Real expertise. Real results.
FRP Advisory Group plc Annual Report
For the year ended 30 April 2025
1 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
frpadvisory.com
Strategic Report
Real expertise. Real results.
A trusted, leading business advisory firm providing strategic advice that helps businesses navigate complexity, seize opportunities, and achieve sustainable growth.
Governance
With a team of skilled and dedicated professionals, we are your advisers in times of change. Whether supporting multinational corporations or ambitious SMEs, we combine
Financial Statements
technical excellence with commercial insight to deliver measurable outcomes.
Contents
Strategic Report
2 Our highlights
4 FRP at a glance
6 Chair's Statement
10 Chief Executive Officer's
Report
26 Strategic Report
54 Board of Directors
56 Directors' Report
Corporate Governance
60 Corporate Governance Statement
65 Report of the Audit and Risk Committee
67 Report of the Remuneration Committee
73 Report of the Nomination Committee
74 Statement of Directors' responsibilities
75 Independent Auditor's Report to the Members of FRP Advisory Group plc
Financial Statements
85 Consolidated statement of comprehensive income
86 Consolidated statement
of financial position
87 Consolidated statement of changes in equity
88 Consolidated statement
of cash flows
89 Notes forming part of the consolidated financial statements
118 Parent Company statement
of financial position
119 Parent Company statement of changes in equity
120 Notes forming part of the Parent Company financial statements
Corporate Information
126 Directors and advisers
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 1
Our highlights
For the year ended 30 April 2025 (FY2025)
Financial highlights
£152.2m
Revenue +19%
(2024: £128.2m)
£37.1m
Adjusted profit before tax** +10%
(2024: £33.7m)
9.11p
Basic EPS -3%
(2024: 9.35p)
£41.3m
Adjusted underlying EBITDA* +11%
(2024: £37.1m)
£31.3m
Reported profit before tax +5%
(2024: £29.9m)
5.4p
Total dividend relating to the year 8%
(2024: 5.0p)
£35.5m
Reported EBITDA +7%
(2024: £33.3m)
10.70p
Adjusted total EPS*** +8%
(2024: 9.94p)
£33.3m
Net cash position +12% (2024: £29.7m)
Revenue increased by 19% to £152.2 million (2024: £128.2 million) with 11% organic and 8% inorganic growth, driven by positive trading across all five service pillars.
Adjusted underlying EBITDA* rose by 11% to £41.3 million (2024: £37.1 million).
£1.4 million average revenue per Partner for the year (2024: £1.4 million).
£31.3 million reported Profit before tax for the year (2024: £29.9 million).
Strong balance sheet maintained with year-end net cash of £33.3 million (2024: £29.7 million).
Increase in shareholder returns:Total dividends of 5.4p relating to FY2025 (2024: 5.0p), comprising three interim dividends of 0.95p per eligible Ordinary Share and a final proposed dividend of 2.55p per eligible Ordinary Share for the year ended 30 April 2025 recommended by the Board.
* Adjusted Underlying Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) excludes exceptional costs and a share-based payment expense that arises from a) the Employee Incentive Plan (EIP) funded on IPO and b) deemed remuneration amortisation linked to acquisitions. See table on Page 26.
** Reported Profit before tax plus share-based payments and exceptional items
*** Earnings adjusted by adding back share-based payments, deemed remuneration and related deferred tax. Earnings per total weighted shares in issue. See Note 12 for more details.
2 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Operational highlights
FRP team grew by 21% (additional 138 colleagues year-on-year) to 795 (2024: 657).
Growth was driven by demand-led lateral hiring and five acquisitions (70 new colleagues via 5 acquisitions).
Governance
Colleague utilisation at 67% (2024: 68%).
As at 30 April 2025, the Group had 108 Partners (2024: 92), 518 other fee earners (2024: 430) and 169
support staff (2024: 135).
At year-end, FRP's UK footprint covered 31 locations (2024: 27) plus two international and offshore offices in Cyprus and the Isle of Man.
During FY2025, 7 colleagues were promoted to Partner across various locations and service lines, demonstrating the Group's commitment to
supporting internal career progression and longer-term succession planning.
Our Restructuring team continued to be the most active in the UK administration appointment market.Market share in the number of administration appointments at 13% (2024: 16%).
Corporate Finance and Debt Advisory teams were involved in 76 successful transactions (2024: 76) with an aggregate deal value of £1.5 billion (2024: £1.4 billion) and £0.5 billion of debt raised (2024: £0.6 billion).
Our Forensic Services team has continued to be very active on a high number of confidential transactions.
Strengthened operational infrastructure to support further growth:Successful transition of our customer relationship management ("CRM") software from Salesforce to Microsoft Dynamics 365.
Completed the implementation of a Document Management system, ("DMS") to better manage document storage and minimise paper consumption.
We hired a new People Director on 1 May 2024 to help progress the Group's future "People Proposition".
Financial Statements
Expanded the People function by an additional 7 colleagues, including 2 specialists in Talent Acquisition.
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 3
FRP
Partnering with clients, we leverage our deep technical expertise to drive growth, mitigate risks, and achieve lasting success.
We're all about being transparent.
At FRP, we believe in partnership. We work alongside our clients with integrity, transparency, and a commitment to excellence. From mitigating risk to unlocking value, we're with our clients every step of the way.
Across our network of offices and service pillars, our team brings a wealth of experience, deep technical expertise, and a collaborative spirit that sets us apart. We invest
in our people, fostering a culture of continuous learning, integrity, and innovation.
It is their hard work and ethical approach that enable us to provide the highest level of service, build trusted relationships, and deliver meaningful results for our clients.
At FRP, we know that when our people thrive, our clients succeed.
626
Fee earners nationwide
Each with a wealth of experience navigating complex situations.
As at 30 April 2025.
795
Team members
(excluding consultants)
Our skilled team tailor solutions that meet the needs of each client.
As at 30 April 2025.
31
UK
locations
(Plus two international locations)
National coverage, International experience and local knowledge.
As at 30 April 2025.
4 Strategic Report FRP Advisory Group plc | Annual Report and Accounts 2025
Corporate Finance
Tailored corporate finance solutions, offering expert advice on raising finance, M&A, investment, and business growth strategies.
Debt Advisory
Bespoke debt advisory services offering strategic financing solutions, refinancing, acquisitions, and growth support to optimise capital structures.
