High-profile Scottish insolvency practitioner Blair Nimmo, who is 64, will retire as chief executive of Interpath Advisory this spring, after a career spanning more than 40 years.

Interpath Advisory declared Mr Nimmo had during his career risen to become “one of the UK’s pre-eminent restructuring professionals”.

It announced that Mr Nimmo would be succeeded by Mark Raddan, 45, who currently leads Interpath’s advisory business.

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Mr Raddan will become chief executive on April 1.

Interpath Advisory said Mr Nimmo would “remain with the firm for a number of months to oversee a smooth transition”.

It noted that, in May 2021, Mr Nimmo, Mr Raddan and Will Wright “spearheaded the transaction which led to the creation of Interpath”, following the sale of accountancy firm KPMG’s UK restructuring practice to its managing directors and H.I.G Capital.

Interpath Advisory said: “Since then, the firm has seen rapid growth as it has built upon its 50-year heritage in the restructuring and turnaround market, and continued its expansion into new territories and service offerings.

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“Top-line revenues reached £142.6m during the firm’s second year of trading, up from £115.5m for the 11-month period to 31 March 2022, and with an adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of £41.6m, up 18% on the previous period.”

Interpath Advisory employs around 750 people, with offices in the UK, Ireland, British Virgin Islands and Cayman. It said plans were under way to expand into mainland Europe, the US and Asia.

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Commenting on his retirement, Mr Nimmo said: “It is truly one of the proudest achievements of my career to have helped create and build Interpath, and I’d like to thank all of my talented colleagues for their hard work, dedication and commitment over the past three years.

“After working in the restructuring profession for over 40 years, it has long been my intention to step back at a time that would enable me to enjoy some quality time with my family, and so as Interpath approaches its third birthday and looks forward to the next phase of its growth, the time is right for me to hand over the reins to Mark, who I know will take the business from strength to strength”

He added: “One of my career highlights was leading the Scottish restructuring practice at KPMG for so many years. It’s a fantastic market up here, full of great people, and I am looking forward to spending more time back in Scotland with my family and friends over the months ahead.”