The merger – now approved by partners of both firms – will complete by spring 2013. The firm, under the BDO brand, will be a leading accountancy and business advisory firm, with some 3,500 people in the UK generating revenues approaching £400million.
The merger creates a financially strong business with significant sector and geographical coverage across the UK. It will be a member of BDO International, the largest global accountancy organisation aimed at the mid-market, with revenues of over $6bn operating in 138 countries worldwide.
Simon Michaels, Managing Partner of BDO LLP, said: “This is transformational, for our two firms but also the broader market. We’re delighted that two firms with similar cultures and a focus on client service will combine to create an even stronger entity next year. The merged business will have firm financial foundations and an ambition to grow. Both firms employ many talented people capable of delivering quality work to a range of clients, across audit, tax and advisory.”
Martin Goodchild, Managing Partner at PKF (UK) LLP, added: “The strategic decision to merge has now been made by the partners of both firms. Our primary focus as we move to completion will be to ensure both our clients and people benefit from the merger; they will be working with a resilient partnership leading from a position of strength and with a client service ethic at its heart.”
Notes to editors
The merger transforms national market presence for BDO:
- Leadership in many of the UK’s key financial centres via an extensive regional footprint in 25 locations
- Mid-market sector leadership in almost all areas, including retail, natural resources, TMT and financial services
- Leading adviser for AIM businesses
- Within a $6bn global network, providing much-needed, greater choice in the market for larger businesses
- A place where talented people can develop their careers and contribute to building the business.
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 $6.015 billion in 2012. The global network provides business advisory services in 138 countries, with almost 55,000 people working out of 1,204 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.