Mazars plans shopping spree after £90m deal
Mazars is planning a bold acquisition spree as it strives to meet ambitious growth targets, the firm revealed this week after a merger with Moores Rowland creating a £90m firm
The move puts Mazars
on the brink of breaking into the top ten firms in the country by revenues.
‘We have always had ambitious organic growth targets, but we have always
assumed that we would need to supplement those with particular mergers. We will
always be looking out for potentially good firms,’ said Alistair Fraser, Mazars
partner.
Fraser, however, ruled out pursuing an IPO to build a war chest for more
acquisitions.
‘We have no plans to go down that route. If there are other deals we will
look at the financing issues as they come along,’ he said.
The tie-up with Mazars signals the end of what has been a difficult two years
for Moores Rowland, which has been forced to restructure and cut unprofitable
services lines.
‘We have been through a tough time. We took the decision 18 months ago that
we needed to be twice the size that we are now to be sustainable and one of the
best ways to achieve that was to look at a merger or acquisition,’ said Moores
Rowland managing partner Fiona Hotston Moore.
Hotston Moore will join the UK board of Mazars and bring 8 partners and 67
staff across with her to the new firm, which is scheduled to move into a new
building in the Square Mile in the autumn.
The deal will see longstanding ties between Moores Rowland and tax
specialists Chiltern severed.
‘Over the last 18 months we have segregated clients and staff. We are a full
service accounting practice and by joining Mazars we will be strengthening that
service offering,’ said Hotston Moore.