Insolvency firm FRP Advisory has appointed broker Cenkos Securities for an upcoming London listing.
The insolvency practitioner, which also advises clients on corporate finance matters, is planning to raise £30m in a float that will value it at £200m.
Recent mandates for FRP include acting as administrator for cake chain Patisserie Valerie.
FRP took over from KPMG as administrator to Patisserie Valerie last July after the Big Four firm said it could not investigate the cake chain’s accountants Grant Thornton because of a conflict of interest.
FRP is positioning itself as an alternative to the Big Four accountancy firms which have been under pressure recently over perceived conflicts of interests between their audit and advisory arms.
In its accounts FRP said: “Of note during the year has been the quality of assignments won and with the current wider landscape questioning the conflicts of interest within larger broad based service line professional service firms the LLP remains well placed to grow our business as an independent firm with a specialist focus.”
FRP had a turnover of £54m and profit before tax of £24m, its accounts for the year to 30 April 2019 said.
A spokesperson for FRP said: “FRP Advisory is currently considering a number of strategic options to support the further growth of the business and has appointed advisers to assist in this process, although there can be no certainty whether any plans will reach a conclusion.”
Shares Magazine first reported FRP’s listing plans.
Cenkos was contacted for comment.