Partners culled in BDO Stoy Hayward strategy move.
More than ten partners are to leave mid-tier firm BDO Stoy Hayward as it undertakes a ‘strategy refresher’ which will see it concentrate on services such as tax, corporate finance and business recovery.
Senior partner Jeremy Newman confirmed this week that up to 11 partners were likely to leave the firm early. He said: ‘We have partners retiring every year, a significant number are over 60.
‘There are a number of others who, for a variety of reasons have decided to retire but you shouldn’t make too much of it. There is more fluidity in the marketplace today than there has been at other times.’
Newman denied suggestions from other sources that the number of partners affected was in excess of 20. The clearout comes as the firm moves to update its strategy. ‘We are experiencing growth in corporate finance, tax consultancy, business recovery, litigation support and forensic accounting.
We will be investing in these specialist areas,’ he said.
The firm has already made external appointments and promoted some internally.
Newman said: ‘So far this calendar year we have recruited five new partners externally, including two from PricewaterhouseCoopers, one from Horwath Clark Whitehill, and one from Andersen.’ He added that the firm was also in advanced discussions with four others.
Internally, the firm created six partners on 1 July of last year and expect to promote between six and ten internally next summer.
Last October the firm revealed fee income of #173m, reflecting growth of 26%, for the year ending 31 March 2000. This knocked Grant Thornton off the top slot for the mid-tier firms.
See the firm’s site at www.bdo.co.uk.