BDO UK LLP and London-based Moore Stephens LLP, are in advanced merger discussions, expected to be completed in spring of 2019.
The proposed deal relates only to Moore Stephens LLP, consisting of the London, Birmingham, Reading, Bristol and Watford offices of the current Moore Stephens UK network.
The two firms operate in very similar sectors: energy, technology, retail, real estate, financial services and more. Moore Stephens is also very strong in the shipping, insurance and donor assurance sectors.
The deal would further cement BDO’s position as auditor for AIM businesses and the combined firm will be one of the top auditors in the country based on the number of UK-listed companies it audits.
Moore Stephens LLP will take on the BDO brand, as it will remain part of BDO globally, the largest mid-tier accountancy organization in the world with revenues of more than $8 billion and operating in 162 countries.
“If ever there were a time for firms to turbo-charge their growth, it’s now. “It was clear from our first meeting that we share similar culture and values,” says Paul Eagland, MP, BDO.
He continues, “but we’ve always said that size isn’t a proxy for quality. A driver of this merger is one of sustainable and profitable growth that benefits our clients, people and capital markets alike.”
Simon Gallagher, MP, Moore Stephens LLP says, “To be entering final discussions to create the largest UK firm focused on entrepreneurially-spirited and fast-growing businesses is exciting – and critical for market competition. The proposed merger provides a platform for continued, sustainable growth, as well as offering something different to the market at this important time.”
According to a statement on the Moore Stephens International website, Anton Colella, Global CEO, says, “I thank the partners and staff of Moore Stephens LLP London for their contribution, as they prepare to leave the wider Moore Stephens UK business and a global organization which is in good health. With 6% year on year revenue growth across our network and our latest annual turnover projected to take us over USD 3bn for the first time, we remain focused on continuing to successfully extend our presence in key markets, building on a differentiated service model which enables greater access to senior teams for those we serve. Moore Stephens International is proud to help our clients thrive in more than 112 countries.”