BDO and PKF in merger discussions
Merger discussions signal plans for new force in accountancy market
BDO LLP and PKF (UK) LLP today announced they are in advanced discussions to merge in the early part of 2013. The merger will create a leading accountancy and advisory firm, with some 3,500 people working in the UK generating revenues approaching £400million.
This will be the first proactive strategic merger in the UK accountancy market for 15 years and reflects both firms’ sustained commitment to growth in their mid-market heartland. The merged firm will be uniquely placed to offer greater choice and quality and demonstrates an appetite to invest.
The merged firm will be a financially strong business with significant sector and geographical coverage across the UK, and will be a member of BDO International, the number one mid-market international network with revenues of over $5.7bn operating in 135 countries world-wide.
Simon Michaels, Managing Partner of BDO LLP, commented: “Our two firms share a closely-aligned vision to lead in the mid-market, as well as similar cultures and a commitment to deliver exceptional client service. The merged firm will have a strong balance sheet, as well as unrivalled sector and geographic strength in many areas.
“The PKF team will enhance and complement our offerings to clients, bringing consulting expertise along with wide experience across audit, tax and advisory arenas. This exciting development demonstrates that both firms are ambitious for growth.”
Martin Goodchild, Managing Partner at PKF (UK) LLP, added: “This is a good strategic decision for both firms who have a desire to lead, from a position of strength, the inevitable consolidation of the mid –tier which is long overdue. PKF has built a strong national business dealing with a wide range of clients, particularly entrepreneurs and listed companies but including other markets such as public sector and not for profit. This combination will ensure a strong profitable business, creating opportunities for all of our people and our clients, as it will enable them to benefit from new expertise and increased global reach.”
Notes to Editors
BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Services Authority to conduct investment business.
The combined fee income of all the BDO Member Firms, including the members of their exclusive alliances, was €5.68 billion in 2011. The global network provides business advisory services in 135 countries, with more than 48,900 people working out of 1,118 offices, worldwide.
BDO is the brand name for the BDO International network and for each of the BDO Member Firms. BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms.
BDO LLP has a clear ambition to be the firm known in the market for exceptional service delivered by empowered people. The 2011/12 Mid Market Monitor analysis – completed in April 2012 – shows that BDO has now indeed become market leader for client satisfaction – outperforming all its major competitors and the only organisation to see an improvement over the past three years.
PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,200 partners and staff operating in 20 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical.
PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,400 staff in around 125 countries.