Financial Advisory
Specialist financial advisory services, including valuation, financial modelling, and pensions advisory, to support informed decision-making and long-term business success.
Forensic Services
Expert forensic services, combining accounting, technology, and industry knowledge to resolve disputes, investigations, and compliance challenges.
Restructuring Advisory
Support for businesses navigating financial and operational challenges, helping them to maintain stability and build resilience.
5
Chair's Statement
For the year ended 30 April 2025
In times of change, entrepreneurs turn to those trusted to
delivery confidence and clarity.
Penny Judd
Non-Executive Chair
I am delighted to present FRP Advisory Group Plc's ("FRP") and its subsidiaries' sixth Annual Report and my second as Chair. Reflecting on the past year both globally, and within FRP, it is clear we have been operating in an economically and politically volatile environment both at home and abroad with many challenges for individuals and corporates.
In times of change, entrepreneurs turn to those trusted to deliver confidence and clarity. As a result, amongst a backdrop of uncertainty, our clients have continued to
put their trust in us and FRP has delivered another strong year of growth and progress.
As a consequence of our sustained growth, we've been able to invest significantly in our teams, growing overall by 21%. This has been supported by selective acquisitions across our restructuring, debt advisory and corporate finance pillars.
We continue to seek acquisitions that meet the Group's strict criteria of cultural alignment, strategic fit and mutually acceptable economics. The Group has a healthy M&A pipeline and an active dialogue across a range of opportunities.
Our acquisitions have enabled us to deliver on our purpose to support clients through times of change
across the corporate lifecycle, from highly successful businesses to those facing stress or distress.
Our people
We recognise that our greatest asset is our people, and this year we continued to invest in our team to nurture talent, develop skills and support career ambitions.
The People function at FRP has undergone significant growth and investment during the year, supporting our commitment to
offering the best people experience to all colleagues.
FRP has doubled its team size since IPO. A new People Director was appointed in May 2024 in order to support the business in its next stage of growth. The structure of the People team has since evolved to include expert areas across the full employee life-cycle; Talent Acquisition, People Operations, People Business Partnering and Talent Development.
A significant milestone during the year was the launch of FRP's inaugural Partner Development Programme, designed to support newly promoted Partners in their
leadership journey. Looking ahead, a full external review is underway to ensure that FRP's Talent Development offering remains industry-leading and future-ready.
In May 2024, a colleague engagement survey was completed, with excellent feedback. Suggestions from colleagues have been incorporated into existing initiatives to support and improve colleague wellbeing, personal development and activities related to Equality, Diversity and Inclusion ("ED&I"). We continue to deliver on all three areas with our partnership with the Charlie Waller trust (wellbeing), investment in our Learning & Development team (personal development) and the introduction of a new ED&I strategy coming in FY2026.
In June 2024, we launched a Save As You Earn ("SAYE") scheme which was available for all colleagues to support the financial wellbeing
of our people and we have seen a strong level of colleague participation.
We are an attractive destination for qualified and skilled people, with an appealing regional office network and strong culture offering in the marketplace. Retaining
and developing our team in a competitive environment is a key priority and investment in this area continues.
6 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
7
Strategic Report
Governance
Financial Statements
Corporate Information
Chair's Statement continued
+19%
Revenue growth
11% organic and
8% inorganic
+21%
Team growth
Strong balance sheet
The Group's balance sheet is strong with net cash balances at 30 April 2025 of £33.3 million (2024: £29.7 million), consisting of gross cash
of £40.7 million, less a balance remaining on a term loan of £7.4 million. The Group also has an undrawn £10 million revolving credit facility and an accordion acquisition facility that enables the Group to act swiftly on any acquisitions that meet FRP's criteria.
The largest asset on FRP's balance sheet is unbilled revenue or Work in Progress (WIP), which is the expected value of unbilled work.
WIP days are typically four to seven months within the restructuring industry, and FRP maintains the discipline of a robust monthly WIP valuation process. Cash collections in the second half were particularly strong and as a result, WIP days were approximately five months, consistent with FY2024. Going into FY2026 it is expected WIP will grow in the first half due to the Group's continuing growth.
On 23 May 2024, we announced a secondary placing of approximately
20.4 million Ordinary Shares held by Partners, which was well received by both new and existing investors, demonstrating ongoing faith in
FRP. New lock-in agreements were signed by the selling shareholders (including Geoff Rowley, Chief Executive Officer and Jeremy French, Chief Operating Officer) which align us even more closely with the interests of our wider shareholder base.
Consistently delivering on our growth strategy
The Group's performance during the first nine months of the financial year 2025 was robust, with positive trading across each of the five service pillars, supported by significant contributions from The Body Shop and a large Corporate Finance project.
The final quarter of the financial year saw a marked increase
in macroeconomic volatility, driven predominantly by US announcements regarding global trade tariffs, impacting business confidence and causing delays in decision making. This led to
several Corporate Finance projects extending their completion date into FY2026.
The Group delivered another year of revenue growth, with 11% organic and 8% inorganic growth. Adjusted underlying EBITDA rose by 11% to
£41.3 million (2024: £37.1 million).
Further details are set out in the Strategic Report on Pages 14 to 49.
Dividend
In line with the dividend policy, the Group pays quarterly dividends, which have progressed yearly since IPO in March 2020.
The Board recommends a final dividend of 2.55p per eligible Ordinary Share for the financial year ended 30 April 2025. Subject to approval by shareholders at the AGM, the final dividend will be paid
on 24 October 2025 to shareholders on the Company's register at close of business on 26 September 2025. If the final dividend is approved,
the total dividends paid by the Company relating to FY2025 will be 5.4p per eligible Ordinary Share (FY2024: 5.0p).
8 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Chair's Statement continued
Robust corporate governance
The Board firmly believes that a robust governance structure
Governance
is required to optimise decision making to the benefit of the business and its wider stakeholders. To support this, FRP adopted the Quoted Companies Alliance ("QCA") Corporate Governance Code on admission to AIM and shareholders can find more information on our governance arrangements in the Corporate Governance Statement on Pages 61 to 64. Further information on our Corporate Governance structure is also available on our website.
