PracticePeople In PracticeJobtel hands over reins to firm to speed up consolidation.

Jobtel hands over reins to firm to speed up consolidation.

Jobtel, the broker behind moves to set up a new UK accountancy firm,

It is understood the broker has handed over its position and taken a step back in an attempt to allow the consolidation process to progress at a faster rate. According to the broker, negotiations between the interested firms have taken longer than were first expected.

Jobtel director Julian Hamilton denied the consolidation was struggling despite admitting joining different business cultures ‘could create problems’.

He said: ‘We have handed over the leadership to a top 40 firm, but we are still attending the meetings. We can also confirm we now have the core firms on board. He declined to name the firms involved.

We expect the process to take several more months before we are ready to make any announcements.’

The broker denied it had changed its strategy and added it was still aiming to launch a new consolidated firm which will aim to attract #160m in fee income within five years.

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