Q & A with Dan Booth, CEO of Leonard Curtis

1. Can you please introduce yourself and give us a quick overview of Leonard Curtis?

Dan Booth has over 25 years’ experience in providing effective solutions to businesses and individuals in distress, trusted by the accountancy profession and other financial advisers, banks and lenders. An expert in the field, Dan is a go-to adviser in the turnaround and restructuring sector, who manages stakeholder risk to deliver positive outcomes and realise commercial opportunities.

He is CEO of Leonard Curtis, the largest privately-owned professional services provider of restructuring and insolvency, funding and legal solutions in the UK and Channel Islands.

Dan leads a fast-growing 250-strong team and 21-office network – operating across multiple sectors on rescue and recovery planning with an important local and national perspective.

In 2021, Leonard Curtis secured a private £15m investment from family office Arete, in partnership with SVELLA, which valued the company at £40m and has given the firm the firepower to strengthen its position in the market. Under a strong leadership team the firm topped the Business Insider SME 300 for growth in 2021 and he featured in the Professional Power List.

The Leonard Curtis Group has recently announced ambitious growth plans to double turnover to £50m in the next three years.

1. Why have insolvencies been artificially low in the past 18 months? Are they coming back?

There are 2 main reasons why UK insolvency numbers have been low over the past 18 months.

1. A moratorium over enforcement action, meaning directors have not needed to take restructuring advice because creditor enforcement was prohibited
2. Understandably, support for businesses via furlough, bounce back loans, CBILs etc. have brought liquidity into the market

Certain types of insolvency process eg. CVLs are starting to return to pre-pandemic levels. Other pressures in the UK economy including inflation, interest rates, supply chain issues, energy costs are getting worse and harder for business owners to navigate.

We anticipate a sustained increase in demand for our services over the coming months and into 2023 as businesses adjust to a new normal.

1. We know you have built a business on strong relationships between professional advisers – how does this impact positively on a business recovery strategy for a business owner?

Trust. I like to think that people get what they originally see. We’re professional with integrity. Our approach doesn’t change from when you first meet us, and onwards through a client journey.

1. You have recently revealed ambitious plans to double turnover to £50m. How do you plan to do it and what advice would you have for SMEs embarking on a similar growth journey?

We try to operate around the three key principles of confidence, commitment and consistency.

Whatever you’re trying to do, double turnover or even triple it, you have to buy in and ‘own it’.

It is important to be open minded and recognise that things change (Covid taught us that) -surround yourself with good people you like and trust and who believe in the same vision.

Don’t be put off – be determined – never give up at the first sign of difficulty. Sometimes it’s very hard not to but if you give up, you’re done. When you think something is easy, it’s often a bigger threat than when you find it difficult. So, if you get knocked down seven times, make sure you get up eight.

There are times when everyone questions whether they’re up to the job and are unsure whether what they’re doing is right. I know I do, more often that you would think. It’s understandable. We’re all doing new things, seeding exciting ventures, pushing boundaries and developing our businesses, each of which is different.

It’s therefore important to keep things simple and straightforward. More often than not, gut instinct will show you the way forward. Never stop believing, don’t give up, passion and persistence will get you there.

1. You have pioneered multi-disciplinary problem solving for SMEs – what are the advantages of offering legal and funding advice as well as restructuring to firms in crisis?

It provides an inclusive solution amongst the transformation options. Offers easy access to experts in legal and funding and provides a team of specialists – who know each other and are used to working together. Everyone collaborating to achieve a common goal.

1. What would you say to young practitioners looking to make a career in turnaround advisory?

The most important thing you can do is listen. Look for the positives and accept that others around you may have better answers than you. Apply the 3 Cs!

Be yourself. The best advice I would offer is simply to be straightforward, honest and agreeable to work with. This has been instilled in me throughout my life and I believe are excellent principles to work to.

1. What was the best piece of business advice you have ever had?

You don’t need to be ruthless to do well in business and achieve your goals. You may find or feel that you have to work a little harder, but it is absolutely possible to be nice and successful. You’ve got to be able to look people in the eye and put your head down on the pillow to sleep at night.

I, and we as a business, don’t want to be remembered as someone who didn’t work in the best interests of their clients – even if that is to the detriment of our commercial position from time to time. You know yourself when something is not quite right. It just doesn’t sit well.

Be fair – my father has always encouraged me to “leave something in for the next person” as if you don’t, no one will leave anything for you. Establish a reputation of being honourable – you only get a bad name once. Reputation, credibility and what you stand for is the most important consideration.