2026年英国企业转型与重组更新报告

UK Turnaround andRestructuring update June 2026 Welcome… …to the Summer 2026 edition of AlixPartners’ UKTurnaround and Restructuring Esben Christensen,Head of UK Turnaround and Restructuring Practice The effects of the Middle Eastconflict are now beginning tosurface through supply-chaindisruption and energydislocation; while some sectorsmay benefit in the short term,the longer-term picture pointsto intensifying pressure. As we reach the midpoint of 2026, our UKTurnaround & Restructuring practice is fullyengaged in the market – a reflection ofdistinctive bouts of disruption that show nosigns of easing. This local outlook is mirrored by significant activity in thefirm’s global footprint expansion. Since January, we havebeen operating from a new office in Sydney, Australia, whichyou can read more about in our interview with countryleader Peter Saville, who offers interesting perspectivesfrom APAC on the market conditions and opportunities wesee there. In addition, we recently welcomed Canadianfinancial and restructuring advisory firm KSV into theAlixPartners family following its acquisition in May, and ourU.S. Turnaround & Restructuring leaders also share theirperspectives on what this will mean for clients navigatingdistress on the other side of the Atlantic. MACRO PRESSURE BUILDS INTO H2 Looking ahead to the second half of 2026, I expect themarket to remain active and macroeconomic conditions toremain unsettled. The effects of the conflict in the MiddleEast are now beginning to surface through supply-chaindisruption and energy dislocation; while some sectors maybenefit in the short term, the longer-term picture points tointensifying pressure. A BUSY UK MARKET, AND BROADER REMIT Back in the UK, activity has accelerated sharply against thesame period in 2025. We remain involved in a number ofsizeable Chief Restructuring Officer (CRO) mandates,alongside more formal insolvency work. Technology is another area we continue to watch closely.Valuations remain elevated, yet the disconnect betweenexpectations and the ability to generate genuine economicprofit will, at some point, reassert itself as AI continues to bea major source of disruption for the sector. We explore thisin more depth in this edition, where our team examines AI’simpact on Software-as-a-Service (SaaS), and details thepriorities that have emerged for private equity sponsors,investors, lenders, and other financial stakeholders. Our recent involvement with BrewDog stands out: througha challenging administration, we worked to secure the bestpossible outcome, maintaining the brewery's coreoperations and finding a new custodian in Tilray Brands.In their first months of ownership, the new owners havealready demonstrated a real commitment to revitalisingthe business, launching new products and campaigns,and announcing several site expansions. Elsewhere, ourexperts continue to play an integral role at the heart of thecase involving collapsed mortgage provider MFS, as youmay have seen in ongoing media and court reporting. I hope you find this edition informative. Please do contactme or any of the wider team if you would like to discussthese topics in more detail. IN THIS EDITION: More broadly, we see an increasing number of situations inwhich AlixPartners is engaged as an independent advisor,sitting between creditors and debtors, facilitating outcomesfor transactions involving sponsors and unitranche, RCF,or private credit structures. These kinds of transactionsspeak to the breadth of our skill base that can serve bothconstituents well, given our long track record of handlingcomplex stakeholder management. •Global growth: Australia and Canada•AI disruption in European SaaS•Our thinking across Risk, Hospitality,European debt, and Australian wine… “A gateway for the firm into the widerAPAC region…” Australia Since opening our Australian office in mid-January this year, we have come outof the blocks fast. We now have a gateway for the firm into the wider APAC region, which strengthensAlixPartners’ ability to support clients seamlessly across time zones andjurisdictions. As a Commonwealth nation, there are also strong links between theUK and Australian markets through shared investors, lenders, corporates, andprivate equity sponsors. Our thesis for entering this market was the significant white space we couldcapitalise on, given the type of work we are well known for in other markets: senior-led operational restructuring, complex restructuring, and multijurisdictional workwith complex stakeholder groups. Peter SavilleAustralia CountryLeader We’ve seen that play out well already across performance advisory, risk, andrestructuring – and we expect that to continue. Of course, it will get harder ascompetitors double down, but the fundamentals are there for us to remain on anupward trajectory. We have already worked on three notable restructuring mandates. In fact, our firstengagement was with BrewDog, which had a small Australian subsidiary