A major shake-up of the accountancy sector is underway as BDO has confirmed it is in advanced merger discussions with Moore Stephens to create an accounting firm with a particular focus on entrepreneurial, fast growing businesses and high net worth individuals, and which will overtake Grant Thornton to become the UK’s fifth largest firm, Reporter, Accountancy Daily, published by Croner-i Ltd. On completion of the deal - expected spring 2019 - the combined firm will have gross annual revenue of £590m delivered by 5,000 people across the UK. 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. Please read our. Innovative solutions to nonprofit organizations, helping clients position their organizations to navigate the industry in an intensely competitive environment. 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’. Moore Stephens is now part of BDO’s international network (which consists of 80,000 people and has revenue amassing to $9bn across 162 countries), as well as the UK base; they now have a workforce of 5,000 people across 17 locations, making £590m in revenue. Save. Moore Stephens, who was ranked ninth in this year’s Top 75 Firms Survey, had fee income of £190.4m in 2018, up 3% from £184.2m in 2017. After the merger, they will operate under the BDO name. When it comes to business, innovation is changing everything. ‘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.’, Sign up to our newsletter for daily updates straight to your inbox, People in the news: Grant Thornton, Quantuma, Baines Jewitt, Accountancy firms in top three for social mobility, FRC wants auditors to ‘redouble’ efforts to improve quality, Tax and the farmer: natural capital, biodiversity and rewilding, Treasury releases tax policy announcements, Remote worker tax to help lower-paid employees, Public sector contractors given access to 80% furlough scheme, Covid-19: Coronavirus Act 2020 allows for HMRC extended powers, Q&A: Coronavirus Job Retention Scheme and furlough, Q&A: Self-employment Income Support Scheme, FTSE 250: firms in fees bonanza amid regulatory scrutiny, FRC fines BDO £200,000 over insurance audit failings, Deloitte appoints new audit leadership line-up, People in the news: Mazars, BDO, Deloitte. Boards’ High Stakes Balancing Act: Navigating Through Crisis. BDO has completed its merger with Moore Stephens LLP, creating the largest UK accountancy and business advisory firm focused on mid-sized, entrepreneurially-spirited businesses. “This merger is one of growth and creates a new force in the market, enabling us to challenge our existing competition and deliver and increasingly impressive range of services to help our people and clients succeed.”. The merger of Moore Stephens with the existing BDO Audit and IT Advisory practices will give the combined firm an important position in the Czech market. BDO Italia S.p.A. - Sede Legale: Viale Abruzzi n. 94, 20131 Milano - Capitale Sociale Euro 1.000.000 - Codice Fiscale, Partita IVA e Registro Imprese di Milano n° 07722780967 - R.E.A. The merger is part of a far-reaching restructuring within BDO … 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. By using this site you agree to our use of cookies. The proposed merger comes against a background of considerable upheaval in the audit market. BDO Italia S.p.A., società per azioni italiana, è membro di BDO International Limited, società di diritto inglese (company limited by guarantee), e fa parte della rete internazionale BDO, network di società indipendenti. “Our clear sense of purpose and growth strategy will help our entire team make this merger a huge success.”. A driver of this merger is one of sustainable and profitable growth that benefits our clients, people and capital markets alike.’. The two firms are believed to have been in talks for around four months. This is yet another major event in the UK audit market to occur in the past few months. 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 to capitalise on the opportunities that always accompany such change. Un punto di vista privilegiato sulle dinamiche del settore. This global reach provides you with rapid access to the right people, in the right places to deliver international solutions for your tax, accounting, audit and consulting needs. 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. This deal increases our credibility further and proves our commitment to competing in the top-end of the market.’. It has been widely reported in the news that Moore has merged with BDO. Moore is a top 20 accounting and advisory network, with offices throughout the UK and members across the globe. The insights and advice you need, everywhere you do business. Simon Gallagher concluded: “From the moment we started our conversations, our shared ambition was to create a fully integrated firm that our people are proud of, and one which leads in serving what we call the UK’s ‘economic engine’—the entrepreneurially spirited, mid-sized businesses that are driving UK growth. Síť BDO s více než 450 odborníky a tržbami přesahujícími 500 mil. As a combined firm, we offer greater choice, competition and scalability to the top-end of the market, and are better placed to deal with any economic disturbance from Brexit.’. Failure to comply would result in censure and / or fines based upon the additional fees secured. Assistiamo efficacemente le società del settore nelle sfide attuali: dalla competizione alla crescita dei costi, dall'assicurazione al bonding. Moore Stephens, who was ranked ninth in this year’s Top 75 Firms Survey, had fee income of £190.4m in 2018, up 3% from £184.2m in 2017. “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. BDO will now be ranked as the UK’s leading auditor to AIM-listed companies, as well as strengthening their position in other areas of the financial sector: insurance, shipping, and financial services, for example. “Our clear sense of purpose and growth strategy will help our entire team make this merger a huge success.”. Combining with BDO makes providing that much easier. 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. From today, BDO and Moore Stephens LLP have become one firm, operating under the BDO brand with a combined workforce of 5,000 people across 17 locations in the UK and delivering revenues of £590m, Reporter, Accountancy Daily and Accountancy magazine, published by Croner-i Ltd. Posted on December 6, 2018 by John Pakaluk Last week, BDO and Moore Stephens announced plans for the two United Kingdom firms to merge. 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. The firm stated: ‘The companies yielded by the Big Four should not be overly weighted with smaller entities for example investment trusts companies. We help you thrive in a changing world. The vision of one large, fully integrated firm serving both local and international entrepreneurial spirited businesses - and at the same time attracting the best professionals on the market - is what will inspire me for years to come. Simon Gallagher said: ‘From the moment we started our conversations, our shared ambition was to create a fully-integrated firm that our people are proud of and one which leads in serving what we call the UK’s ‘economic engine’ – the entrepreneurially-spirited, mid-sized businesses that are driving UK growth. BDO closes gap with Big Four but warns audit is ‘broken’ Merger with Moore Stephens boosted growth and allowed firm to leapfrog Grant Thornton.