The restructuring wing of Teneo Ireland saw “accelerated growth” in 2024 as profits more than tripled from €1.2 million to €4 million on the back of a series of high-profile restructuring jobs.
Best known in Ireland for its PR and management consultancy business, Teneo entered the UK restructuring service sector in 2021, acquiring Deloitte’s 250-person UK restructuring arm.
Teneo Restructuring Ireland was then set up in August 2021, after hiring Damien Murran from accounting firm RSM to become its managing director.
Mr Murran said the restructuring business’s results “reflect the continued investment in the business and accelerated growth over the past three years”.
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“Started from scratch” just five years ago, the business unit has “grown consistently” in recent years, Mr Murran said.
The business swung into a €1.2 million profit in 2023 having made a loss of just over €680,000 the previous year, driven by start-up costs. The company is understood to have generated more than €8 million in turnover in 2024, with further improved performance thus far this year.
The PR and management consultancy unit which is led by chief executive Michael O’Keeffe is understood to have increased its annual revenue to €15 million, and is set to file its financial accounts in the coming weeks.
Mr Murran said his unit is now “handling some of the largest and complex restructuring mandates in the country” including the liquidation of retailer Homebase and the wind down of fashion brand Ted Baker’s Irish locations.
Teneo Restructuring Ireland was also appointed as liquidator of Russian leasing company GTLK, and has organised the sale of a number of aircraft assets of two Irish-registered companies in the group in to recover more than $175 million (€152 million) owed to four creditors.
The business also provides capital advisory services and Mr Murran noted there are “further growth opportunities”, with forensic accounting and investigation services expected to be areas of strong growth for the firm.
The company had an average of 19 employees during its 2024 financial year, all bar one of whom were consultancy staff.
The firm had payroll costs of €3.1 million, more than twice that of 2023 as employee headcount saw a notable increase. Directors’ remuneration also increased to marginally above €486,000. The company currently has three directors.
“In 2025, the team will likely grow to 30 people as part of an overall headcount on the island of Ireland for Teneo of 100,” the managing director noted.
