The new firm is larger than Grant Thornton, which has traditionally been viewed as the leading mid-tier contender, and reported revenues of £499m last year. Their statement said: “The merger, which relates to the London, Birmingham, Reading, Bristol, and Watford offices of Moore Stephens LLP, will make BDO the third biggest auditor of listed companies, strengthening its position as calls to improve quality and competition at the upper end of the audit market continue.”.
From today, the merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9bn across 162 countries. In April 2015, Moore Stephens merged with Chantrey Vellacott, previously ranked 20th in the Accountancy Top 75 survey. Moore is a top 20 accounting and advisory network, with offices throughout the UK and members across the globe.
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In addition, it cements BDO’s ranking as the UK’s leading auditor to AIM-listed companies and will enhance its expertise in sectors including financial services, insurance and shipping. Last week, BDO and Moore Stephens announced plans for the two United Kingdom firms to merge.. BDO said the combined firm will be one of the top auditors in the country based on the number of UK-listed companies it audits, while its tax and audit practices will be ‘far larger than its nearest mid-tier competitors’. BDO closes gap with Big Four but warns audit is ‘broken’ Merger with Moore Stephens boosted growth and allowed firm to leapfrog Grant Thornton. By using this site you agree to our use of cookies. Simon Gallagher, managing partner, Moore Stephens, said: ‘The proposed merger provides a platform for continued, sustainable growth, as well as offering something different to the market at this important time. BDO announces the merger with Moore Stephens in the Czech Republic 29 October 2019 Prague, 29 October 2019: Effective 1 January 2020, BDO and Moore Stephens will join forces in the Czech Republic. Paul Eagland, managing partner of BDO, said: ‘The audit market is going through a significant period of reform and our clients are facing unprecedented uncertainty as Brexit looms and global trade undergoes fundamental changes. Eagland continued: “Notwithstanding these uncertainties, I’m confident that a combination of our 5,000 people and our reputation for trust and quality puts us in a fantastic position to help our clients and our people capitalise on the opportunities that always accompany such change. Paul Eagland, managing partner, BDO, said: ‘If ever there were a time for firms to turbo-charge their growth, it is now. BDO said the most impactful intervention would be to introduce market caps, suggesting one simple option could be as simple as stating that by 2023 no audit firm can act for more than 60 FTSE 350 audit clients. Failure to comply would result in censure and / or fines based upon the additional fees secured. Prague, 29 October 2019: Effective 1 January 2020, BDO and Moore Stephens will join forces in the Czech Republic. What does the COVID-19 crisis mean for your business, and for you? It has today been announced that the BDO and Moore Stephens LLP merger is complete, and they are now the largest UK accountancy and business advisory firm focused on “mid-sized, entrepreneurially-spirited businesses”. This site uses cookies to provide you with a more responsive and personalised service.
‘Our clear sense of purpose and growth strategy will help our entire team make this merger a huge success.’. We help you thrive in a changing world.
A driver of this merger is one of sustainable and profitable growth that benefits our clients, people and capital markets alike.’. Petr Slavíček, managing partner of BDO in the Czech Republic, explains: “In the past, BDO’s firms operated as independent entities. The Competition and Markets Authority (CMA) is conducting a review of the market to examine whether it is ‘competitive and resilient enough to maintain high quality standards’, while the business, energy and industrial strategy (BEIS) select committee has also announced its own inquiry into claims the audit market is ‘broken’.
A review of the FRC’s operations led by Sir John Kingman is due to produce a report within the next few months. Spojení auditorské a IT divize BDO v ČR s tuzemskou sítí Moore Stephens potvrdí 5. místo BDO mezi poradenskými firmami působícími na českém trhu. Eagland said: ‘But we’ve always said that size isn’t a proxy for quality. The merger with Moore Stephens is the perfect moment to unite the various BDO Audit firms, already working closely together, and integrate our IT advisory services.”, Trond-Morten Lindberg, CEO of BDO Europe, Middle East and Africa (EMEA), adds “By merging BDO and Moore Stephens, and incorporating the different services in one solidified firm, we aspire to become a strong and sustainable firm, providing a wide range of expertise. ‘Moore Stephens is a very profitable business delivering double digit growth for several years in a row. The merger is part of a far-reaching restructuring within BDO aimed to raise the level of its total service offering. Now, Moore firms are present in more than 110 countries, with over 30,000 dedicated people. This merger will allow us to remain on that kind of trajectory.’. In London, BDO – with its HQ in Baker Street – plans to take on a second office in the City to accommodate the growth and retain that city-based presence for clients after the merger. The merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9bn across 162 countries. Simon Gallagher – former managing partner at Moore Stephens LLP – has joined BDO as the head of advisory, and Jon Randall – previously the chief operating officer – is now the head of integration and transformation. Simon Gallagher, former managing partner at Moore Stephens LLP, joins BDO’s leadership team as head of advisory. “This merger is one of growth and creates a new force in the market, enabling us to challenge our existing competition and deliver an increasingly impressive range of services to help our people and clients succeed.”, Iscriviti per ricevere le ultime notizie e approfondimenti BDO. Globally, growth was spearheaded by member firms in the US, and headcount increased by 9%, with 73,854 individuals working in 1,500 offices. BDO Italia un punto di vista indipendente per aiutare le Pubbliche Amministrazioni ad accettare le sfide a livello governativo complesse. The firm will take on the BDO brand, as it will remain part of the BDO network globally, which has revenues of over $8bn (£6.23bn), is ranked in fifth spot and operates in 162 countries. Save. Combining with BDO makes providing that much easier. The insights and advice you need, everywhere you do business. BDO and Moore Stephens LLP become one firm, Business Restructuring & Turnaround Services, International Financial Reporting Standards, Financial Institutions & Specialty Finance, BDO Center for Corporate Governance and Financial Reporting, Do Not Sell My Personal Information – For CA Residents as to BDO Investigative Due Diligence. In its response to the CMA inquiry, BDO said that companies are increasingly looking outside of the Big Four for participants in tenders, but the low success rates of ‘challenger’ firms’ indicated that ‘this provides a facade of competition only’.
Paul Eagland, managing partner of BDO, said: ‘The audit market is going through a significant period of reform and our clients are facing unprecedented uncertainty as Brexit looms and global trade undergoes fundamental changes. Those who held senior positions at Moore Stephens LLP have been integrated into BDO’s leadership team. 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. The merger, which relates to the London, Birmingham, Reading, Bristol and Watford offices of Moore Stephens LLP, will make BDO the third biggest auditor of listed companies, strengthening its position as calls to improve quality and competition at the upper end of the audit market continue. The merger is part of a far-reaching restructuring within BDO …