KPMG head of restructuring in Scotland given UK-wide job

Head of KPMG’s restructuring practice in Scotland, Blair Nimmo, has been appointed by the global firm as the new boss of its UK restructuring business.

Mr Nimmo’s promotion follows Mark Firmin’s surprise decision to leave the position and will see him lead a team of 31 partners and around 550 restructuring professionals which last year brought in over £100m in fee income.

Mr Firmin, who had been rapidly promoted since becoming a partner in the Leeds practice in 2006, had headed up the UK practice for less than 18 months. He is understood to be moving to a smaller specialist restructuring business as an adviser.

As an insolvency practitioner, Mr Nimmo has worked on a number of high profile cases including Scottish Coal, Ferguson Shipbuilders and Dunfermline Building Society.

Welcoming his promotion, KPMG’s UK chairman Simon Collins said, “Blair Nimmo has a great reputation in the market place. Our restructuring practice is market-leading and, despite relatively benign economic conditions in the UK, is securing the most high profile projects, such as the administration of First Oil Expro Ltd.

“Unsurprisingly, in uncertain economic conditions, restructuring businesses are attractive prospects to trade and private equity buyers and we have already seen deal activity in the sector.

“We have recently received an offer for our own restructuring practice but have declined this offer as the business is an integral and profitable component of our multidisciplinary firm.”

Mr Nimmo himself added: “The UK economy has been relatively strong in recent years, with suppressed insolvency appointments as a result. However, our business has performed well, securing appointments such as Alpari last year, and is in a good position.”

In January he said there was a 4 per cent drop last year in the number of corporate insolvencies in Scotland, “which, in general, is a positive sign for businesses and the Scottish economy”.