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Better bolsters restructuring expertise with PPF executive

Richard Favier, former head of restructuring at the UK’s Pension Protection Fund, will help the Jon Moulton-led firm deal with pension deficits at portfolio companies.

Turnaround specialist Better Capital has hired Richard Favier, the former head of restructuring and insolvencies at the Pension Protection Fund

Set up by the UK government in 2004, the PPF provides compensation to subscribers of defined benefit pension schemes when their employers go bust. Favier joined the institution upon its formation, and has since helped its levy payers recover around £1.5 billion.   

He will join Better Capital as a consultant, assisting the firm in restructuring portfolio companies weakened by pension deficits. He is to be replaced by Malcolm Weir, currently head of corporate insolvency at Barclays Corporate. 

Prior to joining the PPF, Favier advised the British government on UK and international insolvency laws, and represented the UK at the UN Insolvency Law Working Group. Previous roles have also included running the insolvency and recovery practice at an international accountancy. 

His appointment comes in the middle of a busy year for Better Capital. Last June, the firm announced its intention to issue new shares from its 2012 Cell, a London-listed vehicle that provides exposure to its £169.9 million Fund II, now two-thirds deployed. 

The news came a few months after the firm formed a €100 million joint venture with the National Pensions Reserve Fund, an Irish pension, and opened a Dublin office to source deals in the country. The firm also acquired City Link, a troubled courier company, from pest control group Rentokil Initial last April. 

Better Capital was created in 2009 by Jon Moulton after an explosive departure from Alchemy Partners, a buyout firm he co-founded in 1997. Moulton fell out with its former partners over their intention to move away from turnarounds in favour of financial services.