Firm turned down offer for business
Restructuring specialist Nimmo takes UK post at KPMG
Blair Nimmo, one of the best known accountants and recovery specialists in Scotland, has been appointed UK Head of Restructuring at KPMG with immediate effect. Mr Nimmo succeeds Mark Firmin, who is leaving the firm.
Simon Collins, UK Chairman, said the firm had recently turned down an offer for the division which it regards as a core practice and believes it can prosper under new leadership.
“Blair Nimmo has a great reputation in the market place.
“Unsurprisingly, in uncertain economic conditions, restructuring businesses are attractive prospects to trade and private equity buyers and we have already seen deal activity in the sector.
“We have recently received an offer for our own restructuring practice but have declined this offer as the business is an integral and profitable component of our multi-disciplinary firm.
“I have great confidence in Blair Nimmo’s ability to lead the business to continuing, and greater, success.”
Mr Nimmo said: “KPMG has a strong reputation for delivering innovative approaches to complex restructuring problems, such as pioneering the use of company voluntary arrangements and taking the first appointment of the special administration regime introduced for insolvent financial institutions.
“As an integrated part of a ‘Big Four’ accountancy firm, we also benefit from the skills and knowledge of our colleagues in professional disciplines such as audit and industry sectors such as financial services.
“The UK economy has been relatively strong in recent years, with suppressed insolvency appointments as a result. However, our business has performed well, securing appointments such as Alpari last year, and is in a good position for the future.”
KPMG UK’s restructuring practice has been involved in some of the most high profile current and historic restructuring cases such as MF Global, JJB, Peacock’s and Dubai World. Mr Nimmo has worked on insolvency appointments such as Scottish Coal, Ferguson Shipbuilders and Dunfermline Building Society
The practice has 31 partners and 550 restructuring professionals. It generated more than £100m in revenues last year.