Today’s news in brief – 30/9/2024

Deloitte has reduced partner pay by £48,000, lowering average pay from £1.06m to £1.012m, due to a challenging market. Despite macroeconomic pressures, the firm’s revenue increased by 2.4% to £5.7bn, with an operating profit of £756m. The company made 100 redundancies earlier in the year but also hired 3,387 new employees and promoted 6,800. Richard Houston, Deloitte UK CEO, highlighted the company’s resilience in tough conditions and emphasised the importance of controlling costs. PwC similarly reduced partner pay, with their top employees taking a £44,000 cut, amidst an improving UK economic outlook. Xeinadin has expanded its presence in Yorkshire by acquiring three Haines Watts offices in Grimsby, Scunthorpe, and Hessle, adding 23 colleagues to its team. This move follows previous acquisitions in 2023, bringing the total to 27 in the last two years. The acquisition is part of Xeinadin’s strategy to focus on Yorkshire, a growing hub for small businesses that rely on accountants for financial advice. The newly acquired offices will operate as Xeinadin Humber. CEO Derry Crowley and partner Jennifer Toulson expressed excitement about the acquisition, citing the benefits of shared expertise and local business support. FRP Corporate Finance has advised Sussex-based Littlewood Group on its sale to utility service provider Network Plus. Littlewood, known for its security and barrier fencing projects for major infrastructure clients like HS2 and National Grid, will now leverage Network Plus' expertise to strengthen its market position. FRP's Brighton team, led by Adrian Alexander, managed the sale, overseeing negotiations, due diligence, and financial aspects. Both companies saw strategic alignment, completing the deal within a tight timeline. Littlewood's managing director Jon Hobden anticipates that the merger will enhance services for their clients, driving future growth. Johnston Carmichael has recruited 61 new students as part of its UK expansion, including 43 graduates, 16 school leavers, and two university placement students. The recruits will train to become qualified accountants through the JC Futures apprenticeship scheme or graduate programmes. The firm has also partnered with the ICAS Foundation to support aspiring accountants from disadvantaged backgrounds. At an induction session, CEO Lynne Walker emphasised the firm’s commitment to values and community, while chief people officer Martin Osler highlighted the potential for these new recruits to become future leaders within the company, continuing Johnston Carmichael's legacy of growth.