The sale, which the paper estimated at between £350m and £400m, is expected to be completed today (Tuesday 4 May 2021).
The news follows an announcement made in March 2021 which confirmed that KPMG had signed an unconditional agreement to sell its UK restructuring practice to Interpath Advisory, a newly-formed company backed by H.I.G. Europe and its current restructuring partners.
Around 538 staff and 22 partners currently employed in the restructuring arm would transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the UK.
Interpath Advisory will be led by Blair Nimmo, Will Wright and Mark Raddan, who have also led the transaction as three of the senior partners in KPMG’s UK restructuring practice.
Nimmo told the paper of his ambitious plans to double the company in size “in the next three to five years”.
He said: “My gut feeling is that the first two or three months will be [about] settling the business down out of KPMG and then we will crack on and pursue that growth.
Any expansion was likely to involve a mixture of hiring individuals and teams from other firms as well as buyouts, which could deliver growth more quickly, he added.