Lee Brocklehurst
Lee Brocklehurst is a Director at Quantuma
I started my career in the Civil Service with the Insolvency Service. As a trainee they put me through the ACCA qualification as it is a great introduction to understanding how businesses operate and the financial mechanisms that underpin those operations.
Whilst I enjoyed my time at the Insolvency Service, I realised what I really wanted to do was to help companies and individuals before they got to the point of compulsory liquidation or bankruptcy. The opportunity to turnaround businesses before they reached that point was what I wanted to do and so I joined a restructuring department of an accounting practice. I qualified as an Insolvency Practitioner. I currently work at Quantuma providing support for organisations and individuals overcome a range of operational and financial challenges.
Every day in the restructuring and insolvency sector is different because no two businesses are ever the same, many may operate in the same sector, doing the same thing, however each is different.It is because of this variety that I’ve stayed in the sector. Throughout my career my accounting qualification has been fundamental to helping assist those organisations.
The perception that an insolvency practitioner is only to be consulted when a business has no options left but liquidation is frustrating. It is human nature to put off a decision like that, but it would be great to get involved a lot earlier when the business initially recognises that there may be an issue because then I can really assist and add value to change the outcome.
The sooner advice is sought the more options there are for restructuring and reorganising and greater the chance of avoiding the worst-case scenario. Sometimes a stakeholder will suggest that a business seeks the support of a restructuring specialist, whether that is an accountant or bank. I very much rely on my trusted advisor relationships with other accountants and professionals who recognise that the advice provided to their client will be on all options that may be available to them.
Insolvency figures had been increasing through early and mid-2024, but during the later months of the year corporate insolvencies fell month on month and year on year. Businesses are operating in challenging times and are trying to manage their risks. It will be interesting to see the impact of the recent increases in NI contributions and minimum wage. As well as any further changes to the general business environment.
Other than that, I’m seeing the same challenges that most accounting practices are facing, around recruitment, development and retention of staff. Therefore, it’s critical that we seek to make the best use of AI and technology as it develops.
Any spare time I have right now is split between spending time with my family and being a trustee at the Ikon Gallery in Birmingham. Ikon is an educational charity for the promotion of visual art of international significance, playing a key role in the cultural life of the region. I wanted to do something outside of restructuring and insolvency with my accounting skills. I’m currently the Chair of Risk, so it’s very busy – particularly with the challenges and pressures being seen in the charity sector now. I think where they can, accountants should get involved with the charity sector because of the huge demand for accounting experience and the value that their experience can add.
I also act as a mentor at Birmingham City University – something that ACCA facilitated before it set up its own mentoring programme. The University wanted business professionals to get involved with their professional mentoring scheme and that has been really refreshing. I’ve been impressed at how hardworking and interested the students and graduates I have worked with are in the professional and accounting side of business.
Finally, I am a member of the ACCA’s Practice Sector Panel, I wanted to give something back to the Association that has supported me over the years and again I would encourage members to get involved.