Annual General Meeting
The Company's Annual General Meeting will be held on 23 September 2025. The Notice of Annual General Meeting will be posted in due course to those shareholders who opted to receive hard copy communications and a copy will also be made available
on our website at https://www.frpadvisory. com/investors/financials-documents/.
Looking ahead
FRP has a strong track record of delivering sustainable, profitable growth throughout the economic cycle. Aside from recent macroeconomic developments which are likely to further impact business confidence, many UK companies that were already facing cost pressures (inflation, debt service) will face further financial difficulties following the Autumn 2024 budget, as the new minimum wage and increased employers' National Insurance contribution are taking effect. Companies with large workforces and tighter margins
will be particularly impacted, for example, those in the hospitality and retail sectors.
FRP remains well placed to support clients through times of change across the corporate lifecycle, from highly successful businesses to those facing stress or distress. The outlook for all of FRP's markets remains positive and I look forward to another year of growth and progress with FRP.
Penny Judd
Non-Executive Chair
22 July 2025
£33.3m
Net cash
5.4p
Financial Statements
Total FY2025 Dividends
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 9
10
Chief Executive Officer's Report
For the year ended 30 April 2025
Strategic Report
We have achieved another strong set of results, and continue to do so by staying focused on doing the basics well and delivering honest, clear and considered advice.
Geoff Rowley
Governance
Financial Statements
Chief Executive Officer
We have achieved another strong set of results, and continue to do so by staying focused on doing the basics well and delivering honest, clear and considered advice to our clients.
For another year, FRP has delivered growth in both revenues and underlying profit organically
and inorganically, an excellent performance that is testament to the strength of our people, our
business model and a strategy that consistently delivers for our clients and wider stakeholders.
We saw positive contributions
from each of our five service pillars: Corporate Finance, Debt Advisory, Financial Advisory, Forensic Services and Restructuring Advisory. This
was delivered through the efforts of our teams, who continue to work collaboratively across the Group, an approach that underpins FRP's adaptability and success.
Connectivity between our service pillars and geographic locations is a key differentiator which consistently enables us to achieve more for our clients.
During the year, we saw an uplift in revenue of 19% compared with the previous year, to £152.2 million (2024: £128.2 million), 11% of which was organic growth and 8% inorganic, including the first 12 months' revenue from new
acquisitions. Adjusted underlying EBITDA was £41.3 million, up 11% on 2024 (2024: £37.1 million), reflecting focused cost control and considered investment to support growth. On
a reported basis, EBITDA was £35.5 million (2024: £33.3 million). Profit after tax increased by £0.5 million, however the margin reduced due to the increased deemed remuneration costs from acquisitions made in the year.
We maintained our focus on the basics, applying the rigorous monthly valuation of our chargeable time not yet billed, also called unbilled revenue ("work in progress" or "WIP") and turning this into
cash. Overall, our WIP days are comfortably in line with the industry range of 4 to 7 months, at
approximately 5 months at year end.
Investing for growth
Expanding the business through considered acquisitions has long been a key element of FRP's strategy.
Our overarching goal remains unchanged; to generate sustainable profitable growth through a combination of quality organic growth and selective acquisitions. We will only ever consider acquiring businesses that represent a
strong cultural and strategic fit, on commercial terms that are mutually acceptable to both parties. Adhering to these strict selection criteria,
we have expanded our Group significantly in recent years. We have established a bigger geographical footprint, gained market share, and widened our client service offering.
In line with this strategy, during FY2025 we acquired five high quality firms:
May 2024
Commercial finance and risk management specialist Hilton-Baird Group, which is based in Southampton and operating across the UK. Retaining the Hilton-Baird brand, the business sits within FRP's Debt Advisory pillar. Four of the firm's Directors, Alex
Hilton-Baird, Evette Orams, Graham Bird and Ian Tramaseur joined FRP as Partners, with the rest of the Hilton-Baird team of 36 colleagues also joining the Group.
July 2024
Our first acquisition in Wales, Lexington Corporate Finance is based in Cardiff, giving FRP an on-the-ground presence in every UK nation. Lexington provides corporate finance services to clients, both locally and nationwide. One of the firm's Directors and Founder, Gary Partridge, joined FRP as a Partner. All 14 other members of the Lexington team also joined FRP.
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 11
Chief Executive Officer's Report continued
+11%
Growth in adjusted underlying EBITDA
13%
Market share
of administration appointments
in FY2025
Investing for growth
continued
September 2024
Based in Newcastle and bringing a second FRP location to the city, Williams Ali CF Limited provides corporate finance services to clients both in the North East and
nationwide. The firm's two Directors and Founders, Abu Ali and Phil Williams, joined FRP as Partners, along with all other members of the Williams Ali team, comprising five colleagues.
October 2024
Representing our twelfth acquisition since IPO in March 2020, Globalview Advisors Limited doubled the size of our Valuations Service team within the Financial Advisory pillar. Globalview provides valuation services to clients primarily in the UK and the firm's Managing Director Sarpel Ustunel joined FRP as a Partner. The remaining team of eight valuation professionals also joined FRP.
March 2025
Licensed Insolvency Practitioner, Chris McKay joined the Norwich Restructuring team as a Director, bringing with him an existing referral base, built over 30 years. Chris' arrival and expertise will help to extend our presence in East Anglia, giving us a stronger foothold in Cambridge and surrounding areas in particular.
During the year, we grew our team by 21% overall, adding 138 colleagues across our network of offices, which at year end, comprised 31 in the
UK. In November 2024 we opened a new office in Belfast with the appointment of a Forensic Services Partner Alison Hollywood and in January 2025 we opened a new office in Bournemouth to support team and business growth from
Southampton. These UK locations are supplemented by a further two international and offshore offices.
In September 2024, we successfully transitioned our customer relationship management (CRM) software from Salesforce to Microsoft Dynamics 365, a strategic move that has significantly enhanced our operational efficiency and collaboration. We expect Dynamics 365's integration with Microsoft applications such as Office 365, Teams, and SharePoint to further streamline our workflows, fostering better communication and collaboration across departments.
Additionally, Dynamics 365's scalability supports our growth ambitions, without the need for extensive system overhauls. This transition positions us well for future success, leveraging advanced analytics and AI capabilities to drive informed decision-making.
Our offices continue to work well together, drawing on specialists from our five complementary service pillars as necessary, in order to deliver the best possible service and outcome.
