Restructuring advisory in Frankfurt
Turnaround Management Partners (TMP) is also active as a restructuring advisor in the Frankfurt area and advises local companies in times of crisis. The restructuring boutique consists of experienced ex-Big 4 restructuring advisors with decades of experience and expertise in advising and managing companies in crisis situations. The advisory team provides turnaround management services.
Frankfurt am Main, the most populous city in Hesse, is an international financial center, an important industrial, service and trade fair center and is one of the world’s economic capitals. Frankfurt is the financial center of Germany and is also highly regarded internationally in the field of financial and advisory services (including restructuring advisory).
In addition to numerous DAX companies, other German companies have settled in the Rhine-Main region. Over the last 50 years, this has resulted in a high density of companies, which places high demands on the efficiency and effectiveness of the companies. High demands are placed on the management and daily improvements to processes and procedures are required. Some of these companies are no longer able to cope with the competitive demands and are forced to seek restructuring advice. The majority of restructuring advisors are based in Frankfurt am Main, one of the most attractive locations for advisory boutiques with a restructuring and reorganization focus, as well as turnaround management expertise.
Hesse and the Rhine-Main region in particular play a major role in the German economy. As an important and central business location, the metropolitan region around Frankfurt am Main is one of the most important reasons for this. More than 120,000 companies have settled in and around the city, benefiting from the good infrastructure and the more than 5.8 million inhabitants of the Rhine-Main region. With an annual transport volume of around 2,000,000 tons of air freight, Frankfurt/Main International Airport (FRA) is the largest in Europe and offers businesses the opportunity to fly directly to over 300 national and international destinations.
Frankfurt is also interesting for international companies. A total of 178 nations are represented in the city and more than 50 percent of Frankfurters have a migration background. The special location and the multicultural orientation make the city interesting for many highly qualified workers due to the large cultural offer. For example, around 30% of lecturers at Goethe University come from abroad. This benefits industry and commerce and the high number of new (financial) start-ups. Among the many companies, there are some that are dependent on the help of turnaround management advisors, as well as help with restructuring and reorganization.
Changing market conditions and geopolitical developments are also affecting the sectors based in Frankfurt (e.g. finance, insurance, life sciences, logistics, technology and construction). These economic challenges require many companies to restructure their business models, processes and finances. Restructuring aims to improve a company’s competitiveness and future viability by adapting to changing market conditions, reducing costs, increasing efficiency and promoting innovation. Successful restructuring requires a clear strategy, professional implementation and close coordination with stakeholders such as customers, suppliers, employees and creditors. Frankfurt offers a number of advantages for companies seeking to restructure. The city has a highly attractive location, a qualified workforce, a strong research and development landscape and a diverse industry structure. In addition, there are numerous restructuring advisors in Frankfurt that specialize in turnaround management and can support companies in the planning and implementation of change processes.
Insolvencies in Frankfurt
The number of insolvencies in Frankfurt is an indicator of the city’s economic situation and provides information about the need for restructuring in Frankfurt and the surrounding area.
In the federal state of Hesse, a total of 1,203 insolvency applications were filed in 2022. Of these, 754 insolvency proceedings were opened, while 449 applications were rejected due to insufficient assets. This means that in a relatively high number of cases (around 37%), the company’s available assets were insufficient to cover the costs of the insolvency proceedings. As a result, the insolvency court was unable to open proceedings, and the application was rejected on the grounds of “insufficient assets.”
More than half of all corporate insolvencies were recorded in the construction industry (247 cases), wholesale and retail trade including vehicle maintenance and repair (206 cases), and other business services (158 cases), the latter category including, among others, security services and building cleaning.
When comparing the number of insolvency applications in Hesse with the number of active companies, the data shows that 47 out of every 10,000 companies filed for insolvency in 2022 — a figure known in insolvency statistics as the insolvency frequency. This places Hesse at the lower end of the insolvency frequency range among the German federal states.
