Ben Tatham

Managing Director
18+ years of experience working with management teams to identify, plan and implement performance improvement opportunities
Specialist in Working Capital & Cash Optimisation, and Transformation / Turnaround Planning
Worked with clients across a range of industries, including retail, FMCG, oil & gas, healthcare and telecommunications
London
@alvarezmarsal
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Ben Tatham is a Managing Director with Alvarez & Marsal’s Corporate Transformation Services team in London.

He brings 18+ years of experience working with management teams to identify, plan and implement performance improvement opportunities – including both P&L and/or balance sheet focus. His primary areas of specialism are Working Capital & Cash Optimisation, Transformation / Turnaround Planning, Operational Governance and Operational Due Diligence. Mr. Tatham has worked with clients across a range of industries, including retail, FMCG, oil & gas, healthcare and telecommunications.

Recent selected projects that Mr. Tatham has led include:

Working capital optimisation projects for UK retailers (including a major grocer, two grocery wholesalers, a large department store chain, and a number women’s fashion brands). Projects have included detailed analysis of underlying transactional performance, peer benchmarking, development of implementation plans, and establishing an appropriate ‘cash culture’.

In the aftermath of the ‘Macondo Crisis’, he was engaged by BP’s Group treasury team to assess the liquidity controls within the Business as well as challenging and recommending changes to their Financial Framework. The work resulted in fundamental changes to central Treasury controls and a re-prioritisation of shareholder liquidity commitment. This led to wider review of working capital in BP’s downstream business over a two year period. Ben led working capital assessments for a number of refineries across Europe and the US, identifying and planning cash opportunities in excess of $1 billion.

Working for a $10 billion asset portfolio in Abu Dhabi, he led a team that overhauled the portfolio’s operational governance framework, establishing an effective control environment. Working within the context of a complex and challenging stakeholder environment the resulting framework was the basis for the establishment of a new holding company, the disposal of non-core assets, the revaluation of the remaining portfolio and ultimately targeted turnaround interventions.

Restructuring Officer for a luxury motor yacht manufacturer. Ben led the development of a three year turnaround plan (including a robust medium term cash forecast and cost saving initiatives) which formed the basis for the successful sale of the business.

Prior to joining A&M, Mr. Tatham spent almost 18 years with KPMG in London, where he was a Partner in their UK Restructuring business.  He was one of the founding members of their Turnaround, Transformation and Liquidity team, with a primary role in defining and developing their working capital methodology.

Mr. Tatham earned a bachelor’s degree from Durham University. He is a Chartered Accountant (a fellow of the ICAEW) and has an Executive MBA from Edinburgh University / Ecole Nationale de Ponts et Chaussees.

 

Insights By This Professional

A huge increase in working capital investment is approaching the automotive industry owing to issues securing semi-conductors. COVID-19 led to intermittent production downtime and impacted 2020 sales heavily, with auto companies squeezing working capital balances to support additional liquidity to survive the pandemic. As consumer demand for vehicles resumes, OEMs and Tier 1 & 2 suppliers are struggling to secure supply of semi-conductors – a crucial component in modern vehicles.
Shifting attitudes towards inventory and supply chains have significant implications for working capital management. “Broadly, companies relying on just-in-time supply chains and highly lean inventories have suffered most through the pandemic’s disruptions”, says Cody Chenault, Managing Director at Alvarez & Marsal (A&M).
What Forward-Thinking Steps Should Companies be Taking Now to See Greater Working Capital Returns in the Future?  
As businesses Pivot to RecoveryTM, a new set of liquidity risks will come into play as operations re-start. As lockdown measures are relaxed across geographies, attention will shift to recovery. It is essential that boards and management teams maintain visibility of liquidity as they develop recovery plans.
Latest insights The latest insights from Ben Tatham's team
Thought Leadership
We are pleased to share the inaugural Alvarez & Marsal Distress Alert Southeast Asia report, a significant milestone in our effort to generate insights into the region’s distress market.
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