PracticeConsultingJobtel to iron out ‘differences’

Jobtel to iron out 'differences'

Jobtel, the broker behind moves to set up a new UK accountancy practice, today admitted it has stopped looking to sign up any further firms, due to the 'cultural differences' of those already on board.

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.

Links

Sage tipped as future consolidator

Tenon acquires first accountancy firm

Consolidators under fire at National Accountancy Exhibition

Consolidator Tenon appoints finance director

Jobtel on guard as consolidation shortlist drawn up

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