Big five – PwC denies asking for cash.

PricewaterhouseCoopers has denied it will be asking UK partners for an additional cash contribution, despite reports that the US network had spent more than expected and had asked partners for a top-up, writes Lucinda Kemeny. The report was met with some surprise by UK firm insiders who said that since the merger 18 months ago, there was every indication the firm has made significant revenue gains through dramatic growth since 1 July 1998. Under the UK partnership structure, the firm makes an annual cash call on partners to enable their shareholdings to remain linked to inflation. A spokesman said: ‘There will be no cash call in the UK other than on a purely routine annual basis.’ Insiders say merger costs have now been absorbed by the firm and are a thing of the past. PwC is now benefiting from the cost savings to be made by having a single network of offices and systems. But the firm is already re-engineering itself to compete in the thriving sectors of e-business and technology and a US cash call may have been prompted by a potential takeover target.

Related reading