Expert Spotlight: Meet Restructuring Expert Philp Dakin

Whether he’s steering the restructuring of Typhoo Tea or playing frontman for a local band (yes, you read that right), Phil’s ability to excel in multiple arenas is a testament to his versatile leadership. His passion for both business and personal interests, like football and cricket (although his son supports the wrong teams, Phil jokingly points out), has clearly fueled his success. As we look ahead to 2025, Phil’s ability to blend market insights with a human touch ensures he’ll continue making waves in the restructuring world.

Turning Market Trends into Opportunities

Phil is closely monitoring key trends that will shape the restructuring landscape in 2025. Rising interest rates continue to pose significant challenges, particularly for businesses managing tight margins. “Higher interest rates translate to a potential increase in debt service costs for companies looking to refinance in 2025, which puts pressure on those already struggling,” Phil explains. This underscores the need for restructuring professionals to remain agile and responsive to evolving client needs.

Recent budget changes, especially those affecting National Insurance contributions, are set to impact businesses, particularly in sectors with large workforces. “The implications of the budget will be felt across many industries,” Phil notes. “We need to be proactive in identifying solutions that help businesses navigate these challenges effectively.”

Phil also highlights the growing importance of environmental, social and governance factors in restructuring. “Clients are more aware than ever of the need to incorporate sustainable practices, and this will be a major part of our strategy moving forward,” he says. Additionally, Phil is keen to leverage technology to enhance client solutions. “Digital transformation is more than just a buzzword. By embracing technology, we can provide deeper insights and more efficient solutions,” he notes. This forward-thinking approach ensures that Kroll remains at the forefront of the restructuring industry, ready to turn market challenges into new opportunities.

A Collaborative Culture

When Phil joined Kroll in 2016, he was immediately impressed by the firm’s supportive culture. Senior leaders are deeply involved in day-to-day operations, fostering a growth-oriented environment. “Kroll’s culture is something truly unique. The collaborative approach and the involvement of senior leaders create an environment where growth and opportunity thrive,” Phil shares.

Over the years, Kroll has expanded both in size and expertise, and this can be seen globally with the establishment of a leading presence in major business centres, including the recent acquisition of a new team in Amsterdam. Despite this growth, the firm has remained focused on delivering top-quality service. Phil is especially proud of the strong client relationships Kroll has built, grounded in trust, transparency and actionable insights. “Our clients know they can rely on us not just for advice, but for practical solutions that drive their businesses forward,” he adds.

Phil’s Journey in Restructuring

Phil’s formative years started at KPMG, where he undertook a wide spectrum of restructuring and transformation engagements. These early experiences taught him the intricacies of managing large-scale restructurings. “The complexities of restructuring were eye-opening. You really see the importance of sound strategies and clear communication during times of crisis,” Phil reflects.

Before Kroll, Phil worked at a distressed private equity firm, where he was involved in high-stakes transactions, including acquisitions of major industrial assets. Collectively, these roles have allowed him to develop a holistic understanding of restructuring, from financial modeling to the interpersonal elements of managing stakeholder relationships. “Each role brought new challenges and insights, all of which shaped how I approach my work today. My time as an investor and secondment at a lender really helped me understand what our clients need at each stage of the restructuring and turnaround life cycle,” he notes.

An Award-Winning Turnaround

One of Phil’s most significant achievements was leading the award-winning turnaround of OFP Timber Frame. Faced with rising timber costs and fixed contract prices, Phil’s team conducted a comprehensive business review, refinanced the company’s debt and provided strategic support to help it navigate the challenges. The turnaround ultimately resulted in the sale of the business to a private house builder attracted by OFP’s strong ESG credentials and growth potential, showcasing Phil’s strategic acumen.

“The success of the OFP Timber Frame deal wasn’t just about helping a company overcome challenges; it was about demonstrating that our hands-on, managing-director-led approach works and sets us apart from our peers,” Phil reflects. This win, which earned the IFT SME Turnaround of the Year award, solidified Phil’s reputation as a leader in the field.

A Personal Touch

While Phil’s professional achievements are impressive, his personal life offers a refreshing balance. He is deeply committed to his family and enjoys spending time with his son, Finn, particularly through their shared passion for football. “He supports the better team, of course,” Phil laughs. This connection to family and his working-class background keeps him grounded and fuels his motivation both at home and in the office. In his younger years, Phil was also the frontman of a band, which produced its own album in the 1990s. Though his music career has taken a back seat to his professional one, he still enjoys the occasional musical involvement when time allows.

As 2025 unfolds, Phil’s focus on finding market opportunities, fostering strong relationships, and maintaining a balance between work and personal life sets the stage for continued success and growth. With his expertise and commitment to both professional excellence and personal values, Phil Dakin is ready for another year of standout achievements in restructuring.