Interpath, facing widening losses, reported a group loss of £10.6m for the 12 months ending March 2023, despite a 20% increase in revenues to £142.6m during the same period.

The company, known for its expertise in handling distressed companies impacted by rising rates, expanded internationally in the latest financial year. Interpath opened three offices in Ireland and acquired Kalo Caribbean, an offshore restructuring specialist operating in the British Virgin Islands and the Cayman Islands.

Mark Raddan, head of advisory at Interpath and a former KPMG partner, will succeed Mr Nimmo from 1 April. Mr Nimmo, who played a pivotal role in the sale to HIG, will remain with the firm for several months to ensure a smooth transition before retiring, the Financial Times reports.

Despite financial challenges, Interpath Advisory has increased its headcount from 550 at the time of separation from KPMG to approximately 740 by the end of the last year.