THE USE of mid-tier firms among PLCs is prevalent and rivals the Big Four, according to research.
In a survey of 2,500 FDs and managers by Pearlfinders, some 44% of PLCs reported they use the Big Four as auditors. However, a further 37% use mid-tier (the next 20 biggest) firms, while 19% use regional firms. In private companies, the mid-tier firms are the auditors on 36% of occasions, compared to 34% of regional firms – with the Big Four making up the rest.
The mid-tier are popular among the IT, education and property sectors, while the Big Four are stronger in clothing, media and homeware/electricals.
The research garnered a number of colourful quotes from FDs, including:
“I would consider using mid-tier firms if they had significant presence, and their name is well known.” Group FD, broadcasting and new media company;
“As a rule, the company prefers to use mid-tier firms, mainly because of pricing, but also as it feels it gets a more personalised service from smaller firms.” FD, specialist vending supplier;
“…An organisation of our size is expected to use one of the Big Four, but the relationship element can sometimes get lost when dealing with large firms.” FD, engineering services company.
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command