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Practice news: KPMG profits on the up

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16th Dec 2013
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A round-up of significant executive moves, announcements and other developments from the world of practice during December 2013. c

KPMG profits on the up

16 Dec - In spite of a paltry 0.4% increase in its £1.81bn turnover to 30 September 2013, Big Four firm KPMG posted a 27% increase in UK profits to £455m. Average partner pay increased 23% to £713,000.

Advisory services increased its contribution to profits by 15% from £268m to £308m. Some big audit wins such as Unilever and Berkeley Group helped that function to increase its contribution 16% to £178m. Profits in the tax practice, however, dropped by £1m to £140m.

KPMG UK chairman Simon Collins put the firm’s improved UK profitability down to getting “a sustainable grip on the bottom line” during the first year of a three-year transformation project.

“Improved profitability means that not only have we been able to increase our employee bonus pool [up 20% to to £73m] but we have also reserved part of this year’s profit for investment in improving the quality and increasing the breadth of our services,” he said.

“In the UK, we are expanding our services in the high growth technology sector, building on our Tech City hub in Shoreditch, with similar developments in Cardiff, Bristol, Leeds and Manchester.”

* * *

THP Total Accounting acquires Reynolds & Company 

12 Dec - Reynolds & Company partner Nigel Reynolds, along with two colleagues, has joined THP's Wanstead office. 

The team continues to service Reynolds & Company’s existing clients, but can now offer them THP’s wider range of services, expertise and resourcing. 

Reynolds brings over 30 years' of experience with him to THP and is keen to expand the firm's services to compliance officers for finance and administration.

THP tax director Tim Housden said he's delighted about the acquisition: “Reynolds and Company has maintained an excellent reputation in the accountancy world for over 20 years, and we are looking forward to continuing to help its personal and commercial clients grow their businesses and wealth base, and minimise the impact of the red tape burden.”

THP was first set up in 1974 and has since built up a team of over 50 professionals based at five main branches across London and the Eastern region.

* * *

BDO partner quits to join KPMG 

12 Dec - Lead partner of BDO Leeds Ian Beaumont will join the Big Four firm in 2014.

Beaumont joined the firm in 2006 and was the Leeds office's founding partner in 2004. 

He went on to become office managing partner and audit leader in 2006. But now he will join the Big Four firm following completion of his commitments with BDO.

Chris Hearld, office senior partner at KPMG, said Beaumont is well respected and valued by his clients in the privately owned, private equity-backed, family business and regional listed sectors.

“To attract a business adviser of Ian Beaumont’s calibre is a genuine coup which absolutely demonstrates our commitment to Yorkshire.

“His appointment also highlights our determination to attract the best talent, for the benefit of our clients.”

Terry Jones, a senior tax partner, takes over BDO's 200-strong Leeds office “with immediate effect”.

* * *

New senior partner for Rothmans 

11 Dec - Martin Osborne takes the helm from Barry Lynch, who ends his six-year term as senior partner to continue as partner at the Winchester branch. 

During Lynch's reign, he oversaw the conversion of the firm to LLP status and its complete rebranding. 

Osborne said he looks forward to continuing the work: " “I am pleased to have taken over as senior partner at a time when there is a more positive economic outlook and greatly look forward to continuing Barry’s outstanding work for the benefit of the firm.

“We are fortunate to have a very strong team of dedicated staff and partners, and this puts us in the best possible position to continue to provide an excellent service to our clients.”

* * *

Cooper Parry merges three offices

11 Dec - The firm will combine its Derby, Nottingham and Leicester offices into a 'super office' at Castle Donington.

The move will take place early in 2014 and will move 200 staff from the three East Midland offices into the regional office next to East Midlands Airport. 

This will include the tax, audit, restructuring, corporate finance, transaction services, IT and wealth management teams. 

Chief executive Ade Cheatham said that this is an exiting time for the firm: "We continue to work towards our goal of becoming number one in all our core business areas – providing a higher quality, iconic working environment, which will enable us to better attract and retain the most talented people in our field is critical to this."

