Key lessons on leadership, value creation and resilience from our session with Garry Wilson.
On 25 November we hosted the first in our new client event series: informal fireside chats with some of the most engaging and experienced experts in private markets, in conversation with Connection Capital Co-Founder & Managing Partner, Claire Madden.
Our inaugural guest was Garry Wilson, Co-Founder and Chair of turnaround specialist Endless, former Chair of the BVCA, and one of the UK’s most respected voices on restructuring, investing and the health of the private equity industry.
Here are five takeaways from his session.
1. Turnaround investing is misunderstood – and often lower risk than many assume
Garry emphasised that true turnaround investing begins with protecting the downside, not chasing dramatic headlines. Endless focuses on asset-backed situations, mispriced complexity and businesses burdened by leadership issues rather than structural decline.
When it works, it can deliver double-digit return multiples — as Endless has done on numerous occasions — while preserving or saving sizeable UK workforces. But the underlying mindset remains disciplined, conservative and cash-first.
2. Good leadership is the difference-maker — and often the first thing that has to change
Garry’s view is simple: underperformance is usually a leadership issue.
He looks for management teams who are focused on employees, customers and suppliers — not those who begin by asking, “what’s in it for me?”.
Turnaround work involves difficult calls, but treating people fairly throughout the process is essential for reputation, relationships and long-term success.
3. Endless wins because it can move faster, with more certainty, than anyone else
A defining characteristic of Endless is the ability to operate on accelerated timetables: they do their own financial due diligence, allowing them to commit when others need months.
Speed, clarity and certainty of execution have repeatedly been the deciding factors behind some of their most successful acquisitions.
4. The private equity industry has undersold its contribution to the UK economy
As BVCA Chair, Garry encountered how limited Westminster’s understanding of private equity had been. Once policymakers heard genuine case studies — job creation, business rescue, university endowment beneficiaries, regional economic impact — perceptions changed quickly.
His argument: the industry must tell its story better. The value is there; it just hasn’t been communicated.
5. Britain risks becoming a tougher environment for businesses to grow and invest
Garry spoke candidly about rising employment costs, high interest rates, regulatory uncertainty and the strain being felt in parts of the private credit market.
His concern is that the UK risks slipping into a more challenging, less competitive environment unless government takes clearer, more decisive steps on growth. He urged for a more consistent policy framework that allows businesses to plan, invest and hire with confidence.