Mazars finalises deal on PwC insolvency division

MAZARS HAS COMPLETED the acquisition of PwC's personal insolvency division.

As revealed by Accountancy Age in May, Mazars was lined up to buy the Gloucester-based practices which specialised in personal insolvency cases.

The former Big Four division will trade under the Mazars brand from today.

"This is a significant step forward for our National Bankruptcy Centre and we are looking forward to the challenge of running the combined business," said Martin Pickard, (pictured) partner at Mazars tasked with heading up the acquired practices.

"Our business is now in a position to become the lead practice in its market and we are excited by the opportunity it gives us to further enhance services to both our existing and new clients."

The PwC personal insolvency practice had 27 staff, which have all transferred to Mazars. The combined practices now have about 50 employees.

Dan Schwarzmann, PwC's head of business recovery services, said: "I am delighted that Mazars has come through as the purchaser of our volume bankruptcy business and I know we have done the right thing for the team and their futures.

"We will now focus exclusively on complex and contentious assignments in the personal insolvency sector."

Update:

PwC's personal insolvency partner Pat Boyden will stay on at the Big Four firm until he retires on 31 December.