Tue, 27 Nov 2018 | MERGER
Advanced merger discussions are underway between accountancy and business advisory firms BDO and Moore Stephens LLP, with the deal expected to complete in the Spring of 2019.
With the merger, the new firm will have a gross annual revenue of £590 million and a staff of 5,000 people across the UK.
Votes from partners of both firms have confirmed a green light for the merger, subject to finalisation of contracts.
BDO managing partner Paul Eagland said: "If ever there were a time for firms to turbo-charge their growth, it’s now. It was clear from our first meeting that we share similar culture and values.
"As professional services firms, our people are our greatest asset and it is essential that we create an enlarged business that retains the best of our similar cultures. Both firms are full of innovative people who are experts in their field – this will continue.
"BDO is in a great position in the market, both in the UK and across the world as part of an $8 billion BDO global organisation.
"In the last 12 months – in the wake of Carillion and the subsequent focus on competition in the audit market – the UK market now has a better appreciation of BDO’s capability and quality. This deal increases our credibility further and proves our commitment to competing in the top-end of the market.
"But we’ve always said that size isn’t a proxy for quality. A driver of this merger is one of sustainable and profitable growth that benefits our clients, people and capital markets alike."
With the merger, the company will look to challenge its larger competitors by providing complex audit, tax and advisory work.
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