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BDO and PKF merger completes


Accountancy and business advisory firm BDO LLP has announced that its merger with PKF (UK) LLP has completed. The firm will operate as one, under the BDO brand and as part of BDO’s international network, the largest global accountancy organisation aimed at the mid- market, with revenues of over $6 billion operating in 138 countries worldwide.


The firm has also announced its senior management team, including the partners responsible for the 340 people working for clients across the Thames Valley and Solent. Simon Brooker will be heading up the Reading office from completion, and Malcolm Thixton will lead the team in Southampton.


Brooker said: “As a firm, we are committed to local businesses across the south. The merger will provide broader and deeper expertise and international reach for many of our ambitious clients on a local basis, but will also allow staff to gain broader experience from working in an enlarged firm. The focus is on ensuring a smooth integration of the two firms and continuing delivery of exceptional service to all clients.”


Simon Brooker, lead partner, Reading


The merger creates mid-market sector leadership across almost all sectors for BDO, including retail, manufacturing, natural resources, TMT and financial services. The firm is also the leading adviser for AIM businesses.


Commenting on the merger, Simon Michaels, managing partner of BDO LLP, said: “It’s time for people to think again about BDO. The merger has transformed our market presence overnight. Senior leadership is a critical factor in making the merger a success but I know this team is the right mix to build on our ambitions still further and respond quickly to the domestic and international environment. We also remain focused on delivering exceptional service to our clients and creating the right environment for our people to develop and grow.”


Medical communications company in £13m secondary buyout


Growth Capital Partners (GCP), the provider of blended equity and debt to the UK’s small to medium-sized businesses, has acquired Fishawack, an independent medical communications agency with a base in Abingdon, in a £13 million transaction. The deal was a secondary buyout from YFM Equity Partners, which is exiting the business with a two times return on its original investment. GCP’s investment will fund the acquisitive growth strategy of the business as it looks to expand further internationally.


Fishawack was founded in 2001 by Oliver Dennis and Dominic Miller and now has over 120


employees based in Knutsford and Abingdon in the UK, Basel and Philadelphia. It provides medical communications services (www.fishawack.com) to 12 of the world’s top 20 largest global pharmaceutical companies. Fishawack has revenues of over £10m which have more than trebled since the original buyout in 2008. Founding directors Oliver Dennis and Dominic Miller, as well as managing director Gail Flockhart and operations director Rachel Davies will continue to lead the business.


GCP will take a majority stake in the business and Simon Jobson will take a seat on the board.


THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013


Is the factoring barometer on the rise?


Demand for invoice finance is a good barometer of how active the economy is and how confident SMEs are to grow, acquire new businesses or simply get a better deal from another provider. Tracey Bevis, senior new business manager at Pulse Cashflow Finance, has been doing her research among industry colleagues across the Thames Valley and wonders if the upturn in deals activity during March is a sign that the economy might – just might – be showing signs of picking up


Experience suggests that activity in the asset-based lending (ABL) sector is always higher when the economy starts to pick up. When it’s heading down, or is flat, businesses are happy to batten down the hatches and ride out the storm. Certainly, as a business that specialises in business recovery and turnaround, Pulse has ridden out one or two false dawns over the past 12 months, an action packed few weeks and then a return to the doldrums. But talking to friends from other ABLs in the Thames Valley, it’s interesting to note that a wind of change seems to be blowing through our business community.


Is this another false dawn, or are things really improving? After a quiet January and February, March was a revelation; not only did Pulse see a lot more deals, but it was a record month for deals completed. And what’s more the quality is good. We help businesses that may have problems keeping afloat during the hard times – they might be struggling with bad debt or losses. But, if there is a determination to buck the trend and take the business forward in a new direction, then, provided they have a good customer base, we are here to support them. We can provide invoice finance facilities up to £2 million to new start-ups, developing companies or well-structured businesses. It would seem that this determination is on the up.


We are exceptionally quick at turning round deals, so it’s possible others have not yet experienced the same increased momentum, but speaking to


www.businessmag.co.uk


SMEs in the Thames Valley, there is a cautious optimism for a sustained, albeit gentle pick up in the economy, which is reflected nationally in the number of jobs created in the private sector. And what’s more, there is much praise for the industry – despite the occasional, usually unwarranted, derogatory press coverage aimed at invoice finance providers.


It’s clear that the doors have not closed on this method of finance. Indeed, there is much competition among providers, many of whom have their own particular niche, and this is helping SMEs to grow, assisting them to make decisions to take on more people, creating jobs and keeping business flowing. For that, we should be proud of what our industry does.


Details: Tracey Bevis 0845-539-7003 tracey@pulsecashflow.com


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