PracticeConsultingExclusive: City firm is Jobtel backer

Exclusive: City firm is Jobtel backer

London-based firm Morgan Brown & Spofforth is understood to be secretly leading the consolidator Jobtel, the broker behind moves to set up a new listed UK accountancy business.

The firm, part of the Morgan Group and positioned at number 38 in the Accountancy Age Top 50, has headed up the consolidation programme since last summer.

Last year, Jobtel announced it had handed leadership of the consolidation programme to a mystery ‘top 40 firm’ to speed up the process.

Accountancy Age has now learnt the mystery firm is MBS. According to sources involved in discussions with the Jobtel consortium, it has been clear the firm has been leading the group for some time.

Jobtel director Julian Hamilton said: ‘I cannot confirm or deny any firm’s name in relation to the consolidation.’

However, Gordon Gilchrist, Twenty Twenty Group consultant, said: ‘MBS has been leading the operation since August.’

Jobtel aims to acquire firms valued between £2m to £10m to create a nationwide presence before floating. But it appears to have stood still while rival Tenon has moved towards a top ten firm status.

Hamilton added: ‘Jobtel is proceeding and expecting to break cover within four months. Problems have arisen over the timing of launch due to the unsettled nature of the markets, however the lead firm still believes the market is ready to accept another consolidator.’

MBS said it would be inappropriate to comment on confidential discussions with other parties.

Links

Jobtel creates new practices

‘Mystery’ third consolidator named

Jobtel to iron out ‘differences’

Jobtel hands over reins

Jobtel on guard as consolidation shortlist drawn up

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