Navigating an uncertain and evolving world
Whilst the global and UK economies continue to be impacted by uncertainty, FRP remains well placed to continue to serve its clients across the entire economic cycle.
The final quarter of the financial year saw a marked increase
in macroeconomic volatility, driven predominantly by US announcements regarding global trade tariffs. This has impacted business confidence and caused delays in decision making, which in turn led to several Corporate Finance projects extending their completion date into FY2026.
12 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Chief Executive Officer's Report continued
The outlook for our markets remains positive and we have sufficient resource flexibility to respond to an increase in demand for our services
FRP Corporate Finance
FRP Corporate Finance encompasses both the corporate finance and debt advisory pillars.
Our FRP Corporate Finance team, which works on M&A (both sell-side and buy-side), capital raising, special situations M&A, strategic options reviews and advising on employee ownership trusts, started the financial year with a continuation of the positive momentum that was seen
at the end of the prior year, despite continued challenging economic conditions. This was accompanied by political uncertainty in the UK due to the change of government and subsequent Autumn budget, which included a much-anticipated increase in capital gains tax, leading
to an increase in activity to complete transactions ahead of tax increases. Whilst uncertainty around the global geo-political environment persists, the UK lower mid-market continues to be resilient underpinning cautious optimism for the FY2026.
FRP Corporate Finance ranked as the 19th most active financial adviser in the UK M&A market (Source: Experian Market IQ). The team was involved in 76 successful transactions with an aggregate deal value of £1.54 billion and £0.53 billion of debt raised. The average deal value of approximately
£20 million for the year maintains FRP Corporate Finance's position in the heart of the lower mid-market.
The FRP Corporate Finance team remained committed to the private equity community with over half (54%) of its transactions in the period, including sell-side, buy-side and debt advisory transactions involving private
equity. This continued commitment to our private equity clients was
recognised in being named UK Corporate Finance House of the Year for 2025 at the Real Deals Private Equity Awards, the second time the team has won this prestigious award in the last three years. The sectors
in which FRP Corporate Finance was most active in the year included:
There was also a notable increase in activity in property related transactions including property management and real estate.
Corporate Finance
We continue to grow our Corporate Finance offering and were delighted to welcome new colleagues joining us through the acquisitions of Lexington Corporate Finance, based in Cardiff, and Williams Ali CF, based in Newcastle.
FRP Corporate Finance remains an active member firm of Alliance of International Corporate Advisors ("AICA"), an integrated network of middle-market M&A advisory firms across the world.
Debt Advisory
As well as supporting other service pillars, the Debt advisory team works closely with the Corporate Finance pillar, collaborating on a number of projects. The team cover a broad suite of debt capital products including leveraged and corporate loans as well as asset-based facilities, primarily acting for private equity clients but also a range of sponsorless borrowers on their financing requirements.
19th
Governance
FRP Corporate Finance ranked as the 19th most active financial adviser in the UK M&A market
Financial Statements
117
Promotions
Across a wide range of senior and specialist roles
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 13
Chief Executive Officer's Report continued
Financial Advisory
Our Financial Advisory pillar comprises pensions advisory, valuation services, transaction services, lender services, board and c-suite advisory and financial modelling.
Trading across the pillar during the year has been positive, with strong demand for all services. As well as high demand for lender due diligence services due to the heightened risk environment, our
transaction services work has grown over the financial year, as buyers and lenders became increasingly active in response to the changes in the market. This success has provided us with a strong foundation for further growth in this service line.
Our valuation specialists have been very active, both with mainstream projects and preparing valuations which underpin restructuring plans and schemes of arrangement. The valuation team doubled in size to
c.15 professionals during the year, via a combination of strategic hires and the acquisition of Globalview Advisory.
The team has been very active during the year, delivering a wide range of independent and expert witness valuations in support
of formal financial restructuring processes (both restructuring plans and enforcements), litigation processes and transactions. In
addition, the Globalview team brings strength and depth to a previously unserved segment of the valuation market for FRP - financial reporting valuations.
Our pensions advisory specialists continue to work with trustees and corporates, increasingly those moving towards buying-out
schemes with insurers and assisting those navigating the changing regulatory environment.
Forensic Services
Our Forensic Services team had another busy year, working across a multitude of investigations
and litigation, arbitration and matrimonial/private client disputes. The team were instructed on a number of investigations typically with an element of alleged fraud/misappropriation, with clients requiring independent investigations, sometimes driven by auditor concerns. Private equity firms have been particularly active
in using our services over the course of the year. In this market, we have also seen continuing demand for contentious insolvency assignments requiring our forensic accounting and technology expertise.
Engagements delivered by the Forensic Services team during the year included complex
investigations, a significant number of expert witness appointments, including breach of warranty claims, loss of profits, contentious valuations, matrimonial and
private client matters, professional negligence claims, eDiscovery and computer forensic investigations. The team deployed both forensic accounting and forensic technology skills to many of our cases and utilised other teams from across our offices.
The Forensic Services team has grown substantially in the last two years as we have hired forensic accounting professionals across multiple locations to meet the increase in demand for our services. This has included a lateral Partner hire based in Belfast (where we opened a new office in 2024) to further increase our bench strength, specifically in insurance disputes.
FRP Forensic Services now has six Partners and eight Directors, supported by a team of forensic accountants and technologists,
located across our offices in London, East Anglia, Birmingham, Leeds, Bristol and Belfast, and in Manchester from June 2025.
Restructuring
Aside from recent macroeconomic developments, many UK companies that were already facing cost pressures (inflation, debt service) will face further financial difficulties following the Autumn 2024 budget, as the new minimum wage and increased employers' National Insurance contribution begin to take effect. Companies with large workforces and tighter margins
will be particularly impacted, for example, those in the hospitality and retail sectors.
FRP's Restructuring team, which provides corporate finance advisory, formal insolvency appointments, informal restructuring advisory
and personal insolvency support, has been active nationwide, and across all sectors. FRP retained its market leading position in the
administrations market, remaining the most active administration appointment taker in the UK by volume of appointments, its market share at 13% (2024: 16%), which includes group appointments (Source: London and Regional Gazettes).
The higher volume liquidations market, which are typically lower value and less complex, including Creditors Voluntary Liquidations and Compulsory Liquidations decreased by 8% in the financial year (Source: London and Regional Gazettes).
