Accountancy firm BDO, which maintains a strong Leeds presence, has completed its merger with Moore Stephens in a deal it says creates “the largest UK accountancy and business advisory firm focussed on mid-sized, entrepreneurially-spirited businesses”.
From today, the merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9 billion across 162 countries.
In the UK, BDO now has a combined workforce of 5,000 people across 17 locations, delivering revenues of £590 million.
The merger, which relates to the London, Birmingham, Reading, Bristol and Watford offices of Moore Stephens, will make BDO the third biggest auditor of listed companies, strengthening its position as calls to improve quality and competition at the upper end of the audit market continue.
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.
Paul Eagland, Managing Partner of BDO, said: “The audit market is going through a significant period of reform and our clients are facing unprecedented uncertainty as Brexit looms and global trade undergoes fundamental changes.
“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.
“Our clear sense of purpose and growth strategy will help our entire team make this merger a huge success.”
Simon Gallagher, former Managing Partner at Moore Stephens LLP, joins BDO’s Leadership Team as Head of Advisory. Formerly Moore Stephens LLP’s Chief Operating Officer, Jon Randall also joins the Leadership Team as Head of Integration and Transformation.
He 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.
“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.”