07-22-2009, 10:51 PM
<i>UKâs sixth largest firm makes cuts across board</i>
<i>21 July 2009
Philip Smith</i>
BDO Stoy Hayward, the UKâs sixth largest accountancy firm, has axed 10% of its partners in a move to shore up its competitive position.
Up to 25 partners will be leaving the firm, though no particular specialisms or locations have been singled out, Accountancy has learnt.
The cull comes eight months after the firm was forced to make some 250 staff jobs redundant.
Simon Michaels, managing partner at BDO Stoy Hayward, said âWe have looked closely at the changes in the market, how they will affect our business, and where the opportunities lie. The conclusion was that we need to continue to reshape our business. This has been a difficult decision and not one we have made lightly.â
âThe actions we have taken ensure we remain competitive. Our clients come first and our key priority is to focus our business and services around their needs, not only now but in the future.â
Michaels added âAll the partners are well respected and have made a valuable contribution to the firm during their time as partners. We wish all the partners who are leaving the firm the very best for the future.â
But Michaels remained bullish over the prospects for the firm, saying âWe are an ambitious firm and our current challenge is to build our market share and there are plenty of opportunities out there.â
Last year the firm revealed fee income of £353m, up 11% on the year before, though profit fell 10% to £65m. The average number of partners for the year was 235, with average profit per partner falling from £342,000 to £274,000.
http//www.accountancymagazine.com/croner/jsp/Editorial.do?BV_SessionID=@@@@0814689236.1248267274@@@@&BV_EngineID=ccceadehlfekkjkcflgceggdfnfdgfg.0&channelId=-305535&contentId=1306014
<i>21 July 2009
Philip Smith</i>
BDO Stoy Hayward, the UKâs sixth largest accountancy firm, has axed 10% of its partners in a move to shore up its competitive position.
Up to 25 partners will be leaving the firm, though no particular specialisms or locations have been singled out, Accountancy has learnt.
The cull comes eight months after the firm was forced to make some 250 staff jobs redundant.
Simon Michaels, managing partner at BDO Stoy Hayward, said âWe have looked closely at the changes in the market, how they will affect our business, and where the opportunities lie. The conclusion was that we need to continue to reshape our business. This has been a difficult decision and not one we have made lightly.â
âThe actions we have taken ensure we remain competitive. Our clients come first and our key priority is to focus our business and services around their needs, not only now but in the future.â
Michaels added âAll the partners are well respected and have made a valuable contribution to the firm during their time as partners. We wish all the partners who are leaving the firm the very best for the future.â
But Michaels remained bullish over the prospects for the firm, saying âWe are an ambitious firm and our current challenge is to build our market share and there are plenty of opportunities out there.â
Last year the firm revealed fee income of £353m, up 11% on the year before, though profit fell 10% to £65m. The average number of partners for the year was 235, with average profit per partner falling from £342,000 to £274,000.
http//www.accountancymagazine.com/croner/jsp/Editorial.do?BV_SessionID=@@@@0814689236.1248267274@@@@&BV_EngineID=ccceadehlfekkjkcflgceggdfnfdgfg.0&channelId=-305535&contentId=1306014
