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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars