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Duncan Calverley

Managing Director


Duncan has 25 years’ professional experience in complex domestic and overseas transformation,  turnaround and restructuring assignments, working both with or as management for a diverse range of stakeholders in public and private sector organisations requiring rapid and substantial change.

He has led numerous operational and financial restructuring, business planning and turnaround projects together with contingency planning assignments in a wide range of sectors.

Duncan is a Chartered Accountant and a member of the Institute for Turnaround.  Prior to joining THM he worked for KPMG, AlixPartners and EY.


  • Leading development and execution of lease restructurings, equity raises and debt restructurings of multiple UK and international retailers.
  • Leading development and implementation of UK’s largest and most complex Company Voluntary Arrangement and allied £1 billion financial restructuring of UK hotel operator.
  • Advising multiple NHS Foundation Trusts facing substantial funding deficits on rapid cost reduction and turnaround.
  • Advising Ministry of Justice and Cabinet Office on the externalisation of HMCTS Compliance and Enforcement Services, transferring c2,000 people and £2 billion of debts to the private sector under an innovative payment by results mechanism.
  • Leading rightsizing of UK’s second largest payday lender.
  • Leading business planning and restructuring for distressed £400 million footwear distributor, £1 billion waste management group, European operations of $3 billion global publisher, €2 billion consumer electronics group, major Gulf construction contractor, Thai construction business.
  • Leading European cash management for a global auto-parts maker in Chapter 11.
  • £1 billion tour operator and airline plan review and restructuring culminating in £800 million debt for equity swap.
  • £1 billion pre-packaged pan-European telecoms restructuring followed by complex and successful litigation.
  • Secondments to GE Capital, where he led key internal change projects, and RBS Specialised Lending, where he ran a portfolio of distressed sole bank and syndicated positions.