Richard is one of the country’s foremost insolvency practitioners, having acted as administrator or company voluntary arrangement supervisor on numerous high profile businesses such as MF Global UK, Peacocks, Blacks, JJB and Connaught.
Richard Fleming, UK Head of Transactions & Restructuring, has been appointed UK Head of Advisory as part of new leadership appointments made by Simon Collins, UK chairman elect at KPMG. Richard is one of the country’s foremost insolvency practitioners, having acted as administrator or company voluntary arrangement supervisor on numerous high profile businesses such as MF Global UK, Peacocks, Blacks, JJB and Connaught.
The Advisory function, which had combined revenues of £859m for the last financial year, comprises Management Consulting, Risk Consulting and Transactions & Restructuring. As part of the new appointments, Karen Briggs will take on the Head of Risk Consulting role (replacing Adam Bates who moves on to Head of Innovation for KPMG) and Mark Hutchinson continues in his role as Head of Management Consulting.
Karen and Mark will report into Richard, who will continue his work as an insolvency practitioner, active in the market, as well as heading up the Advisory practice.
Richard Fleming, UK Head of Advisory at KPMG, commented: “Businesses are increasingly demanding a broad mix of Advisory services as they seek to cope with the various challenges presented by a persistently volatile economic environment. Our Advisory experts work across the corporate health spectrum from enhancing business profitability to assisting businesses in distress. There are numerous examples where our Advisory specialists have worked together to deliver a range of services on a particular case. The special administration of MF Global UK being a high profile example, which has involved not only our insolvency experts but technology specialists from Management Consulting and forensic experts from Risk Consulting, to name but a few.
This new role enhances our ability to provide the right mix of specialists from a diverse range of skill sets at the right time. “I am looking forward to working with Karen and Mark who, like me, will continue to lead our business from the front, advising clients on the issues they face in these unpredictable times.”
Karen Briggs, UK Head of Risk Consulting at KPMG: “Our business has doubled in the last 3 years – achieving 43% revenue growth last year – which is both a sign of the troubled times our clients face, across all sectors, and a testament to the strength of our risk professionals. We expect our growth to continue apace as fundamental drivers such as the huge wave of regulation, particularly in the financial services sector, and the growth in cyber crime puts risk strategy firmly on the board agenda and is viewed as critical to achieving sustainable growth. Indeed our latest ‘Fraud barometer’showed a record breaking £3.5bn of fraud was committed last year, with management fraud up 74%, which is certainly reflected in the heavy pipeline of our forensic and data insights practices.
“A large proportion of our cases involve working with experts from Management Consulting and Transactions & Restructuring so it makes sense for us to pull even closer together so we can be fleet of foot when our clients need us, be that on a company collapse or rogue trading.” Mark Hutchinson, UK Head of Management Consulting, added: “As uncertainty continues to stalk the economy in the UK, the issues facing all organisations – from start ups to multi-billion global corporates and public sector bodies - are becoming ever more complex and uncertain.
The temptation is to sit tight, focusing primarily on stripping out cost, but inaction is not the right way to ride out this economic storm. The organisations that will come out on top are the ones that are willing to innovate around their products and services, harnessing the rapid changes in technology. As one of our clients said recently: “We came to realise that good customer services cost less than bad customer services.” “The same businesses which recognise that problems cannot be dealt with in isolation will be the successful brands of the future and I am looking forward to working as part of a pan-Advisory team to help our clients embrace the opportunity.” Simon Collins, UK chairman elect, announced his new executive team on 11 May 2012, in anticipation of becoming chairman on 1 October 2012.
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About Management Consulting at KPMG With over 1,400 staff, the UK Management Consulting practice helps clients make better decisions, reduce costs, build more effective organisations and develop appropriate technology strategies. Management Consulting help clients outperform their peers with the insights and assistance they need to think through and execute on their largest and most complex issues.
About Risk Consulting at KPMG
The Risk Consulting team helps clients increase profits whilst reducing reputational, operational, financial, technology and other risks. It is experienced in managing diverse issues including; fraud, regulatory compliance, data breaches, cyber attack, technology risk management, risk frameworks and modelling, capital efficiency, corporate governance, dispute resolution, deriving value from contracts and many more.
In the UK alone the practice has over 1,200 risk specialists who are supported by our wider global network to ensure multinational capability. Experts include accountants, technologists, economists, actuaries, lawyers, mathematicians, ex-regulators, law enforcement personnel, forensic investigators, internal auditors and pure risk specialists. About Transactions & Restructuring at KPMG.
The Transactions & Restructuring practice brings together the skills and capabilities of Restructuring, Transaction Services and Corporate Finance advisors to support clients across the entire economic and deal cycle. With over 1,300 specialists across the UK, Transactions & Restructuring can help clients formulate their growth strategy, plan and implement successful mergers and acquisitions, consolidate and restructure their business, address financing issues, maximise value from disposals and manage a crisis.
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.