Big Four change
Key role for Nimmo in KPMG turnaround spin-off
Blair Nimmo: ‘enormous potential’
KPMG has offloaded its restructuring arm in response to calls for a separation of operations at the big accountancy firms.
The unit will be spun off as Interpath Advisory, which KPMG said will become the largest independent restructuring and turnaround business in the UK.
Its 22 partners and about 528 staff will move to the new entity, which is backed by private equity firm HIG Europe.
Scotland-based Blair Nimmo, one of the partners at the restructuring practice who will help lead Interpath Advisory, said the deal offers “enormous potential for growth”.
“With over 500 people based across the full breadth of the UK, Interpath Advisory will become the largest independent restructuring and turnaround business in the country,” he said.
“From the strong foundations that we’ve built over the past 50 years, we’re looking forward to building a market-leading international advisory business that is capable of servicing the largest and most complex engagements.”
Neither party revealed the size of the translation, although Sky News reported that it was about £400 million.
KPMG said that running the unit is complex as other wings of the business have relationships with almost every large and medium-sized company in the UK.
In a statement it said: “With this situation only anticipated to intensify in the future, and with such developments likely limiting the growth of the firm’s restructuring business, the decision to commence a sale process was taken last autumn.”
KPMG’s interim chief executive, Mary O’Connor, said the agreement “will allow us to accelerate investment in our core services, enabling us to take advantage of the significant market opportunities that lie ahead”.