14 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Governance
Chief Executive Officer's Report continued
Investing in our people
Fundamentally, it is our people who power FRP. It is their hard work and ethical approach that enable us to provide the highest level of service, build trusted relationships, and deliver meaningful results for our clients. I would like to wholeheartedly thank all colleagues, including those who have joined us during the year, for their continued efforts.
At FRP, we know that when our people thrive, our clients succeed. During the year we promoted
7 colleagues to Partner and 4 colleagues to Director, with a further 106 promotions across a wide
range of senior and specialist roles, from Office Managers to Associate Directors/Senior Managers.
Immediately following the year-end, on 1 May 2025, a further
3 promotions to Partner were announced, one part of an additional 96 promotions across the Group.
These promotions recognise the dedication, expertise and ambition of our colleagues across the firm, who deliver outstanding service
to our clients, day-in, day-out. Ongoing investment in our people is at the centre of our strategic plans, ensuring we continue to attract
the very best talent and create an environment where everyone can achieve their personal ambitions
and continue to deliver the quality of service that we are known for.
In March 2025, we welcomed Fraser Sinclair as our Money Laundering Reporting Officer ("MLRO") who joined from one of Scotland's largest law firms. Fraser has previously been the AML supervisory risk manager
at the Law Society of Scotland, delivering the Law Society's AML CPD programme and is appointed to the UK Legal Sector Expert Advisory Group on AML.
Continued support of colleagues in acquiring professional qualifications and supporting their career aspirations remains a priority, enabling promising young stars
to become future Directors and Partners of the business.
Colleague engagement, developing talent and managing succession is a key focus of the Group. Over the past year, FRP's Talent Development
function has made significant strides in enhancing professional growth and support across the organisation. A new onboarding process was introduced for all new starters,
including a dedicated welcome event at the London Cannon Street office, ensuring a smooth transition into the firm.
We have continued to expand and refine our suite of internal training programmes, with key additions such as a technical training platform for corporate finance colleagues, a partner development programme and a mental health awareness initiative for managers and colleagues.
Growing the L&D function has enabled greater commitment to support those studying for
professional qualifications, through a cohort-based approach and enhancing the functionality of our Learning Management System.
We remain committed to ensuring FRP is an inclusive and diverse place to work and aim to reflect the diversity we see across our client base in our workforce. FRP has also been working on wellbeing initiatives through a partnership
with the Charlie Waller Trust, formed a Balanced Minds Committee and launched 'Mind. Set', a podcast series online.
The Group made two senior hires on 1 May 2024, both with significant HR and people leadership experience.
Claire Dale joined as People Director to lead on FRPs "People Proposition" and Louise Jackson, former Group Director of Talent and Leadership
at Selfridges, joined as a Non-Executive Director and Remuneration Committee Chair. During FY2025 we also expanded the People team by an additional 7 colleagues, including 2 specialists in Talent Acquisition.
Claire Dale's appointment coincided with our second all-colleague survey being completed in early May and
it was pleasing to find that more than 84% of our colleagues agreed, somewhat agreed, or strongly agreed that they would be proud
to recommend FRP as a great place to work. Across all respondents, an average score of eight was recorded (on a scale of 1-10) when colleagues were asked to what extent they
feel the things they do in their life, including work, are worthwhile.
After carefully analysing the full survey results, our senior team has committed to four key actions to continue making our working environment the best it can be.
Financial Statements
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 15
Chief Executive Officer's Report continued
Investing in our people continued
In December 2024, FRP was accepted into the Mindful Business Charter, which is centred around rehumanising the workplace through a framework of four pillars - Openness & Respect, Smart Meetings & Communications,
Respecting Rest Periods and Mindful Delegation. Fellow members of the charter include a number of firms FRP are known to and work with, presenting a greater opportunity
to enhance existing relationships, as well as build new ones by demonstrating how FRP is being a mindful and responsible business.
To promote continued collaboration across the Group, the senior leaders (all Directors and Partners), gather regularly, the last function being in November 2024.
We are delighted to see our people being recognised externally. Our newly acquired teams in Newcastle and Cardiff were both recognised for their deal successes. Williams Ali CF was named 'Corporate Finance Advisory firm of the Year' at the Insider North-East Dealmakers Awards 2024, and Lexington Corporate Finance won 'Deal of
the Year' at the Insider Wales Dealmakers Awards 2024.
Additional recognition at other 2024 regional award programmes was received by Corporate Finance Partners Adrian Alexander and Darren Miller as 'Corporate Finance Adviser of the Year' in their regions and Simon Davies was voted 'Most Valuable Player' at the AICA Global Awards 2024. Corporate Finance Partner, Abu Ali, also won the Professional Award at the Asian Business Connexions Awards 2024.
In April 2025, FRP Corporate Finance was named 'Corporate Finance House of the Year - UK' for a second time, at the National 2025 Real Deals Private Equity Awards.
We were pleased to be recognised in Chambers and Partners Litigation Support Guide for the sixth consecutive year for our forensic accounting services and for the third consecutive year for our eDiscovery services. Chris Osborne was named 'Asset Recovery Expert of the Year' at the Lexology Index Awards and recognised as 'Global Elite Thought Leader' by Who's Who Legal. Andrew Fingerett was listed in Financier Worldwide Magazine as an 'Exceptional Expert' in International Arbitration.
In January 2025, Paul Allen and Geoff Rowley, acting as Liquidators of Greensill Limited in the Credit Suisse v Softbank litigation were featured in 'The Lawyer Top 20 Cases for 2025', which highlights the most significant legal disputes expected to be heard in UK courts throughout the year.
Christina Papathomas was the winner of the 'New Business Leader (under 40)' in the category of Services at the 2024 Cyprus Chamber of Commerce awards.
Building a more
sustainable business
As a responsible business, FRP continuously strives to carefully manage its impact on the environment, and the communities in which it operates. To see more details please see the ESG report on Page 28.
In line with our efforts to maintain exemplary governance standards, on 1 May 2024, Louise Jackson joined as a Non-Executive Director and
member of the Group's management board. Louise brings extensive experience to the FRP Board, with particular expertise in Human Resources across retail, travel, media and business services.
