Interpath, the UK-headquartered international advisory firm, recorded a 26.6% rise in revenues during the financial year ending 28 March 2025, as the firm accelerated its expansion into new markets, cementing its position as a leading disruptor within the global professional services sector.
Interpath achieved revenues from continuing operations of £198.1m, up from £156.5m in the previous year, and with an adjusted EBITDA of £58.6m, which increased by more than a third (36%) compared to the previous period (£43m). Operating profits stood at £17.4m.
Reflecting the internationalisation of the business and its multi-disciplinary service offering, key drivers of the growth include a significant increase in European revenues (up 43.1%) and a near doubling of Advisory-led fees (82.0%) compared to the previous financial year.
These were bolstered by sustained growth in its home market, with UK revenues standing at £148.8m, up 24.5% on the previous year (FY24: £119.6m).
Mark Raddan, CEO of Interpath, said: “We’re unapologetic and uncompromising in our growth ambitions. Although we’re only four years old, we have a clear vision to become one of the world’s leading advisory firms and have made enormous strides towards that goal – planting the Interpath flag in major financial centres across the globe, making bold acquisitions, hiring market-leading professionals, and investing in our people and infrastructure. These results are the fruit of that strategy with accelerating revenues and robust EBITDA profitability.”
Strategic acquisitions fuelling international growth
Key to Interpath’s 2030 Strategy is expanding the firm’s international network, with ambitions to establish a presence in all major financial centres across the globe.
During FY25, Interpath made its first entry into Continental Europe with the opening of offices in Paris, Lyon and Algiers, and the acquisition of KPMG’s French Restructuring business. The firm now boasts 200 people in France and Algeria, spanning Restructuring, Deal Advisory and Value Creation services.
Hot on the heels of Interpath’s expansion into France was the acquisition in January 2025 of the market leading purchasing and supply chain management consultancy Kerkhoff, which has offices in Dusseldorf and Vienna, The transaction spurred the creation of Interpath’s Global Procurement and Supply Chain Centre of Excellence.
Since the end of the financial year, Interpath has gone on to launch additional operations in Frankfurt, Munich and Berlin, and has made a significant investment in hiring senior, market-leading professionals as part of the firm’s expansion into Spain, where the firm now has a team of 31 professionals delivering Deal Advisory, Debt Advisory and Restructuring services across Madrid, Barcelona and Valencia. In addition, the firm has also launched Restructuring capabilities in Hong Kong.
The firm now has a headcount of more than 1,000 people, including 110 Managing Directors, spanning 30 locations in 11 countries around the world.
Mark Raddan explained: “Our people lie at the heart of achieving our 2030 Strategy, and that means bringing on board the very best professionals in each of our chosen markets, and empowering them to help our clients across borders, with seamless collaboration across our restructuring, deals, value creation and forensic service offerings.
“Our expansion into France and Algeria has been the catalyst for strong growth in EMEA. We have since propelled our firm into Spain, Germany and Austria, enabling us to continue to disrupt the professional service model, and giving us a remarkable platform for further growth. Establishing our operations in Hong Kong has been another landmark achievement. With its reputation as a leading international restructuring and M&A hub, it has proven to be the ideal location from which to launch our business in Asia-Pacific.”
Leveraging a 50-year heritage in Restructuring
Revenues for Interpath’s global restructuring business hit £122.8m for FY25, maintaining its position as an important growth engine for the group.
Amidst continued geopolitical, and economic disruption, business are facing a confluence of challenges ranging from low-growth, stubborn inflation, rising costs and shifting consumer behaviours to demands for tech investment, tariffs and regulatory burdens. These pressures have led to high profile restructuring engagements in the UK, including the administrations of Claire’s Accessories, Seraphine, Technicolor UK, and Brighton i360, as well as advising on Original Factory Shop’s recent CVA. The firm has also been appointed to complex cross-border cases such as the insolvency of Stenn International, as well as leading on landmark Restructuring Plans on behalf of IBMG and Outside Clinic.
In Ireland, colleagues have been appointed to the examinerships of Cityjet and Powerscourt Distillery, and the receiverships of Waterford Whisky and The Square Shopping Centre, alongside the firm’s work on notable longstanding liquidation engagements such as PFS Card Services and IBRC.
Continued growth across Advisory
Interpath’s Advisory business, structured around the three core capabilities of Deal Advisory, Value Creation and Forensic services, continues to flourish after recording 82% growth in revenues, rising from £41.8m to £76.1m over FY25.
In recent months, Interpath’s Deal Advisory teams have advised asset-secured lender Reward Funding on its successful £360m refinance; Irish Residential Properties REIT plc (I-RES), Ireland’s largest provider of private rental accommodation, on its €500m refinancing; and completed its first securitisation AUP mandate in the UK with Pierpont BTL 2025-1, a securitisation of BTL mortgages originated by LendInvest and MT Finance, and which were subsequently sold to J.P. Morgan.
M&A engagements include a cross UK-Ireland team advising PK2 on the sale of its remaining shareholding in the Mountpark development company to Affinius Capital; as well as supporting Signagelive on its sale to Navori Labs, while its Tax team worked with Aurelius on its acquisition of Exertise UK and Ireland in a carve-out from DCC Plc.
Interpath has also completed some of its first transactions in EMEA advising Advent International on the acquisition of insurance brokerage firm Kereis from Bridgepoint Group; advising AnaCap on its proposed sale of Milleis Group to LCL; advising on Edge Technologies’ acquisition of Les Miroirs Towers; and BpiFrance’s investment in Socomore.
Outlook
Mark Raddan concluded: “In recent times, we have seen much higher levels of economic volatility and less predictable cycles, all of which plays to our strategy of building a balanced business with all the capabilities our clients need to succeed in increasingly uncertain markets.
“We’re really proud of the multi-disciplinary offering that we’ve created that can help businesses both large and small, to navigate this dynamic environment. This is about drawing on expertise from our team, no matter where they are based across our international network, to provide clients with bold advice that enables them to build resilience, and ultimately, to adapt and thrive.”
