The surprise move appears to suggest the firm has changed its intentions after the group said in 2000 it would be looking to attract £160m fee income by 2005, a figure which could be hard to reach in current economic conditions.
Initially the group operated under the Jobtel brand – the name of the broker enabling the move to take shape – however it was never likely to take the name on a permanent basis.
London-based Morgan is to tie up with three smaller practices – Morton Thornton in St Albans, Walkers in Chingford and Bradney & Co in Dorking.
The new company, will take over the firms’ non-audit business. The audit arms may adopt a similar model to those of other consolidators, where separate audit entities are created to take on the business.
Vantis will become a top 30 accountancy firm in the UK. Morgan Brown & Spofforth, which was placed 32nd in Accountancy Age’s 2001 league table, reported fee income of £9.8m last year.
The company is understood to be seeking between £5m and £7m from its flotation, which could take place by the end of the month.
Nobody at Morgan Brown & Spofforth would comment.