A new award by R3 has recognised the work that restructuring, turnaround and insolvency professionals do, often behind the scenes, to rescue businesses and support the wider economy.
R3 has awarded PKF Francis Clark its inaugural Special Situations M&A Deal of the Year Award for the rescue and sale of Bristol Ambulance EMS (BAEMS) via a pre-pack administration to healthcare services provider EMED Group in May 2026.
BAEMS was facing severe financial distress and the potential disruption of critical NHS services when PKF Francis Clark’s team, led by Nick Harris and Lucinda Coleman, stepped in. Within a month, the team secured emergency funding and completed a going-concern sale, preserving around 315 jobs, protecting vital NHS services and safeguarding value for creditors.
Louise Durkan, Co-chair of R3’s Special Situations M&A Faculty and Partner at Deloitte, said:
‘Congratulations to Nick, Lucinda and the wider contributing team on delivering an exceptional transaction in extremely challenging circumstances. This was a standout nomination that demonstrated everything the R3 Special Situations M&A Faculty seeks to recognise: technical excellence, commercial acumen and a relentless focus on achieving the best outcome for stakeholders. On top of this, the deal made a notable impact on the Bristol community which relied on the service and that is worthy of acknowledgment.’
Nick Harris, Partner at PKF Francis Clark, said:
‘It is an honour to receive this award from R3. The success of the transaction was only possible because of the collaborative efforts of a wide range of stakeholders, including NHS trusts, funders, management, professional advisers and our team. Given the importance of the services provided by BAEMS, there was a shared determination to find a solution that protected jobs and maintained service continuity. We’re very proud of the outcome that was achieved.’
Lucinda Coleman, Partner at PKF Francis Clark, added:
‘The circumstances facing BAEMS were particularly challenging, but there was a clear opportunity to preserve value, jobs and vital ambulance services if action could be taken quickly. To see the business rescued, employees transferred and services continue without interruption was hugely rewarding. It is an added bonus to have that work recognised by R3.’
The remaining finalists in the Deal of the Year category were:
- PwC for Project Firestone and Project Zeus, involving the sale and restructuring of the Oakman Group.
- Alvarez & Marsal for the restructuring and rescue of The Fulham Shore Limited, owner of the Franco Manca and The Real Greek restaurant brands.
- Alvarez & Marsal for its complex multi-transaction restructuring of National Timber Group.
President’s and Young Professionals Awards
The R3 Awards winners also included Frances Coulson, who won the President’s Award for helping to shape policy, advance professional standards and inspire colleagues across the profession and Olivia Proudley, winner of the R3 Young Professionals Award in recognition of her outstanding technical expertise, professionalism and commitment to the profession.
R3 President, Sonia Jordan, commented:
‘Congratulations to our winners, shortlisted nominees and everyone who was nominated. The quality of nominations received this year was exceptionally high and reflects the expertise, professionalism and commitment within R3 membership and across the profession.
‘We look forward to celebrating our winners with the award presentations at the R3 Business Lunch on 2 October.’
The remaining finalists for the President’s Award were:
- Reuben Comiskey, Barrister, Radcliffe Chambers (nominated posthumously)
- Francesca Tackie, Director, Mercury Corporate Recovery Solutions Ltd
- Charles Turner, Partner and Head of Third Sector, Opus Business Advisory Group.
The remaining finalists for the Young Professionals Award were:
- Jessica Barker, Associate Director, Xeinadin Corporate Recovery Limited
- Nicole Davis, Associate, Edwin Coe.
