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KPMG’s restructuring arm will reportedly be renamed Interpath Advisory, following its imminent £400m sale to HIG Europe.
According to Sky News, upon completion of the deal with the private equity firm, Interpath will become the UK’s largest restructuring practice totalling 500 employees.
A source told the media outlet on 2 March that the transaction was “hours away from being signed,” although a formal announcement has yet to be made.
Moreover, John Connolly, the former chairman at Deloitte, is reportedly in talks to become chairman at the newly named Interpath.
Working alongside Connolly, three of KPMG’s restructuring partners, Blair Nimmo, Will Wright, and Mark Raddan, will supposedly follow suit and hold senior management positions at the group.
The deal follows Deloitte’s recent sale of its UK insolvency business, Teneo, amid pressure for the Big Four businesses to get rid of “conflicts of interest” between their audit and consulting practices.
Plans have been submitted from the entirety of the Big Four organisations, detailing to the Financial Reporting Council (FRC) how they intend to “operationally separate” the contesting arms.
