PracticeConsultingDeloittes set to float outsourcing arm

Deloittes set to float outsourcing arm

Deloitte & Touche, the UK's third largest accountancy firm, is set to float its outsourcing arm CSL in spring next year following its rapid growth.

CSL generated profits before tax and interest of £6.5m and achieved a turnover of £107m for the year ending May 31 – a rise of more than 25% – making it the fastest growing division of Deloittes.

The news follows the announcement of Deloittes fee income results for the year ended 31 May. Deloittes grew 21.8% pushing up fee income to £796m.

John Connolly, senior partner and UK chief executive officer, said: ‘Our outsourcing company CSL has grown to become one of the major firms in its field in the UK. The contracted order book exceeds £500m.’

The first step in the run-up to the float will be to transfer the ownership of the business from the firm to the partners and management of CSL.

John Devaney, chairman of Ocean Group and formerly CEO of Eastern Electricity, will head the group. Devaney has been appointed as non-executive chairman. Glenn Timms, formerly head of corporate finance at Guiness, has been appointed as chief operating officer.

Fee income rockets at Deloittes

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