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Today’s news in brief – 11/1/2024

Dave Dunckley, CEO of Grant Thornton UK, will step down after five successful years. Malcolm Gomersall, COO, will oversee daily operations during the CEO selection process. Dunckley’s decision, made over Christmas, reflects the firm’s strong position and follows a high-performing year, reporting a 12% revenue growth to £610m and a 5% profit increase to £121m in 2022. Dunckley, remaining a partner until March, leaves the firm well-prepared for new leadership. Imogen Joss, Grant Thornton Partnership Governance board chair, expresses gratitude, and Gomersall acknowledges Dunckley’s leadership in achieving financial success and market-leading audit quality.

Tyrone Courtman, RSM UK restructuring partner, has assumed the role of Turnaround Management Association’s (TMA) European president for two years, effective January 1, 2024. With a history of active involvement since TMA’s UK inception in 2001, Courtman served as UK President from 2008 to 2010 and recently co-chaired TMA Europe’s Conference and Sponsorship Committee. His priorities include hosting the second TMA Global Symposium in London in June 2024 and expanding networking and education offerings for membership groups. Courtman aims to make a positive impact on business outcomes amid global economic uncertainty.

London’s stock market witnessed a record low with only 23 issuers listing in 2023, a 49% decline from 2022, marking the quietest year since 2010, according to EY data. The total raised was £953.7m, down 40% from 2022. No IPOs occurred in Q4 2023 on the main market or AIM due to various challenges, including rising inflation, interest rates, and geopolitical tensions. While global IPO volumes fell 8% in 2023, technology IPOs led in proceeds, raising $32.2bn. EY suggests the FCA’s proposed revisions to simplify the UK listing regime might boost market activity.

Gerald Edelman’s Corporate Finance team has advised Medical Imaging Systems Limited (MIS) shareholders on its investment from H2 Equity Partners. MIS, a medical equipment distributor in the UK and the Republic of Ireland, specialises in diagnostic imaging equipment. The shareholders, including existing ones, will continue leading the business. The deal, guided by Gerald Edelman and legally advised by Fladgate LLP, positions MIS for future growth. The partnership ensures a successful transaction, and Gerald Edelman expresses confidence in MIS’s continued success under H2’s guidance, emphasising the importance of finding the right partner.

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