PracticeConsultingAccountancy Age: Consolidators in firing line

Accountancy Age: Consolidators in firing line

The wave of consolidation expected to hit mid-tier and smaller firms moved closer yesterday after Jobtel met interested parties for secret discussions, today's issue of Accountancy Age reported.

A closed meeting took place at the English ICA in which the consolidator was looking to sign up potential partners. The meeting comes just two weeks after rival Tenon became the first UK accountancy consolidator to launch.

However a rash of firms have suggested they would not be willing to work under a co-operative if it meant they would have to change how they work.

Julie Allan, business development partner at top 50 firm Morgan Brown & Spofforth said that the firm had been involved with both consolidators.

‘Our opinion is that both consolidators are flawed,’ she said. ‘They are looking to merge the politics, personalities and logistics of a firm our size with smaller firms.

‘Tenon has also appointed its executive board, so presumably there would be no room for partners from the acquired firms.’

Michael Fox, a partner at certified chartered accountant Torevell Dent, added: ‘If larger firms within any consolidation were required to comply with a new way of doing things, that could give rise to problems.’

But Jobtel director Julian Hamilton said the overall aim would be to succeed economically. Tenon officials were not available for comment.

ACCOUNTANCY AGE EXCLUSIVE: New £165m firm on the horizon which could rival Big Five

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