BDO and PFK confirm merger plans
BDO and PFK have confirmed their merger plans as part of a consolidation of the market.
Accountancy firms BDO and PFK (UK) have confirmed reports that they are planning a merger.
Business negotiations between the two have been successful and the agreement will create a firm with 3,500 staff and annual UK revenues of around £400 million.
The companies noted it will be the first strategic merger of two UK accountancy firms in 15 years
Managing director at BDO Simon Michaels said: "Our two firms share a closely-aligned vision to lead in the mid-market, as well as similar cultures and a commitment to deliver exceptional client service."
He noted PKF will add expertise in the areas of auditing, tax and advice to his company's strengths.
Commenting on behalf of PKF, managing partner Martin Goodchild said the move was a feature of the "inevitable consolidation" of the mid-tier of the accountancy, something he described as "overdue".
It is not just in the accountancy market that consolidation has been described as necessary and beneficial.
Earlier this week, Investec analyst Alan Carter told Reuters the proposed takeover of Metric Property Investments by London & Stanford was "exactly what the sector needs".