By Marcus Leach
Delia Smith and a new management team at Norwich City Football Club were celebrated as one of Britain’s turnaround success stories at a prestigious awards ceremony last (Wednesday) night.
The Institute for Turnaround’s (IFT) Annual Awards are presented to those who have struggled with financial or operational difficulty but have managed to turn their business around.
Norwich City Football Club were commended for their ability to turnaround a business that was saddled with debt, haemorrhaging cash due to poor financial management and the legacy of Premier League participation.
“Over the past two seasons, they have led an operational turnaround which has resulted in operational profitability, consistent performance and successive promotions back to the Premier League. At the same time, they have agreed a financial restructuring with their Lenders which will see all debt repaid within the next five years,” Paul Thompson, IFT awards panel chairman presented the award and said.
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