Today’s news in brief – 25/11/2024
BDO has achieved full-year revenues exceeding £1bn for the first time in its 100-year history. For the year ending July 2024, all business areas—Audit, Tax, and Advisory—experienced 8.6% growth despite economic uncertainty, with operating profits rising 15% to £227m. The firm credited its success to its core market of entrepreneurial mid-sized businesses, which drive economic growth and employment. Over three years, BDO invested £250m into the business. Managing partner Mark Shaw emphasized the vital role mid-sized businesses play in the UK economy, urging policymakers to prioritize their contributions, which account for £2.4tn in revenues and 61% of employment.
Apax Partners is leading the race to acquire Evelyn Partners’ accountancy arm, with Bridgepoint as its main competitor. The winner is expected to pay over £500m for the UK’s seventh-largest accountancy firm by fee income, potentially reviving the Smith and Williamson brand. Buyout firms Bain Capital and Partners Group were eliminated earlier in the process. The sale will leave Evelyn Partners as a wealth management company owned by Permira and Warburg Pincus. This follows Cinven’s recent acquisition of a majority stake in Grant Thornton UK, signaling continued consolidation in the accountancy sector.
EY has appointed Will Rix as a new partner and head of Capital and Debt Advisory for the North of England. Rix, who spent nearly 11 years at HSBC, will advise businesses on capital structures, cost optimization, and execution services. His role includes collaboration with EY’s diligence, M&A, and restructuring teams. A Lancashire native, Rix expressed enthusiasm for supporting the Northern business community. Corporate Finance leader Mark Clephan highlighted the appointment as a significant investment in the region’s economy. EY aims to strengthen its corporate finance team and drive regional growth under Rix’s leadership.
Grant Thornton has welcomed 27 trainees to its South West team, marking a 25% increase from last year. This intake includes school leavers, reflecting growing popularity in apprenticeships as an alternative to university. A recent survey revealed 84% of parents and 73% of young people view apprenticeships as offering strong career prospects. South West practice leader Lauren Carlyle praised the diverse group and emphasized Grant Thornton’s commitment to supporting early-career professionals. The firm continues to expand its public sector audit and private capital services, underlining its dedication to fostering dynamic businesses in the region.