Outlook
Our strategy is built around steady and sustainable growth through both organic initiatives and selective acquisition opportunities. Part of
the organic growth strategy is to ensure that FRP's offices, across its 31 locations in the UK and two international and offshore
locations, are connected and work collaboratively. This supports our delivery of sustainable profitable growth by drawing on specialists from our five service pillars as necessary, in order to provide each assignment with the right team, to deliver the best possible service and outcome for our clients.
Our M&A pipeline remains healthy, and we are in active discussions of varying stages regarding a number of opportunities that will further enhance our ability to
support clients through their entire corporate lifecycle. Post year end we were pleased to announce
the acquisition of One Advisory Group who provide financial reporting, transaction advisory and governance services and complement the Group's existing
service pillars as well as broadening its offering to clients.
16 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Governance
Chief Executive Officer's Report continued
Trading in the first few months of the current financial year has been positive, with good activity
levels and is in line with the Board's expectations. This includes the financial contribution of recently acquired businesses where integration is progressing as planned.
We remain fully committed to retaining our healthy collegiate culture where we promote the development, health and well-being of our colleagues. As demand for our services continues to increase, and as a people business, this approach will be critical to meeting our goals.
Geoff Rowley
Chiєr Exєcutivє Orficєr
Financial Statements
22 July 2025
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 17
FRP's Corporate Finance team acted as the lead adviser, from the initial concept through to completion, to bring together seven of
the UK's leading regional coach operators. This was a highly complex process which included approaching investors and helping to navigate the complexities of merging the different groups.
The Coach Travel Group is the result of the strategic amalgamation of Alpine Travel, Barnes Coaches, Coatham Coaches, JH Coaches, Johnsons Coaches, Swans Travel and The Ready Group.
Seen as a significant milestone not only for the group but for the UK coach travel industry, the merger brought together renowned and trusted regional operators under one roof, to create an unparalleled travel experience.
Each of the companies in the group brings years of rich heritage, proven expertise, and deep connections with the communities they serve. Their focus now is on delivering an ambitious growth strategy and providing a best-in-class customer service.
Corporate Finance
Leading regional coach operators create new UK group
FRP are proud to have supported this landmark transaction, helping to ensure a satisfactory outcome for all parties.
Dave Howes Corporate Finance
18
Strategic Report
FRP Corporate Finance's team advised K3 Business Technology Group (K3) on the £36 million sale of one of its divisions, NexSys Solutions, to global ERP software provider SYSPRO.
NexSys is a specialist provider of digital manufacturing and distribution software in the UK. The acquisition builds on a long and successful partnership between SYSPRO and NexSys, during which NexSys established itself as a trusted provider of digital solutions to manufacturing and distribution companies across the UK.
The carve-out acquisition is a key milestone for SYSPRO's strategy to expand its global footprint by strengthening its presence
Governance
in the UK and expanding its reach across Europe. It will also enable SYSPRO, which is backed by global private equity firm, Advent International, to expand its highly regarded digital manufacturing suite with new products and capabilities.
As the exclusive sell-side provider, the FRP Corporate Finance team provided end-to-end support to K3, helping prepare NexSys for sale and leading on the negotiation of terms and financial due diligence, right through to the successful conclusion.
Financial Statements
The transaction directly supports SYSPRO's geographical and capability expansion strategy, provides a new strategic platform for the NexSys team and maximises the value K3 receives for its asset, delivering a strong outcome for the shareholders of K3.
Corporate Finance
£36 million sale of digital manufacturing
and distribution software provider
FRP were able to provide a deal that delivered great
results for all involved, within a short timeline.
James Mines Corporate Finance
Corporate Information
19
Westerly Group and Elmsley Capital identified Water Babies, the world's largest baby and toddler swimming school, which offers lessons to over 80,000 children annually across the UK, Ireland, Canada the Netherlands and the USA, as a key investment opportunity, seeking to capitalise on its international appeal and growth potential.
To support their acquisition strategy, they engaged FRP's Financial Advisory team
to provide buy-side financial and tax due diligence, as well as valuation services, to ensure a comprehensive understanding of the business's financial health and prospects.
The FRP team provided strategic insights, deal considerations and facilitated negotiations that aligned with the needs of all stakeholders.
The team successfully completed the transaction with third-party leverage financing secured. This acquisition provides a platform for Water Babies to continue investment in its UK footprint and grow its market-leading swim education program at new locations throughout the US, creating new growth opportunities and enhancing the international brand.
Financial Advisory
World's largest baby and toddler swimming school expands globally
FRP's expertise in cross-border transactions was instrumental in navigating the complexities of the acquisition.
Justin Matthews Financial Advisory
20
Strategic Report
Project Convoy is a well-established holiday park operator based in the South of England. The business has an ambitious strategy for growth and was seeking a material addition to its portfolio of sites.
FRP's Financial Advisory team was jointly engaged by Convoy and the Lender to undertake due diligence, to assess the financial health and position of the proposed target site and the enlarged group and the serviceability of the proposed new bank facility on an enlarged group basis.
Governance
As part of FRP's due diligence report, we identified a number of improvements that were required to Convoy's internal financial environment in light of the substantial growth that the proposed acquisition was projected to deliver. Additionally, our sensitivities showed that headroom with the proposed banking covenants would be tight under certain scenarios.
Convoy and the Lender then negotiated changes to the proposed banking covenants, given the issue highlighted in FRP's sensitivity analysis.
Financial Statements
Working in collaboration with FRP's Corporate Finance team, which was undertaking an advisory buy-side role, the Lender agreed to provide facilities in excess of £60 million to support Convoy's acquisition plans.
Financial Advisory
Due diligence provides £60 million loan for growth
Convoy, having actioned the recommendations in our report, was able to proceed with its planned acquisition.
Matt Whitchurch Financial Advisory
Corporate Information
21
An alleged misuse of confidential information resulted in a multi-million pound claim being made against a public sector entity. The FRP Forensic Services team were engaged by
the defendant to act as accounting expert witness on the recommendation of their instructed solicitor.
FRP analysed financial and non-financial data disclosed by the claimant and prepared two expert reports. In doing so, the FRP Forensic Services team identified assumptions in the claimant's calculations that we considered unrealistic and prepared alternative calculations that more accurately reflected the underlying data. FRP's alternative calculations, which significantly reduced
the quantum of losses being claimed, were accepted by the claimant's expert following the joint meeting.
