Tuesday, August 9, 2016

"Former Deloitte chief and private equity house plot challenger to big four accountancy firms"

From City AM:
A former Deloitte executive is teaming up with a private equity house to launch a challenger to the big four accountancy firms.

John Connolly, who was chief executive of Deloitte UK, is said to be plotting a string of acquisitions to take on his former employer along with EY, PricewaterhouseCoopers and KPMG.
He is working on the project with private equity house HG Capital.

Sources told Sky News that Blick Rothenberg, a London-based accountancy firm taken over by HG last month, will become Cogital Group under the scheme.

Filings at Companies House show that Connolly and HG have established Cogital Group. The former Deloitte chief is to be chairman of the company.

Founded in 1945, Blick Rothenberg currently has 28 partners and directors and employs more than 200 people...MORE 
This seems rather ambitious. As noted in 2015's Holy Crap! "Accounting News Roundup: Deloitte's Revenue; PwC's Student Loan Perk; Inverstions Still a Thing | 09.22.15", Deloitte's total revenue in fiscal 2015 was $35.2 billion.