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Best International Turnaround 2010 Award

A client of Barclays Corporate, Avon Rubber PLC, has beat off high profile competition to win the International Turnaround of 2010 from the Institute for Turnaround.

Avon was a loss making manufacturer with many diverse business areas that lacked focus and direction. The business entered into Barclays Business Support as its financial viability declined and a new management team was brought in. With new management and the support of the bank, Avon was successfully transformed into an innovative customer and technology led Group. Avon Rubber was nominated by Barclays Business Support in recognition of what the company had achieved.

Barclays Business Support, a dedicated team of experienced bankers focused on turnaround and financial restructuring, has directly contributed to the survival of a large number of businesses since it was founded in the early 1990s. Over 80% of viable companies identified for turnaround that enter Business Support are successful restored to corporate health.

Graham Rusling, Head of Barclays Business Support said,

“Failure of a business is the worst outcome for the company itself, the employees and the local community, and the worst thing for the bank. That is why we have such skilled turnaround experts to help clients through with advice and of course finance. We’re delighted that our client has been recognised with this award.”

Peter Slabbert, Chief Executive of Avon Rubber PLC,

“Through these difficult economic times Avon has transformed as a business and now holds leading positions in our Protection & Defence and Dairy businesses global. This was done by retaining the best of our heritage, and through the commitment and motivation of our talented people. Our investment in excellence in R&D and excellent manufacturing processes as well as building up our brand names and product delivery infrastructure have all helped strengthen the business. We’re delighted that this transformation has been recognised as best international turnaround in 2010.”

Chris Jones, Relationship Director at Barclays Corporate said,

“Barclays Corporate have backed Avon Rubber for more than 25 years and we’re delighted that we’ve been able to help it through this difficult time. Avon is a world leader in its market and we look forward to continuing our close relationship to help it growing in existing markets and exploit new opportunities globally.”

Avon was selected by the expert judges as the most impressive international turnaround. Previous winners of the award include Wilkinson Sword, Wm Morrison Group plc and Arcadia Group. Further details can be found www.instituteforturnaround.com.