The number of corporate insolvencies in Frankfurt am Main amounted to 269, accounting for 22% of all corporate insolvencies in Hesse. Most of these insolvencies in Frankfurt were recorded in other business services (48 cases), wholesale and retail trade including vehicle maintenance and repair (40 cases), and the construction sector (32 cases).
Frankfurt corporate insolvencies in 2022 – annual total – regional depth: districts and cities in crisis
Reliable and comprehensive databases on restructurings and companies in crisis in Frankfurt are not publicly available. Crisis situations are usually kept secret from the public for as long as possible so as not to have a negative impact on business and thus unintentionally exacerbate the crisis. Terminations of high performers, prepayment of suppliers and churning customers are just some of the negative effects of unintentional (or poor) communication during a corporate crisis. For this reason, turnaround management advisors pay close attention to the confidential treatment of sensitive information and are well prepared when it comes to crisis communication.
Restructuringadvisors in Frankfurt
After Munich, Frankfurt is home to the largest number of TMA members, which underlines the city’s importance within the restructuring industry. TMA Germany was founded in 2006. The association is based on the guidelines of the TMA Turnaround Management Association from Chicago, USA and is one of the largest associations of advisory firms active in the field of corporate restructuring and reorganization of companies
| Cities | TMA members | Anteil |
| Munich | 92 | 23% |
| Frankfurt am Main | 84 | 21% |
| Düsseldorf | 41 | 10% |
| Hamburg | 41 | 10% |
| Berlin | 29 | 7% |
| Stuttgart | 14 | 4% |
| Cologne | 11 | 3% |
| Ca 50 other cities | 85 | 21% |
| Total | 397 | 100% |
In addition to the restructuring advisors at Turnaround Management Partners, numerous other well-known restructuring advisors are active in Frankfurt. This includes both pure reorganization and restructuring advisors (e.g. FTI-Andersch) as well as auditing firms with a restructuring department (e.g. KPMG Advisory) or traditional management advisors with a restructuring department (e.g. Oliver Wyman).
| List of restructuringadvisors Frankfurt |
Location Frankfurt |
| Turnaround Management Partners | Yes |
| Alvarez & Marsal | Yes |
| BCG – The Boston advisory Group | Yes |
| FTI-Andersch | Yes |
| Roland Berger | Yes |
| Accenture | Yes |
| advyce | Yes |
| Bain & Company | Yes |
| Deloitte advisory | Yes |
| Ebner Stolz | Yes |
| enomyc | Yes |
| EY | Yes |
| FalkenSteg | Yes |
| Horváth | Yes |
| Kearney | Yes |
| KPMG Advisory | Yes |
| McKinsey & Company | Yes |
| Oliver Wyman | Yes |
| PricewaterhouseCoopers (PwC) | Yes |
| Strategy& | Yes |
The above list of restructuringadvisors in Frankfurt is not exhaustive. The list is based on analyses by Brandeins from 2022 and Turnaround Management Partners’ own research. Locations that are not Frankfurt were not included in the list of restructuring advisors. Legal advisors and law firms were not included in the analysis. The order of the list is arbitrary.
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Restructuringadvisors in Frankfurt
After Munich, Frankfurt is home to the largest number of TMA members, which underlines the city’s importance within the restructuring industry. TMA Germany was founded in 2006. The association is based on the guidelines of the TMA Turnaround Management Association from Chicago, USA and is one of the largest associations of advisory firms active in the field of corporate restructuring and reorganization of companies
Frankfurt has earned a reputation for crisis resilience and robustness thanks to its diverse industry landscape. However, its dependence on the financial sector and the situation of the surrounding mid-sized companies in the region make it clear that there is no permanent immunity to crises. As a result, the demand for specialised restructuring and turnaround expertise, as well as insolvency experience, remains consistently high in Frankfurt.
The Restructuring Cities Guide by Turnaround Management Partners sheds light on the situation of reorganization and restructuring advisors in Germany based on the largest cities in the Federal Republic.
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