Leeds United boosts KPMG
LEEDS United's financial woes have helped contribute to record turnover of more than £1.6bn for KPMG.
The accountancy firm's Leeds-based restructuring team handled the controversial administration of the football club this summer, the highest-profile insolvency job in the region, which has seen KPMG paid fees of £450,000 to date.
While the firm – one of the UK's so-called 'Big Four' accountants – saw turnover growth of 11% on the previous year, its Leeds office reflected the strong growth with fee income of almost £100m in the financial year to September 30.
The firm is paying a bonus of £100m to its almost 11,000 staff.
KPMG now audits more listed businesses than any other firm and was named Auditor of the Year in April, for the third year running. Its Leeds office audits 13 of Yorkshire's top 50 listed businesses, including the two largest, Morrisons and Persimmon.
Deals activity saw the firm's Corporate Finance and Transaction Services practices in Leeds grow significantly after a year in which they advised on 33 transactions with a total value of £1.7bun including the purchase of Yorkshire housebuilder Ben Bailey by Gladedale and the private equity-backed buyouts at four Northern Foods businesses, as well as GHD hair products business Jemella, and Leeds-based vehicle management group Zenith.
KPMG can boast that it advised on almost half of all private equity deals of more than £10m in the North over the 12 months to the end of September.
Its restructuring practice, which as well as Leeds United advised on Little Chef and Oakdale Bakeries, saw a 40% rise in income.
Duncan Mycock, KPMG's office senior partner in Leeds said: “We've had an exceptional, award-winning year on the back of client work helping Yorkshire's
businesses of all shapes and sizes to meet their objectives. This is due in large part to the diligence and enthusiasm of our people so we're delighted to be
rewarding them through the industry's most generous bonus scheme.
“Our leadership position within the Yorkshire professional services marketplace means we have invested in people at all levels, from attracting new partners and
directors from competitors, including Ian Warman and Steve Simkins in pensions and John Forth in indirect tax, to recruiting over 60 graduate entrants in 2007 which is more than ever before and brings our headcount in Leeds to more than 700.”
Mr Mycock said the firm's Yorkshire office had started its current financial year very strongly.
“We have begun another dynamic year of growth, winning several valued assignments already, notably including work on the Turner & Townsend IPO announced last week and successfully selling national retailer The Original Factory Shop in a £68.5m secondary buyout.
“We will continue to recruit, work extremely hard to support organisations throughout the region and give back to our local community through our CSR programme.”
