Deloitte’s NW revenues rise to £128m
DELOITTE, the Big Four accountancy firm, grew revenues in the North West by 4% to £128m in the year to the end of May.
The firm, which has around 700 employees in Manchester and 80 in Liverpool, said the last 12 months had been a “year of investment for growth” in the region.
It said all four of its core business areas, tax, audit, corporate finance and consulting had grown over the last 12 months demonstrating a “sustained performance”.
The firm’s UK performance was stronger still as revenues rose 8% to £2.51bn. Profit distributable to partners rose £2m to £571m. The average profit earned by each partner in the year, after providing for pensions and annuities payable to retired partners, was £772,000 compared with £789,000 last year.
Deloitte North West senior partner Patrick Loftus said the firm’s UK Futures initiative aimed at driving growth among clients, domestically and in international markets, was starting to make an impact.
He said: “Against that backdrop the results demonstrate that clients continue to value the services we provide and our commitment to helping them find new ways to grow their businesses.
“The launch of UK Futures in the past year has offered even greater support to clients and we are already demonstrating an impact as a result of the international initiatives rolled out across the practice.
“We have also ensured that we retain our focus on investing in talent in the practice and this is reflected in the promotions and recruitment in the past 12 months. The ongoing development of our people and services means we are positioned well to benefit as the economic picture begins to brighten.”
Headlines for the firm’s audit team were winning Amey UK and MPM Products the fast-growing pet food manufacturer based in Macclesfield as clients.
In addition Chris Robertson has moved from the firm’s Midlands practice to lead the Northern audit practice.
In tax, the North West practice was involved on big ticket deals including acquisition of Pringles by Kellogg’s. Partner Andy Wilde has returned to the role of North West head of tax, taking over from Mark Stephenson, who has been appointed to lead the firm’s national manufacturing industry group.
The corporate finance team, acted on several key deals in the region., including the sale of Air Energi for Palatine Private Equity; LDC’s investment into Bolton law firm Keoghs and the acquisition of KidsUnlimited by US group Bright Horizons Family Solutions.
Deloitte’s restructuring services team advised on some of the most high-profile cases in the region, including the acquisition of Manchester law firn Cobbetts by DWF and the administration sales of Warrington-based Daniel Contractors’ assets, safeguarding more than 1,500 jobs.
