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Grant Thornton merges with PKF
Grant Thornton focuses on entrepreneurial businesses and the merger forms part of its overall growth plan in which it aims to double its revenue and market share by 2015.
PKF had eight member firms in SA prior to the merger and is one of the largest mid-tier accounting firms in the multiple disciplines of auditing, accounting and advisory services.
One of Grant Thornton's aims has been to diversify into advisory work, which now makes up close to half of its business - it will make up 40% in the merged firm. It is the fifth-biggest auditor in SA and believes the merger further entrenches its position ahead of its competitors SizweNtsaluba-Gobodo and BDO.
However, it still remains behind the fourth-biggest firm, Ernst & Young, with PwC, Deloitte and KPMG making up the top three. PKF International administers the PKF network of legally-independent member firms and is the 10th-largest global accountancy network.
The merger will be effective from July.
This follows another recent two-way merger when TIS/Fintis and Rebahale, two black-owned professional services firms, merged with Grant Thornton SA in March to enhance its position in the public sector.
However, Grant Thornton's strategic moves have not always gone down well with partners. Differences over how to achieve the strategic objective led to six partners‚ two consultants and more than 60 staff from Grant Thornton Cape Town leaving to join Mazars late last year.
Andrew Hannington, who is a director of PKF International and chairman of PKF in SA, will become the new chief executive of Grant Thornton Johannesburg. Jeanette Hern from Grant Thornton will be his deputy.
The current chief executive of the Johannesburg operation, David Campbell, recently resigned to return to the UK and "explore new business opportunities'.
"This is an incredibly exciting opportunity to work with a firm that has similar goals and a well-aligned culture. The merged firm is now a global force to be reckoned with," Hannington said.
Grant Thornton SA was established in 1920 and PKF Johannesburg was founded in 1943 as Fisher Hoffman.
Together the two firms provide services to more than 11% of the companies listed on the JSE.
Source: Business Day via I-Net Bridge
Source: I-Net Bridge
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