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PwC appointed new partner
November, 11th 2010

PwC has appointed Toby Underwood as a partner in its Northern business recovery services team.

For the past five years, Underwood has headed BDO business restructuring team in Leeds.

Underwood has more than 20 years' experience working with financially distressed corporates, primarily based in the North of England.

In 2000, he established Bank of Scotland's Northern high risk team giving him experience and perspective of both an adviser and stakeholder.

Underwood said: "I am delighted to be joining PwC. Its a great opportunity to join a well established team with a wealth of talent and opportunity to grow further.

"The recent reduction in insolvencies in the North reflects the expectation and hope that more favourable conditions will return and a viewpoint that alternative options to insolvency are being considered.

However, conditions will remain tough for the coming months and we are not out of the woods yet as we expect public sector cuts will hit the bottom line of many public sector suppliers.

"A modest increase in interest rates would also make a material difference to many struggling companies. All of these actual and potential macro changes need to be factored into company cashflow forecasts and scenario planning should be a key discipline. Obsession with cashflow and managing stakeholders and their information needs remains a vital management focus."

Steve Denison, Northern chairman at PwC, said: "I am delighted to welcome Toby to the North. He has a wealth of experience which will be invaluable to the continued growth of our business recovery team and I wish him all the best in his new role.

"We continue to invest in our resource in the North so we are best able to serve our growing client list. In the last 12 months we have appointed 20 new partners and directors, helping to grow our talent base and further underlining our commitment to Northern businesses.

"Over the next few months we intend to make a significant number of senior appointments and create new jobs across our businesses to enhance the services and value we offer to our clients, particularly in our public sector, consulting and financial services teams."

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