Deal to create restructuring titan

THE insolvency specialist that handled the collapses of companies including Dick Smith and Topshop Australia has been all-but swallowed by one of the world’s biggest accounting firms.

KPMG has struck a deal to buy most of Ferrier Hodgson’s operations to create what the companies say will be one of Australia’s biggest restructuring and forensic advisory businesses.

It will be led by KPMG Australia national head of restructuring services Matthew Woods and Ferrier Hodgson practice leader James Stewart.

The deal announced yesterday covers Ferrier Hodgson’s offices in Melbourne, Sydney, Brisbane and Perth, with talks on Adelaide underway.

Founded in 1976, Ferrier Hodgson has handled some of Australia’s most high-profile corporate restructures.

“The rationale for the merger was compelling, with KPMG and Ferrier Hodgson a great fit,” KPMG Australia chief Gary Wingrove said.

The tie-up would strengthen the level of service KPMG could offer.

Mr Stewart said it also gave his team “access to a diverse range of skill sets to better engineer operational turnaround and add a lot more value to clients”.