FRP Advisory cheers ‘strong’ first year as a listed company as revenues surge

FRP is a joint administrator for Debenhams and was the liquidator for Patisserie Valerie

(Picture: PA)

FRP Advisory, the insolvency firm known for handling the administrations of BHS and Debenhams, has hailed a "strong" first year as a listed company.

The firm reported revenues up 25% to £79 million in the year to May, exceeding the plc's own expectations.

FRP, which was formed in 2010 after a management buyout led by chief executive Geoff Rowley and operating chief Jeremy French from defunct accounting firm Vantis, floated on London's junior AIM market in February last year valued at £190 million.

Shares were priced at 80p at the float, and were trading this morning at 125p.

The professional services advisor, which has grown headcount by 30% despite Covid, said that since listing it has “delivered a strong performance, continuing to grow revenues, profits and the team”.

The company said it had seen a busy year due to a "challenging, but ultimately active, UK M&A market" - including working on the sale of restaurant chain Prezzo to private equity firm Cain International.

But bosses said the firm saw formal insolvency contracts fall by 26% on 2019 "as a result" of furlough and other government support schemes helping to reduce the number of corporate collapses despite the pandemic hit.

In a note last week, Liberum said the firm is likely to pick up more work once support schemes expire and firms collapse.

Rowley said: "We are pleased with the progress that has been made during our first year as a plc.

"We have continued to execute our growth strategy... FRP's resilient business model is well positioned to help clients throughout their lifecycle, in addressing both their strategic ambitions, as pent-up liquidity is deployed and being available to help as challenges arise."

He added: "The board remains confident of making further progress in the upcoming financial year."

FRP is a joint administrator for Debenhams and was the liquidator for Patisserie Valerie. The update ​came as Debenhams got set to close its remaining 45 stores by Saturday.