Orbis Partners Win Advisory Team Of The Year

Orbis Partners were once again successful in the Midlands Dealmakers Awards, this time winning the award for Corporate Finance Team of the Year. The annual event attracts over 900 guests to the Hilton Metropole each year, with the awards being voted for by the Midlands Business Community. James Grenfell was also shortlisted for Corporate Finance Adviser of the Year as well as Dealmaker of the Year.

Orbis has advised on seemingly one rescue mission after another of ailing Midlands companies in the past year. The most public deals are the firm’s rescue of book chain The Works and Homebuy, the provider of sub-prime market loans, paid via pay-to-view television. Orbis, along with Endless, with whom it has a close working relationship, pulled both out of administration.

“With two such successful turnarounds I can see many more opportunities arising in an economic slowdown.”
James Grenfell, Partner

“The £25m acquisition of The Works from the administrator was my most challenging deal. We completed the acquisition in May, when even in a strong market the business historically made trading losses. The business also had an incomplete management team and I needed to demonstrate commitment by investing and joining the board. If we hadn’t bought the business 2,200 jobs would have been lost.
In the management buyout of Homebuy I advised, invested and joined the board. The sub-prime business failed in September 2006 with bank debts of £75m and we helped to lead and finance the deal against a back drop of the credit crunch and the collapse of the sub-prime market. The deal saved 500 jobs and allowed the business to re-establish its credibility making more than £3m profit in the first year.”
James Grenfell, Partner