The broker said it was concentrating on ‘ironing out’ cultural problems and differences between the firms, and admitted the differences were not conducive to ‘making quick decisions’.
Julian Hamilton, Jobtel director of the broker, said it was ‘not surprised’ by the complexities, but said it would not be making any further acquisitions or announcements until the unnamed accountancy firms on board had been broken ‘into a common unit’.
Issues including the appointment of the new firm’s managing director are still to resolved.
So far, it is understood a raft of firms with a total fee income of £20m are understood to have signed up to the broker.
‘The complexities of turning the [signed] firms into a common unit are such that we will not be making any more moves until we’ve got an understanding of what we’ve got,’ added Hamilton.
Meanwhile, the sale of Morison Stoneham to UK accountancy-based business services company Tenon has been given the go ahead at a company extraordinary general meeting.
Formal completion of the £10.25m acquisition of the non-audit assets and business of the firm – revealed by Accountancyage.com in September – is expected in the next few days.
According to Tenon chief executive Ian Buckley, further announcements are expected shortly.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel