Firm is delighted with 9pc growth in ‘challenging marketplace’
Accountants BDO Stoy Hayward has recorded annual growth of nine per cent in Birmingham against a backdrop of an increasingly challenging marketplace.
Lead partner in the Midlands Mark Anslow said the results left the company well-positioned the weather the current economic storm.
He said: “Given the current difficult market conditions, we are extremely pleased to have achieved a nine per cent growth and broken through the £21 million barrier.”
The results, which have been put down to particularly strong performaces by the tax and corporate finance teams, follow a turbulent few weeks within the city’s professional services sector. The lack of corporate finance activity in recent months has forced a number of firms across the advisory sectors to reduce their headcounts with Grant Thornton, one of BDO’s key competitors, just one company looking at redundancies, reportedly from its transactional services team.
Among the high profile deals completed by the BDO team over the last 12 months were advising Isison the MBO of Playforce, Busy Bee’s £31 million acquisition of Leapfrog Day Nurseries and Leapfrog Childcare Vouchers and the £11 million AIM flotation of the Rethink Group.
Mr Anslow admitted that the year ahead looked certain to be much more challenging. He said: “Today’s economy presents uncharted territory. “