* * *

Peters, Elworthy & Moore makes seven promotions 

10 Dec -The East Anglia, 13-partner firm has made a raft of promotions as part of its growth strategy. 

Rebecca Porter takes on the role of assistant director, VAT and previously held the post of manager, PEM VAT Services.

She has experience in a broad range of sectors and VAT issues faced by professional firms and charity organisations and in addition has also provided tailored VAT training courses for quantity surveying, architectural firms and legal firms.

Jan Fachot is now assistant director, Business Tax and has more than 10 years’ tax sector experience gained while working with Big Four and top 10 firms. Since joining PEM Fachot has also worked closely with the corporate finance team.

Terry Rust is now assistant director, private clients. Rust joined the firm in 1998 and qualified as an accountant within the PEM Audit team, Terry now specialises in owner-managed businesses with a focus on professional firms. 

Ben Dyer is now assistant manager, Recovery and began his recovery career as an Administrator. He is currently studying for his Joint Insolvency Exams (JIEB).

Mike Godfrey, Elizabeth Price and Gemma Thake are promoted to assistant managers for business tax and are based in Cambridge.

Says Derek Carr, head of tax said: “We are delighted to announce the six new promotions in our tax department, which are the result of a successful growth plan and a business strategy to offer specialist tax advice."

* * *

Armstrong Watson expands legal team 

9 Dec - The firm has hired new members of staff to the team to meet growing demands.

Armstrong Watson has hired three-year post qualified accountant Inga Morkunaite as legal sector senior, in a bit to develop the specialist services the firm provides to businesses. 

Morkunaite joins the legal team, headed by Mark Baines and Olivia Safhill, and will specialise in acting exclusively for lawyers. 

Legal sector director Andy Poole said: “Our specialist knowledge and experience is clearly adding real value to clients in the legal sector and the growing legal team is testament to that.”

* * *

Scottish firm makes raft of appointments 

4 Dec - Hall Morrice has made three new additions to its team.

Iain Bridges joins the audit and accounts team, bringing four years' experience with him to cover accounts preparation, audit and business advisory services. 

In addition, Natalia Streeter and Ludi Merdi are appointed as business advisory analysts. 

Partner at the firm, Shonagh Fraser, said the firm had experienced substantial recent growth due to legislative changes such as auto enrolment. 

She said: “Although access to finance is easing, business are now required by banks to provide far more comprehensive financial reporting than pre-recession and we have seen a significant number of businesses looking towards accountancy practices to provide this.

“I am delighted to welcome Iain, Natalia and Ludi to the firm. We want to ensure that the services Hall Morrice provides to clients are of the highest quality, and we believe our new appointments are the right people to help us achieve this.”

* * *

Campbell Dallas acquires Aberdeen firm

3 Dec -The firm has bought out Iain A Prentice & Co,  in a bid to strengthen its international client base.

The move brings five new members of staff to Campbell Dallas' international team.

In addition, the firm has made a further raft of appointments to its teams across Scotland, including the appointment of three new partners: Graham Alexander, Ian Craig and Greig McKnight. 

Alexander has 30 years' of North-East market knowledge and a long-standing relationship with the firm's clients, Craig has experience in the farming sector and McKnight has advised and supported Campbell Dallas' corporate clients. 

The firm also promoted former trainee Alan Brown to audit director in Glasgow. It has also recently appointed Craig Doyle as tax director, Eric Miller as VAT director and John Gold to director and has added two new consultants to their VAT team, formerly of HMRC. 

Further to these promotions, it has also made 11 more internal promotions across its Aberdeen, Glasgow, Perth and Stirling offices. 

Chris Horne, Managing Partner at Campbell Dallas LLP, said:  “These strategic moves show the strength and depth we have across our four offices.  We have been working to secure new business and our management teams are critical to sustaining that momentum.  

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