By Marcus Leach
BDO LLP, the accountancy and business advisory firm, has joined forces with a Guernsey-based accountancy company to boost its geographical spread and expertise in Financial Services.
A current member of the BDO International member network, BDO Limited in Guernsey is one of the largest independent chartered accountancy firms on the island. The purchase of the £4m revenue audit specialist will further strengthen BDO LLP’s financial services offering and allow the firm to bring its advisory services to the island.
“We are delighted to welcome the people of BDO Limited into our business," Simon Michaels, Managing Partner at BDO LLP, commented.
"To ensure that we continue to deliver, and exceed, the level of service that our clients have come to expect from us, continued investment has become a core strand of our business strategy.
"BDO Limited is one of the largest independents in Guernsey and has an enviable reputation. This agreement provides us with an opportunity to acquire a business with growth prospects that will also enable us to enhance our UK offering, particularly in the financial services sector. It also allows us to bring our advisory services to current and future clients in Guernsey.”
BDO Limited will continue to trade in its own name and will continue to employ approximately 50 people in Guernsey. Two of the five Directors — Richard Searle and Justin Hallett - will become Partners at BDO LLP as part of the purchase, and Searle will remain Managing Director of BDO Limited. The three remaining Directors will continue to play critical roles in the future of the company as part of the Board.
The announcement comes shortly after BDO LLP revealed a resilient performance including increased profitability for the 52 weeks to the 1 July 2011, allowing for a continued programme of investment for the future. Across the Channel, BDO Limited has also continued to grow its local practice throughout the global economic turmoil.
In addition to this latest deal with Guernsey, which helps to support the company’s accelerated investment in the financial services sector, BDO LLP is giving priority focus on emerging markets, in particular China, the Middle East and India. Dedicated China and India desks have been established in its London office which will have responsibility for managing all European referrals into and out of these countries. This approach is supported by BDO Limited, whose financial services team is also reviewing the opportunities in these markets.
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