Flotation on BDO Stoy Hayward agenda
Mid-tier firm BDO Stoy Hayward this week revealed that it is considering converting to a limited liability partnership and hinted at the possibility of a flotation.
The firm, the largest outside the Big Five, also confirmed it is moving towards becoming a single national business.
Sources close to the firm have suggested it is looking to achieve ‘something like flotation.’ One said the firm was looking at ways to ‘bring its seven or eight local firms under a single national umbrella.’
The source added: ‘The firm will be a single practice and LLP by next July. After that it would be no surprise if they went for a listing. But first the firm needs to be a single partnership.’
BDO managing partner Simon Bevan said: ‘There is no doubt looking at LLP status is on our agenda. It looks a sensible way to run a business, but we will only make a decision when we know exactly what the rules will be.
‘If we wanted to be a single practice there would be a lot of work to do and that would take some time. We would float if we thought it was the right thing to do – it is not attractive for us at the moment.’
Last month the firm unveiled fee income of over Pounds 200m for the first time.
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Partners culled at BDO Stoy Hayward