East Anglia: Accountancy firms BDO and PKF complete their merger
- Credit: Archant
ACCOUNTANCY and business advice firms BDO and PKF yesterday confirmed the completion of their merger, first announced last November.
The enlarged firm will operate with immediate effect as BDO LLP and continue to form part of the global BDO International network of accountants serving the mid-market business sector.
Within the UK, BDO will have around 300 partners and 3,500 staff, based at 24 offices and generating annual revenues of nearly £400million.
Within the eastern region, BDO already has offices in Chelmsford, Cambridge and Hatfield while PKF has offices in Ipswich, Norwich and Great Yarmouth.
Marilyn Martin, previously regional managing partner at PKF, will become lead partner for BDO at the Ipswich office, with responsibility for the 140 people working at the three former PKF offices in Suffolk and Norfolk.
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She said: “The announcement demonstrates both firms’ on-going commitment to East Anglia and local businesses in Ipswich.
“The merger will provide broader and deeper expertise and international reach for many clients on a local basis, but will also allow staff to gain broader experience from working in an enlarged firm.
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“My focus from today is on ensuring a smooth integration of the two firms and continuing delivery of exceptional service to all clients.”
Simon Michaels, managing partner of BDO, added: “It’s time for people to think again about BDO; the merger has transformed our market presence overnight.
“Senior leadership is a critical factor in making the merger a success but I know this team is the right mix to build on our ambitions still further and respond quickly to the domestic and international environment.
“We also remain focused on delivering exceptional service to our clients and creating the right environment for our people to develop and grow.”
WIthin the UK, BDO claims to be market leader for mid-market clients in sectors including retail, natural resources, technology, media and telecommunications and financial services, and is also the leading adviser to businesses on AIM, the stock market listing for smaller companies.
The BDO International network includes firms operating in 138 countries worldwide, together generating annual revenues of more than 6billion US dollars (around £4bn).
According to AccountancyAge, BDO was the sixth-largest accountancy firm in the UK last year with fee income of £281.5m while PKF was 12th with fees of £103.3m. The merger means BDO has closed the gap on fifth-placed Grant Thornton which had fees of £387m last year.