KPMG Puts UK Restructuring Unit Up For Sale

KPMG has put its UK restructuring practice up for sale and held talks with private equity firms ahead of a possible auction before the end of the year, according to people familiar with the matter, the Financial Times reported. A cash injection would help the Big Four firm, with its finances having suffered during the pandemic. KPMG also faces a potentially large fine over its audit work for Carillion, the collapsed outsourcing group, as well as a £250m negligence lawsuit brought by the company’s administrators. Two people close to the restructuring practice said KPMG had spoken to interested buyers in recent weeks. One person said the firm had hired Melanie Richards, formerly deputy chair of KPMG who retired in September, to lead a sale process. KPMG said: “We can confirm we are exploring options for our restructuring business. However, we have made no decisions over any eventual outcomes at this stage and will not comment further at this time.” Read more