Mazars grows Manchester team against background of strong financial performance

International audit, tax, and advisory firm, Mazars, has grown its team in Manchester by more than 20% in a year that saw both revenues and profits increase.

Newly-released accounts show turnover in the year to August 31, 2023, jumped 16% from £287.8m in 2022 to £334.6m.

Its offices in the North of England achieved a third consecutive year of double-digit income growth, at 13%, to £64.5m.

Overall pre-tax profits of £64.6m showed an improvement on the previous year’s £60.2m figure.

The firm’s Manchester team, based in One St Peter’s Square, now stands at almost 330 staff, including 32 new trainees, 15 school leavers, and nine interns.

The growing team provides a range of services to businesses in the North West, with recent client wins including Matalan, Suttons Tankers, Sonova UK, and Blackburn with Darwen Council.

Mazars’ audit practice in Manchester has evolved off the back of market reform, with the team specialising in Public Interest Entities, Privately Owned Businesses, Public Sector and Financial Services.

The firm’s growth in the area has also been underpinned by the establishment of a Forensic & Valuation Services team.

This is led by by Lucy Rothwell, an experienced member of Mazars’ national Forensic team who specialises in disputes, and Adam Cooper, who joined to support the leadership of the national Valuation practice and head up the firm’s Tax Valuation specialism.

Dave Hilton, Manchester office Managing Partner, said: “It’s been a great year for us in the North West.

“We’ve seen positive growth in our team in Manchester and are proud of the establishment of a new Forensic & Valuation Services team. We value the talent of our team members and focus on providing growth opportunities to our people in all stages of their career.”

In addition to strategic hires to complement growth and provide additional specialisms to clients locally, such as the recent appointment of Lisa Pennington into the Manchester Healthcare Team, Mazars said it is also committed to supporting local talent, such as Lucy Marshall who was promoted to director level in the tax advisory team.

The firm’s results come ahead of the creation of a new top ten global network later this year with US accounting firm FORVIS, the eighth largest public accounting firm in the United States, to become Forvis Mazars.

This will create a top 10 global network accounting firm with an estimated combined revenue of €4.7bn ($5bn). The new combined firm will provide clients with a larger international reach by adding the US to the Mazars’ integrated partnership which is already in 100 countries.

Dave Hilton added: “Manchester has always been a city synonymous with innovation and technological advancements, and many businesses in the region naturally look towards North America as part of their international expansion plans.

“Our forthcoming creation of the unique Forvis Mazars network will give our clients access to professionals covering all 50 states in the US, so whichever region best suits, or if clients need help assessing the potential location, then we can provide on the ground support – this is a game changer for our business, but more importantly it focusses on our clients’ ever growing complex requirements.”

Across the group, Mazars said its staff bonuses have increased by 16%.

Mazars CEO, Phil Verity, said: “Despite a less buoyant economy in the past year and a competitive marketplace, our strategy to invest in talent has enabled our business to deliver double digit growth this year.

“I am very proud to see the strength of our firm’s development as we enter a very exciting time ahead of the creation of our new global network with Forvis. We will be able to provide our clients with an expanded and highly competitive offering providing truly global reach.”