Throughout the case, the FRP Forensic Services team worked closely with the client's solicitors, which was particularly important in relation to disclosure, as initially the claimant's calculations were presented without any supporting financial data.
The claim was settled shortly before the trial was due to start. While the terms are confidential, FRP's report enabled the client to take a robust position in the settlement negotiations.
Forensic Services
Expert witness appointment in claim for loss of profits
FRP's forensic analysis of financial and non-financial data enabled us to put forward robust alternative calculations.
Henry Pocock Forensic Services
22
Strategic Report
Suspicions of potential financial manipulation were raised by the auditor of the European division of a global consumer markets business, headquartered in Singapore. The FRP Forensic Services team were engaged
by the parent company, to assist external counsel with an independent investigation
The team supported the investigation by imaging over 30 laptops and mobile devices.
FRP worked with the lawyers to develop a comprehensive search methodology for a population of more than 2.5 million documents, which incorporated targeted search terms, multiple languages and Relativity's Active Learning.
Governance
The FRP Forensic Services team undertook extensive document review, conducted interviews of more than 25 finance and operational staff, and provided forensic accounting analysis and expertise throughout.
Not only did the investigation confirm the initially suspected misconduct but it identified further issues including theft, repeated and systemic misleading of the
auditors, under-reporting financial provisions and "window dressing" of the division's cash position.
Financial Statements
FRP's analysis established an estimate of the accounting impacts and we provided the client with detailed working papers to assist their efforts with finalising the audits.
The FRP Forensic Services team continues to aid ongoing remediation efforts.
Forensic Services
Independent forensic investigation into auditor concerns
FRP's range of forensic capability, depth of expertise and independence helped our client demonstrate a strong and comprehensive response.
Jonathan Wheatcroft Forensic Services
Corporate Information
23
Founded in 1976 in Brighton, UK, The Body Shop became a pioneer in the field of ethical beauty, offering skincare, body care, haircare and make-up with its focus on natural, fairly-traded ingredients.
Operating in over 70 markets worldwide, The Body Shop is also one of the few global brands to which the British consumer has a deep emotional attachment.
FRP's Restructuring Advisory team worked closely with our Corporate Finance team and continued to successfully trade the business in administration while managing the sale process, which also included certain of The Body Shop's overseas subsidiaries.
The business attracted strong interest both from strategic acquirers and financial buyers worldwide. After a competitive process, specialist investment firm Auréa were successful in winning the bid.
Under Auréa ownership, The Body Shop will be led by serial industry entrepreneur Mike Jatania, alongside Charles Denton, body and skincare industry figurehead and the former Chief Executive of Molton Brown and Erno Lazlo.
With a great sense of where industry trends are heading, they are well positioned to not only preserve the legacy of The Body Shop's values-driven, independent spirit but also support its new journey.
Restructuring Advisory
Future secured for ethical beauty brand The Body Shop
FRP's swift action to evaluate and restructure the group, helped preserve the legacy of this iconic and ethical beauty brand.
Steve Baluchi Restructuring Advisory
24
Strategic Report
Relate's counselling services and central services function, which supports a network of independent counselling charities across the UK, had fallen into financial difficulty following the loss of government contracts.
FRPs' Restructuring Advisory team were appointed joint administrators of the charity and following an accelerated marketing process, a buyer was swiftly found. Over 180 Relate employees joined national charity, Family Action, shortly thereafter.
The Relate charity is known for offering a lifeline for families across the country
struggling with a range of domestic issues. And the rapid sale meant that this vital support could seamlessly continue for the many families affected.
Governance
They will continue to trade under the Relate brand and the federated network of local counselling services it supports - the Relate Federation - remains separate and financially independent from the entity acquired by Family Action.
Family Action's track record of supporting families through change, challenge and crisis dovetails well with Relate's mission and the swift conclusion of the deal managed by FRP, gives the charity the foundation it needs to return to a stable footing.
Financial Statements
Restructuring Advisory
Over 180 jobs saved as buyer found for national counselling charity
We're pleased that an unfortunate period of financial uncertainty hasn't put a stop to the vital work that Relate do.
Philip Reynolds Restructuring Advisory
Corporate Information
25
Strategic Report
For the year ended 30 April 2025
The Directors present their strategic report for the year ended 30 April 2025 ("FY2025").
Principal activities
During the year under review, the principal activities of FRP Advisory Group plc (the "Company"), together with its wholly owned subsidiaries (the "Group") consisted of the provision of professional business and advisory services under the following five complementary service pillars:
services; financial modelling; board and C-suite advisory and pensions advisory services.
The Group considers that it can support clients optimally through internal collaboration and by drawing expertise from specialist teams across different areas of the business. Accordingly, each of the Group's five service pillars and footprint of offices are connected
and able to work together to deliver the best possible client service and outcomes.
The Group provides professional services to all sectors and across the full spectrum of all business sizes.
FRP is a member of Eight International, a global advisory organisation that was set up to meet a growing demand for
dedicated financial and operational support from businesses with an
international footprint. FRP has been active in building relationships through physical meetings with member firms across Europe and engaged in joint marketing and the co-hosting of events with Eight International. This has increased FRP's brand presence, market profile and showcased combined cross-border and international collaboration capabilities across all of the countries in which the Eight International network operates.
Financial review
Revenue
FRP's revenue grew 19% year-on-year to £152.2 million (2024: £128.2 million). 11% was organic growth and 8% inorganic, the latter defined as an acquisition's first 12 months' contribution to the Group.
Adjusted underlying Earnings Before Interest Tax Depreciation and Amortisation (EBITDA)
The Group grew profitably with adjusted underlying EBITDA* rising by 11% to £41.3 million (2024: £37.1 million) reflecting our continued focus on cost control, while also investing in the business to support future sustainable growth.
Statutory profit
Statutory profit for the Group grew by £0.5 million to £22.5 million (2024: £22.0 million). The growth was driven by the increased EBITDA above. FRP had a much larger expense due to deemed remuneration in FY2025 due to the 5 aquisitions in the year. This meant that the statutory profits did not grow as much as EBITDA. This is detailed in the table below.
