Deloitte UK
Background Summary
Deloitte was founded in 1845 by William Welch Deloitte in London, England. In the following years, the firm would be expanded upon by George Touche and Admiral Nobuzo Tohmatsu.
At the age of 15, William Welch Deloitte became an assistant to the Official Assignee at the Bankruptcy Court in the City of London. As president of the newly created Institute of Chartered Accountants, he found a site for its headquarters in 1888. In 1893, he opened offices in the United States, and started to audit a growing soap and candle business.
George Touche qualified as an accountant in Edinburgh in 1883. After gaining experience in saving doomed businesses from disaster, he formed George A. Touch Co. in 1899, and in 1900, along with John Niven, he set up the firm of Touch Niven in New York, which went on to be the US arm of present-day Deloitte.
Later on, Tohmatsu was credited with helping expand the group’s international presence. In 1967, he became president of the Japanese Institute of CPAs. The key to Tohmatsu’s growth was his decision to send a “substantial number” of partners and professional staff overseas to gain experience. From the beginning, this meant the firm was internationally focused.
A significant merger was announced in November 2020 when the group acquired technology and digital media law firm, Kemp Little, which offers legal services in commercial technology, corporate, employment, data protection and financial regulation across a range of sectors including financial services, telecoms, and media and digital solutions.
Deloitte UK is run by senior partner and CEO, Richard Houston. The rest of the firm’s executive team in the UK includes: CFO Heather Bygrave; managing partner of risk advisory Cindy Chan; managing partner of consulting Rob Cullen; chief strategy officer Duncan Farrow-Smith; managing partner of consumer Dominic Graham; managing partner of financial services Richard Hammell; managing partner of people and purpose Jackie Henry; UK managing partner Philip Mills; managing partner of QRS Mark Mullins; managing partner of financial advisory Charindra Pathiwille; managing partner of audit and assurance Paul Stephenson; managing partner of tax and legal Lisa Stott; and managing partner of growth Nick Turner.
Deloitte UK also stands out with the highest revenue per partner at £8.75m. As of 2023, the firm employs 26,500 professions, all of which specialise in a variety of sectors.
Deloitte offers a variety of different business services within audit and assurance; consulting; financial advisory; risk advisory; tax; legal; and private.
Financials
Deloitte UK reported an annual turnover of £5.6bn for the year ended 31 May 2023, spelling a rise of 14% year-on-year.
Recent Coverage
Deloitte is reportedly set for the biggest reorganisation of its global operations in a decade as it seeks to cut costs and reduce the company’s complexity in the face of an expected market slowdown, according to the Financial Times.
Deloitte’s undergraduate programmes will now provide over 1,000 opportunities for students to gain valuable insights and hands-on experience in the world of professional services.
Deloitte is reportedly looking to cut roughly 800 roles in its UK division, which is equivalent to about 3% of its workforce of 27,000 in the country, a person familiar with the plans has told The Financial Times.
Deloitte Northern Ireland has announced a total of 456 promotions, including two promotions to director, 67 to senior manager and 104 to manager level.
Deloitte has appointed Lizzie Hill as the new senior partner for the South West and Wales region. She takes over the practice senior partner role from Martyn Gregory, who has been appointed UK M&A lead partner, but remains firmly rooted in the South West where he continues as financial advisory lead.