The Irish arm of UK-based Interpath Advisory has hired Liam Booth, the former head of corporate finance at Investec Ireland, to take on a similar role at the fast-growing financial restructuring and corporate advisory firm, which now has a staff of more than 50.
Mr Booth left Investec last summer after almost two decades with the firm and NCB Group, which was acquired by Investec in 2012. He also previously served as head of corporate finance at Goodbody Stockbrokers.
Deals in which he was involved in the past decade include the flotations of residential landlord Ires Reit and property company Yew Grove Reit and advising South African conglomerate BidVest on its €175 million purchase of facilities management and contract cleaning company Noonan Services.
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Siobhán Connolly, a former senior finance executive with Gecas, the aircraft lessor that merged with rival AerCap in 2021, has also been recruited by Interpath Ireland in recent weeks to lead its aviation advisory practice, while Owen Travers, who previously worked as finance director at home builder Dres Properties and previously headed AIB’s corporate finance business, has been hired as an advisory director.
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It emerged in February last year that KPMG partners Kieran Wallace and Eamonn Richardson, best known as the joint liquidators of Irish Bank Resolution Corporation (IBRC), and Deloitte partners Ken Fennell, Mark Degnan and James Anderson were leaving the respective firms to set up Interpath Ireland.
While Mr Anderson subsequently decided to remain with Deloitte, a total of 10 former employees of the firm and 18 former KPMG staff have joined Interpath Ireland.
Mr Fennell joined the company late last year after working out his notice period, with his previous roles as joint liquidator of the Irish arm of failed German payments group Wirecard, Stobart Air and commercial interior fit-out contractor Sonica transferring with the move.
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Mr Wallace and Mr Richardson joined the firm at the start of this month. Their high-profile role as joint special liquidators of IBRC, as well as liquidation work on Joe Walsh Tours, Custom House Capital and some other wind-up roles have transferred with them.
The firm’s insolvency practitioners have won a number of wind-up and receivership roles in the past six months, including liquidation work at Cork-based, blockchain-based trade finance network Marco Polo Network Operations (Ireland) and Limerick construction contractor Roadbridge.
Restructuring business
Interpath Advisory was established in May 2021 as KPMG in the UK sold its corporate restructuring business to private equity firm HIG Capital for more than £350 million (€403 million). The sale allowed the restructuring business to continue to win work from the Big Four firm’s audit clients as it removed the risk of conflicts of interest at a time of heightened regulatory oversight of the sector.
Blair Nimmo, chief executive of Interpath Advisory, told The Irish Times last year that he expected the Irish practice to have 120 staff within its first three to four years in business.
