Accountancy and business advisory firms BDO and Moore Stephens are in advanced discussions to merge. Partners of both firms have voted in favour of the merger, subject to final contracts.
On completion of the deal – expected in spring 2019 – the combined firm will have gross annual revenue of £590 million and 5,000 staff across the UK. About 1,000 people (including 80 Partners) are expected to move from Moore Stephens to BDO.
The proposed deal relates only to Moore Stephens' London, Birmingham, Reading, Bristol and Watford offices. In London, BDO plans to take on a second office in the City to accommodate the growth, and Moore Stephens will take on the BDO brand.
However, Moore Stephens' Channel Islands business – the firm has offices in both Guernsey and Jersey – will not be affected by the move.
Angus Taylor, Managing Director of Moore Stephens in the Channel Islands, commented: “Moore Stephens is a global brand with representation in 112 countries. This upcoming merger will not affect the Channel Islands ownership structure as it involves only one business from the wider group. We will remain a key part of Moore Stephens International.”