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Interpath has reported a 26.6% increase in revenues to £198.1m in the year to 28 March 2025, as the UK-headquartered advisory firm stepped up its international expansion and broadened its service offering.
Adjusted EBITDA also increased by 36% to £58.6m, while underlying operating profit rose 50% to £35.4m.
The firm said growth was driven by a sharp rise in European revenues, which increased 43.1% year on year, alongside an 82% increase in advisory-led fees. UK revenues also rose strongly, up 24.5% to £148.8m.
A key focus during the year was expansion into continental Europe. Interpath entered France and Algeria through the acquisition of KPMG’s French restructuring business and the launch of offices in Paris, Lyon and Algiers, creating a combined team of around 200 people across restructuring, deal advisory and value creation.
In January 2025, the firm acquired purchasing and supply chain consultancy Kerkhoff, which has offices in Düsseldorf and Vienna, leading to the creation of a global procurement and supply chain centre of excellence.
Since the end of the financial year, Interpath has launched operations in Frankfurt, Munich and Berlin, expanded into Spain with teams in Madrid, Barcelona and Valencia, and established restructuring capabilities in Hong Kong.
The firm now employs more than 1,000 people, including 110 managing directors, across 30 locations in 11 countries.
Additionally, restructuring remained a core contributor to performance, with global restructuring revenues reaching £122.8m during the year.
The firm worked on a number of high-profile UK mandates, including the administrations of Claire’s Accessories, Seraphine, Technicolor UK and Brighton i360, and advised on Original Factory Shop’s company voluntary arrangement.
Internationally, Interpath was appointed to complex cross-border cases including the insolvency of Stenn International, and restructuring plans for IBMG and Outside Clinic. In Ireland, teams were appointed to examinerships at Cityjet and Powerscourt Distillery and receiverships at Waterford Whisky and The Square Shopping Centre.
Furthermore, the firm’s advisory business, spanning deal advisory, value creation and forensic services, recorded revenue growth of 82% to £76.1m.
During the year, teams advised on a number of refinancing, securitisation and mergers and acquisitions transactions across the UK, Ireland and mainland Europe.
