1981. The firm has advised on some of the largest Chapter 11 reorganizations including General Motors Co., Kmart, and Enron Corp. The firm has since moved into a more traditional consulting space, and grown to a staff of over 1000. AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. They were also involved in the Bernie Madoff scandal, identifying 13,000 investors affected by the scandal for the prosecuting team.

<span class="mw-page-title-main">Carey Olsen</span> Offshore magic circle law firm

Carey Olsen is an offshore law firm with offices in Bermuda, the British Virgin Islands, Cape Town, Cayman Islands, Guernsey, Jersey, London, Hong Kong and Singapore advising on Bermuda, British Virgin Islands, Cayman Islands, Guernsey and Jersey law.

<span class="mw-page-title-main">Baker Tilly International</span> Consulting and Public Accounting Firm

Baker Tilly International is a consulting and public accounting firm. It is currently the 9th largest accounting network in the world by revenue with 43,000 people in 700 offices across 141 territories with combined global revenues of US$5.2 billion. Baker Tilly operates geographically through four regions: Asia Pacific; Europe, Middle East and Africa; Latin America; and North America. Each region has a chair, appointed by the International Board, who leads an advisory council elected by members in that region.

Saffery is a firm of chartered accountants in the United Kingdom. It has nine offices across the UK as well as offshore. The firm acts for clients across a variety of sectors and provides accountancy, audit and assurance, personal and corporate tax, and corporate finance services.

Michael Donald McCartney Izza is the former CEO of the Institute of Chartered Accountants in England and Wales (ICAEW).

References

  1. "MJ Hudson partners with Cork Gully". Private Equity Wire. 14 June 2022. Retrieved 29 March 2023.
  2. 1 2 "History". Cork Gully LLP. Retrieved 29 March 2023.
  3. 1 2 3 "Sir Roger Cork". Daily Telegraph. 29 Oct 2002. Retrieved 26 March 2013.
  4. 1 2 3 "Cork Gully expands portfolio with asset management offering". Consultancy UK. 8 June 2023. Retrieved 29 June 2023.
  5. "Sir Roger Cork Lord Mayor". Worshipful Company of Bowyers. Archived from the original on 3 August 2012.
  6. "Profile – Michael Jordan of Cork Gully". Management Today. 1 Jan 1993. Archived from the original on 28 May 2012. Retrieved 3 August 2012.
  7. Stokdyk, John (31 March 1999). "Cork Gully axed". Accountancy Age. Retrieved 3 January 2012.
  8. Coopers & Lybrand Archived 2012-12-09 at archive.today Family Tree, ICAEW
  9. 1 2 Cork Gully re-established by great grandson, Accountancy Age, 11 November 2010
  10. "Company number 01852516". Companies House . Retrieved 2023-02-07.
  11. "Cork Gully returns today: Cork continues family heritage". Insolvency News. 22 November 2010. Archived from the original on 13 July 2011.
  12. Singh, Rachael (2 August 2010). "Smith & Williamson restructuring head Stephen Cork resigns". Accountancy Age. Retrieved 12 April 2013.
  13. "Cork Gully".
  14. 1 2 "Cork Gully launches asset management division". Investment Week. 8 June 2023. Retrieved 29 June 2023.
  15. "Cork Gully".