ACCOUNTING: BDO's Closer Ties With Grant Thornton
Recent Western Cape Business News
Grant Thornton, a leading global business and audit advisory firm, and BDO Cape announce today that BDO Cape, comprising the Cape Town and Port Elizabeth offices will merge with Grant Thornton.
The other BDO offices in South Africa are not involved.
Leonard Brehm, National Chairman of Grant Thornton SA said: “It’s a dream strategic and cultural fit for our business and a major step in our South African strategic growth plans. Adding BDO Cape’s 207 staff complement and 19 partners and directors is a boon to clients of both firms as it enhances our joint intellectual and technical expertise - the combined Grant Thornton South Africa firm will now have revenues of R400 million.”
“It’s an incredibly exciting opportunity to work with a like-minded and truly global organisation,” says Ian Scott, Managing Partner of BDO Cape. “Combining BDO Cape’s strong market position with Grant Thornton’s established name and intellectual property merges the relative strengths of each firm.”
Grant Thornton is currently ranked 5th and BDO 7th by fee income in South Africa, according to the September 2009 International Accounting Bulletin survey.
Brehm adds, “It will create a more richly resourced firm, with a superior client offering and it will significantly strengthen our market position relative to the Big Four. Clients will be the clear winners and we are now in an unparalleled position to service the mid-tier, privately-held businesses.”
The merged firms will operate under the Grant Thornton name. The offices will have joint managing partners in Ian Scott and Neil Miller with Deryck Woolley and James Salmon as joint senior partners.
“BDO has a larger and established presence in the Cape Town market and we’re delighted to be joining forces with them,” says Deryck Woolley, present Managing Partner of Grant Thornton Cape Town. “This merger supports the strategic plans of both firms to be more competitive in the Cape market.”
Recently BDO South Africa re-organised its practices into two separate firms, resulting in one firm comprising the Johannesburg, Pretoria and Durban practices (BDO SA Inc) and another comprising the Cape Town and PE practices (BDO Cape). These separate entities now reflect firms that have evolved differently with the Cape Town and PE offices better aligned with similar services to those of Grant Thornton, hence providing a strong rationale for the merger.
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