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KPMG places restructuring arm up for sale

KPMG is reportedly exploring the sale of its restructuring arm and is holding talks with private equity firms. 

According to the Financial Times, the ‘Big Four’ accountancy firm has already spoken to potential purchasers, with one source close to the unit revealing the firm has hired Melanie Richards, ex- deputy chair of KPMG to lead the sale process.

KPMG’s restructuring unit currently employs 22 partners and 475 staff and last year advised companies at Thomas Cook and Intu Properties.

The news comes as KPMG faces a possible £250m for its involvement as auditor of Carillion at the time of its collapse

KPMG told FT: “We can confirm we are exploring options for our restructuring business. However, we have made no decisions over any eventual outcomes at this stage and will not comment further at this time.”

The news follows an announcement made last month by Deloitte that it planned to sell its restructuring business, however reports revealed that these plans were quickly “vetoed”  by the businesses parent company as the move could have had adverse effects on the rest of the firm. 

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