Tim Woodall, head of boutique oil and gas M&A; house Miro Advisors has shocked clients and staff by advising them he will close down the firm, for personal and family reasons.
Staff at the Perth-based advisory were informed of the decision late last week, said Mr Woodall, who personally told clients of the pending closure on Monday morning. All the team of 14 will be made redundant.
The Perth-based firm, which counts Santos, Quadrant Energy and Seven Group Holdings among its clients, had been on a growth path since its inception in 2010. It promoted its independent status and tailored advice for clients on key corporate decisions and transactions.
Mr Woodall said he had thought about the decision through January and decided to make his family and personal issues top priority.
"I've shocked a lot of people, clients included, but some times in life there are things you've got to focus on ahead of money," he told The Australian Financial Review.
"It's time to put family first for a change."
Mr Woodall said that as the prominent deal-winner he had opted to close down the firm given his two "key lieutenants", Nigel Gordon and Marcus Tieleman, had decided not to take over but to go in a different direction.
Miro last year advised on Lundin Petroleum's $US22 million sale of its Indonesian business, and on Elk Petroleum's $108 million capital raising, and has also advised on deals for local players Beach Energy and Drillsearch Energy as well as internationals including Talisman Energy.
The firm's senior advisory panel includes former Deputy Prime Minister John Anderson, former Woodside Petroleum senior executive Eve Howell and Martin Houston, a former BG Group chief operating officer.
