KPMG recognised for JJB Sports turnaround

KPMG’S restructuring team has won an award for its turnaround of JJB Sports earlier this year.

Kenny McKay – a partner in the accountant’s Leeds restructuring team – was among the individuals to be praised for the deal, which was awarded Business Rescue of the Year at the annual Insolvency and Rescue awards.

Richard Fleming, KPMG’s national restructuring head and Brian Green of the firm’s Manchester team developed and were nominees of the Company Voluntary Arrangement (CVA).

Mr McKay said: “It’s fantastic to have hard work and innovative thinking recognised with an award. However the real reward is that the failure of the business was averted, preserving both shareholder value and thousands of jobs.”

Mark Firmin, who leads KPMG’s Northern restructuring team, said: “When the JJB CVA was developed in April, it was ground-breaking.

“We have since worked on others including one at Yorkshire’s Discover Leisure, and are finding that boards of directors are much more comfortable with the CVA process, as they remain in control of their business and it’s less invasive than the traditional administration process.”