Mazars
Background Summary
Mazars is one of the largest accountancy firms in the UK, employing over 3,200 people in 14 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.
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.
Financials
As of 31 August 2023 the company posted a turnover of £335m, an increase of 16% on the previous year. The company also saw a profit before tax of £64.6m with an operating profit of £65.4m.
Recent Coverage
Most recently the company announced the appointment of Michael Davidson as a banking audit partner in the firm’s Leeds office. In this newly created role, Davidson will be responsible for growing the audit team in the Yorkshire region, which will entail building Mazars’ audit practices across the banking sector.
Furthermore, Mazars appointed Jeremy Brown as Financial Services Transfer Pricing Partner in London, a newly created role focusing on advising clients in insurance, banking, and asset management on global transfer pricing obligations. Brown brings extensive experience from Deloitte, where he specialised in transfer pricing strategies encompassing planning, documentation, and engagement with tax authorities. Mazars’ Head of Tax, Liz Ritchie, anticipates Brown’s leadership will elevate the firm’s capabilities within transfer pricing, ensuring exceptional client service and excellence.
Additionally, Mazars welcomed Yuvan Deena as an Assurance Partner in London, emphasising his decade-long expertise in audit services, particularly for privately-owned and private equity-backed clients across diverse sectors. Deena’s role includes expanding international business opportunities and nurturing Mazars’ mid-market team.
In a strategic move, Mazars has agreed to merge its US business with Forvis, forming a global audit and advisory network. This consolidation underscores Mazars’ efforts to enhance international reach and market presence, with a focus on mutual growth and collaboration. Despite the merger, Mazars and Forvis will maintain distinct ownership structures and management frameworks outside the US, reinforcing operational continuity.
Furthermore, Mazars appointed Hina Desai as a Private Client Partner within its East Midlands operation, tasked with expanding the Private Client team and services in the region. Desai’s extensive background in wealth advisory services, including leadership roles at Abrdn, aligns with Mazars’ growth strategy in delivering tailored and comprehensive advice to clients.