Mazars

Who are Mazars?

 

Mazars is one of the largest accountancy firms in the UK, employing over 2,300 people in 16 locations across the region. Its origins began in Normandy in France in 1945, by Robert Mazars. It remained a local firm until the 1980s when former CEO Patrick de Cambourg started to internationalise the firm – growing the business from 33 employees in 1977 to the global firm it is known as today.

In 1995 Mazars merged with accounting firm Guérard Viala to form Mazars and Guérard. The company did not have a presence in the UK until 1998 when Mazars and Guerard merged with the British accountancy firm Neville Russell and traded in the UK, for a number of years as Mazars Neville Russell. 

In 2002, Mazars Neville Russell, as well as its counterpart firms across Europe, changed the name to become simply Mazars. In April 2007, Mazars merged with the London office of MRI Moores Rowland which created a firm with turnover in the UK exceeding £90m. 

Today the company is headed by Phil Verity, with Elisabeth Maxwell acting as deputy CEO.

What do they do?

 

Mazars offer a range of services to its clients. Namely, audit and assurance, consulting, financial advice and tax.  They also offer special services which include: 

Legal: Legal support to help facilitate day-to-day business and enhance clients special projects. This aims to help corporate and commercial clients with issues such as legal compliance and dispute resolution. 

Outsourcing: Full financial outsourcing solutions for businesses, including statutory accounting and reporting, financial outsourcing and management reporting and UK payroll services. 

Sustainability: A service which helps businesses implement higher standards of governance and gain a full understanding of their social and environmental impact in order to “remain competitive”. Including advice on sustainability strategy and operational processes, reporting compliance and independent assurance services.

Privately Owned Business: Helps privately owned businesses with a range of services including business management services, financial advisory services, compliance services and private client services.

Recent financials

In February 2021, Mazars announced a 7.8% increase in revenues to €1.9bn (£1.66bn) in its 2019/2020 financial year ending 31 August 2020. 

The impact of Covid-19 saw Mazars monthly fee income immediately failing between 10%-15% against budget expectations. Ultimately the pandemic hit its H2 income by 13.5%, so it ended the year at £192m versus a budget of £207m a shortfall of £15m (7.3%). 

In the news 

In October, Mazars unveiled a new global rebrand amid its ongoing expansion. At the time the company said its rebrand reflects its “aspiration to bring choice and a different perspective to the audit, tax and advisory market, and reaffirms its commitment to building a fair, prosperous and sustainable world”.

The rebranding includes a new “visual identity” to the brand, alongside a new logo that the firm calls a “confident, understated wordmark that is free of symbols and taglines”. 

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