Mazars sees bottom line benefits

ACCOUNTANCY firm Mazars is reaping the benefits of its full service offering – with a 40% increase in profits across the North West in the two years since its merger.

The firm, which employs 100 staff and has 11 partners across its offices in Manchester and Liverpool, has benefited hugely from being able to combine the expertise of Mazars and Chadwick and maximise the number of ways it can assist clients.

Pamela Dawes, North West managing partner, said: “Mazars North West had insolvency expertise and a large international service, while Chadwick serviced SMEs and high net worth individuals so we were able leverage off each other after the merger.”

“We have been able to capitalise on the synergies of bringing the two groups together. Over the last two years we’ve seen 25% growth to our top line and 40% to the bottom line.

“That’s come on the back of being able to offer a full service offering and selling that offering to existing clients, as well as new clients.”

While Manchester remains the larger and more mature market for the firm, it recognises that Liverpool is a sizeable and important market, with huge potential for future growth.

Dawes said: “Liverpool is a key contributor and growth will come from the city. It has had a renaissance, with plans for the super port and development of the dock – we act for a number of clients off the back of that.”

In July, the firm recruited Gareth Hitchmough from Deloitte as a partner in its Liverpool office, to advise owner-managed businesses as well as listed and international groups.

“In the region, in terms of our share of North West business, we are seventh. The key players who are bigger than us often don’t have a clear attitude to Liverpool so we benefit from that.”

Currently the majority of the firm’s fee income is from audit and assurance, along with tax and restructuring. However, Dawes is seeing new work coming increasingly from advisory work.

“Those businesses that have survived the downturn have restructured and tightened their belts and want advice.

“A lot of our work has been advisory and planning. Getting new audit work has been tough – lots of firms are chasing that, but it’s the planning side that has seen growth for us.”