2025 £m | 2024 £m | |
Reported profit before tax | 31.3 | 29.9 |
Add back depreciation, amortisation and interest | 4.2 | 3.4 |
Reported EBITDA | 35.5 | 33.3 |
Add share-based payment expense relating to the Employee Incentive Plan (EIP) | 2.8 | 2.2 |
Add equity settled deemed remuneration | 2.8 | 1.6 |
Add cash settled deemed remuneration | 0.2 | - |
Adjusted underlying EBITDA* | 41.3 | 37.1 |
* Adjusted underlying EBITDA excludes exceptional costs (no such costs arose in 2024 or 2025), share-based payment expense that arises from the Employee Incentive Plan (EIP) funded on IPO and deemed remuneration amortisation linked to acquisitions.
26 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
Strategic Report
Governance
Strategic Report continued
FRP team growth
The FRP team grew by 21% through both demand-led lateral hiring and acquisition. We opened new UK offices in Belfast and Bournemouth and following the acquisition in July 2024 of Lexington Corporate Finance, which is based in Cardiff, FRP now has an on-the-ground presence in every UK nation.
The Group started the financial year with 657 colleagues, (excluding Consultants) operating out of 27
UK offices plus two international and off-shore offices in Cyprus and the Isle of Man. By 30 April 2025, there were 31 UK offices and the two international and offshore offices, while the colleague number had increased to 795 (excluding
Consultants), as set out in the table below:
Team | FY2025 | FY2024 |
Partners | 108 | 92 |
Colleagues - fee earners | 518 | 430 |
Total fee earners | 626 | 522 |
Colleagues - support | 169 | 135 |
Total ( exc. Consultants) | 795 | 657 |
Balance sheet and cash fiow
The Group's balance sheet remains strong with a net cash balance as at 30 April 2025 of £33.3 million (2024: £29.7 million), consisting of gross cash of £40.7 million, less the balance remaining on loans of £7.4
million (2024: £32.9 million gross and
£3.2 million loan). The Group also has an undrawn RCF of £10 million and an accordion acquisition facility with Barclays Bank. FRP utilised the accordion facility in the year to draw down £7.2 million. These facilities were refinanced in July 2023 for 3 years. Cash collection during the year was £160 million (2024: £136 million).
The Group has staff utilisation rate of 67% (2024: 68%) against a
target in the high sixties. The Group monitors utilisation and capacity and has a culture of internal collaboration whereby colleagues can be utilised across different locations. Utilisation is calculated as the percentage of available hours that FRP colleagues spend on chargeable activities. Available
hours being a standard 7.5 hour day multiplied by the number of working days, less hours taken for holidays, study days and sickness.
The largest asset on FRP's balance sheet is unbilled revenue or Work in Progress (WIP). The majority of WIP relates to restructuring cases and represents the value of work done which the relevant insolvency practitioner believes will be signed off by the relevant creditors as part of the fee process. WIP days are typically 4-7 months within
the restructuring industry and FRP maintains the discipline of a robust monthly WIP valuation process. Cash collections in the second half were particularly strong, with WIP days at approximately 5 months (FY2024: approximately 5 months). Going
into FY2026 it is expected WIP days will grow in the first half due to the Group's continuing growth.
The Group has repaid all IPO liabilities due to Partners and now carries a liability to Partners on
go-forward profits. This represents the Group's largest payables.
Trade payables remains low as FRP maintains a general supplier payment policy whereby suppliers are paid within 30 days in the absence of any other agreement.
Dividend
Given the Group's trading performance and strong balance sheet, the Board is recommending a final dividend, in line with its stated dividend policy to pay quarterly dividends. Since IPO, dividends paid have been progressively increasing year-on-year.
The FRP Staff Employee Benefit Trust which was seeded by Partners on IPO, and which holds shares
that back employee options, has waived its right to dividends and the corresponding amount was retained by the Group. As the employee Share Options became exercisable from 6 March 2023, these shares will attract dividend rights when converted. The Board recommends a final dividend of 2.55p per eligible Ordinary Share for the financial year ended 30 April 2025.
Subject to approval by shareholders, the final dividend will be paid on 24 October 2025 to shareholders on the Company's register at close of business on 26 September 2025.
If the final dividend is approved, the total dividends paid by the Company relating to the financial year ended 30 April 2025 will be
5.4p per eligible Ordinary Share (2024: 5.0p).
Financial Statements
Corporate Information
Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025 27
Business review
Business model
FRP's objective is to deliver shareholder value in the medium to long-term while protecting the Group from unnecessary risk.
FRP's purpose is to support clients through times of change across the corporate lifecycle, from highly successful businesses to those facing significant stress or distress. Our specialist advice is honest,
clear, and considered. Our teams are empowered to achieve the best possible outcomes by putting forward the right people for each project, drawn across different locations and service pillars.
We support our colleagues' development, health, and well-being in order for them to achieve their personal goals and we ensure they
operate in an inclusive, sustainable, and environmentally responsible workplace.
The business model underpinning this objective is to generate revenues by providing professional services. Fees are charged on a basis suitable to the engagement.
How we create value
1 Growing our fee earning capacity through the recruitment of high-quality individuals, teams and businesses and integrating them into our
model.
2 Developing our five service pillars: Corporate Finance, Debt Advisory, Financial Advisory, Forensic Services and Restructuring Advisory, to
create an integrated business able to take advantage of opportunities across the economic life cycle of individual businesses, as well as providing a broad range of expertise to deploy on any given engagement through service inter-pillar collaboration.
3 Investing in our team to enable them to provide the best possible service and fulfil their own ambitions.
4 Operational efficiency through the provision of shared central services, compliance, marketing and strategy management to enable
fee earners to focus on clients, business development and professional development.
Our charging structure
Restructuring Advisory:
Other service pillars:
For advisory assignments, fees are typically agreed either on a fixed fee basis or by reference to time spent as agreed with the client. For formal insolvency proceedings work, fees are charged on the basis of time costs, fixed fees or percentage of realisations and/or distributions or a combination of bases as approved
by creditors. The Group's fees for acting in connection with formal insolvency proceedings are paid from the proceeds of the sale of the insolvent estate's assets and rank ahead of distributions to creditors.
Fee structures for the other service pillars are charged on a project appropriate basis. Fee structures include time charged (potentially with a cap), fixed fees, contingent success fees based on transaction value or an agreed mix of these bases.
28 Strategic Report FRP Advisory Group plc | Annual Report and Financial Statements 2025
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FRP Advisory Group plc published this content on September 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 01, 2025 at 11:54 UTC.
