The combined business simplifies the firm’s organisational structure and is designed to give clients an ‘end-to-end service under one roof’, KPMG said.

KPMG’s consulting and deals advisory practices had combined revenue of £1.25bn in FY22, split between consulting with £811m in sales and deal advisory with £443m in fees. The combined service will account for almost half of KPMG’s UK revenue, which was £2.72bn last year. To put this in context, the audit practice earned £695m in FY22.

The new advisory business will be led by partner Lisa Fernihough, who is currently head of the financial services consulting practice and chief people officer at KPMG. The current heads of deal advisory and consulting, Liz Claydon and David Rowlands, will take on other roles at the firm.