KPMG spin-out Interpath Advisory makes third loss in four years as sale revealed
KPMG’s former UK restructuring division, Interpath Advisory, has fallen to its third loss since breaking away from the Big Four firm in 2021, it has been revealed.
The business has reported a pre-tax loss of £11m for the 12 months to 28 March, 2025, new accounts filed with Companies House show.
That comes after Interpath Advisory posted a pre-tax profit of £3.1m in the prior year.
However, it lost £10.6m and £10.2m in the two years before that.
The insolvency and restructuring business was sold to private equity group HIG Capital in 2021 by KPMG for £400m.
Last year, reports emerged that HIG Capital was preparing to launch a formal sale process for Interpath Advisory with a targeted valuation of around £800m.
It has now been confirmed that Bridgepoint has entered into exclusive negotiations to acquire a majority stake in the business.
Terms of the potential transaction has not been disclosed.
A press release issued on 31 December, 2025, by Interpath Advisory confirmed a raft of financial figures for the business but did not include how much it lost before tax.
The new accounts filed with Companies House have also confirmed its revenue increased in the year from £163.6m to £198.9m.
Interpath boss bullish on firm’s future
Interpath’s chief executive Mark Raddan said: “We’re unapologetic and uncompromising in our growth ambitions.
“Although we’re only four years old, we have a clear vision to become one of the world’s leading advisory firms and have made enormous strides towards that goal – planting the Interpath flag in major financial centres across the globe, making bold acquisitions, hiring market-leading professionals, and investing in our people and infrastructure.
“These results are the fruit of that strategy with accelerating revenues and robust EBITDA profitability.”
Interpath reported an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of £58.6m, an increase of 36 per cent. Its operating profit also stood at £17.4m.
The company’s headcount increased from 703 to 1,012 in the year.
The latest accounts for Interpath show it suffered an operating loss of £18.4m from its new French division which included £17.9m in set-up costs.
On the firm’s outlook, Raddan added: “In recent times, we have seen much higher levels of economic volatility and less predictable cycles, all of which plays to our strategy of building a balanced business with all the capabilities our clients need to succeed in increasingly uncertain markets.
“We’re really proud of the multi-disciplinary offering that we’ve created that can help businesses both large and small, to navigate this dynamic environment.
“This is about drawing on expertise from our team, no matter where they are based across our international network, to provide clients with bold advice that enables them to build resilience, and ultimately, to adapt and thrive.”