Accounting institutions announce merger

Monday 14 May 2007

Two of Wellington's well known accounting institutions announce merger

Two Wellington accounting institutions, BDO Spicers and Horwath Wellington today announced a merger which will see the new firm boasting one of the largest and well resourced, tax, audit and accounting practices in Wellington.

The merger will be effective from 1 July 2007, with the new practice trading as BDO Spicers Wellington. The firm will have more than 80 staff, including 12 Directors, making it the largest player in the mid-tier accounting firm space in the Wellington market.

Joint Managing Directors Paul Hodson from BDO Spicers and Adam Davy from Horwath Wellington, say that the merger will bring together two well established and reputable local firms to create a genuine alternative to the Big 4 accounting firms.

"Our new Practice will have great depth in specialist skill areas such as tax and audit, as well as the people to deliver these skills to Wellington businesses. We will continue to offer our clients our pragmatic and cost-effective approach which has been the hallmark of our individual successes in the past."

"We believe our new Practice will also fill a significant service gap in the market by providing a distinctively different choice for those seeking corporate and business advisory services," Mr Hodson said.

"While this is an exciting time for partners and staff, the real difference will be for our clients who will benefit greatly from the additional resources and increased depth of expertise, including continued access to the BDO global network of over 625 offices in 109 countries, including 10 offices throughout New Zealand," Mr Davy said.

Mr Davy said both firms bring different but complementary strengths to the partnership, further enhancing the capability and capacity available to clients. In particular, the increased strength in tax and audit practice will benefit existing clients across a range of industries including government, property and manufacturing.

"The culture of both firms is highly compatible, with similar client service delivery models that focus on value based personal service with partner led delivery being a strategic imperative for both organisations," he said.

Mr Davy said significant planning had already commenced to ensure a smooth transition for clients.

For further information please contact:

Media Q&A

Is this a take over by BDO Spicers, rather than a merger?
No, with the many similarities between the two firms, we saw a perfect opportunity to combine and strengthen our position as one. The merger will see BDO Spicers break away from the "middle tier pack" of accounting firms as a clear and unchallenged front runner. The two Wellington firms are almost identical in size so this is most definitely a merger.

If this isn't a take over why does the BDO Spicers name remain?
BDO Spicers' Wellington office is part of the National Firm of BDO Spicers. BDO Spicers is part of the international network of firms called "BDO" which restricts member firms to using one consistent name throughout each country of operation. Alterations by city or area within the country are not permitted. Horwath Wellington is also part of a national linkage of firms and is restricted from continuing to use the Horwath name.

Will there be any redundancies?
No. Staff have been guaranteed that they will retain their jobs.

ENDS

© Scoop Media