International advisory firm Interpath generated revenue of €13.1m for the 12 months to 31 March 2024, its first full year of operations in Ireland, up from €1.8m for the previous period. The company incurred start-up costs of €4.4m contributing to the operating loss of €5.7m reported for the year. The performance reflects the rapid growth achieved and investment made by Interpath in Ireland since it was established in June 2022. The company expects to report a further significant increase in revenue and an operating profit for the year to 31 March 2025.
The results come as Interpath achieved 15% growth in topline global revenues to £163.6m, coupled with an adjusted EBITDA of £46.3m for the same period, as it maintained its position as the preeminent restructuring services provider, accelerated the expansion of its advisory offering, and broadened its reach into new overseas markets. Operating profit for the group stood at £26.9m, up 301% on FY23.
Since the start of the financial period (FYE 31 March 2024), Interpath has continued to expand in Ireland with notable hires across restructuring and launching new capabilities in advisory, including establishing its Tax and Debt Advisory teams with Managing Directors Denis Herlihy and Andy Tallon respectively. The most recent senior appointment for the firm is Debt Advisory Director Clara Coakley who joined Interpath from Goldman Sachs. The firm is also set to welcome experienced debt and capital advisory specialist John Doddy in late 2025.
Over the past 12 months, Interpath’s fast growing Advisory team has supported on a range of transactions including the acquisition of UK-listed Vp Plc of Cork-based Charleville Hire and Platform Ltd; the €8m fundraise for digital payments platform CleverCards; The KnightBridge Group’s acquisition of Freshly Chopped, and the acquisition of Masterkabin in Cork by EcoMod, Ireland’s leading provider of portable, modular buildings. The team also advised PK2 on the sale of its stake in the Mountpark development company to Affinius Capital. PK2 is the holding company of the founding partners of Mountpark, a leading developer of logistics and industrial buildings across Europe.
In restructuring, Interpath continues to deliver on some of the highest profile cases in the market, including the receivership of The Square in Tallaght; the receivership of Waterford Distillery; the continued work as part of the liquidation of IBRC; the liquidation of PFS Card Services; and the administration of Co. Down-based electronic manufacturing services provider Nitronica, which was sold to Hinchtech.
The team now comprises more than 100 professionals and moved into its new 10,000 sq ft headquarters at Riverside 2 in Dublin in January 2024. It has since moved into new offices in Belfast.
Commenting on the Group financial results and the performance of the business in Ireland, Ken Fennell, Managing Director at Interpath in Ireland, said: “The phenomenal growth achieved over the past year shows the impact we’ve had already in the market and the opportunity ahead to further disrupt the professional services landscape. Our success is founded on the quality of our proposition and the outstanding people in our team as we bring the best operators in our field to every client situation. We will significantly increase revenues again in the current financial year and have long since moved into profitability.”
Kieran Wallace, Managing Director at Interpath, added: “In Ireland we’re following the trajectory of our wider international network as we build out our multi-disciplinary business as part of our single P&L model. That has meant a steadfast commitment to investing in our operations, providing the senior, hands-on counsel that our clients demand and putting in place exceptional infrastructure as we scale. This will ensure that we sustain our leading position in the Irish restructuring market and build an advisory proposition to match.
“Looking ahead, we’re focused on helping our clients navigate whatever challenges and opportunities they may face, whether that is stepping into a hot M&A market fuelled by active corporate and private equity investors, both domestic and international, or delivering in restructuring and turnaround.”
In 2024, Interpath launched its Paris office and subsequently completed the acquisition of KPMG’s Restructuring business in France. Over the past 12 months, it has also established an office in Bermuda and recently announced the acquisition of market-leading purchasing and supply chain management consultancy Kerkhoff, which further expands Interpath’s footprint into Germany and Austria, and spurs the creation of Interpath’s Global Procurement and Supply Chain of Excellence. It now employs almost 1,000 people across 23 locations in the UK, Ireland, France, Germany, Austria, Bermuda, BVI and Cayman Islands, and Algeria.
