The Birmingham office of international accountancy firm Mazars has been inundated after revealing it is scouring the Midlands for businesses to buy on behalf of three large Indian corporations.
And it says the quality of businesses making contact has been impressive.
“We received a staggering response – we expected some good interest but the extent of the response even surprised us,” said corporate finance partner Nick Johnson.
“We have been very encouraged and are actively working through the many approaches.
“While regional manufacturers have a justified reputation for resilience they have often been regarded as somewhat insular. The responses we have received are, in some small way, an indication of a more enlightened outlook. Today businesses are much more willing to expand their horizons, accept that competition is global and acknowledge that only the strongest will survive.”
It was in the late summer that Mazars announced it was actively seeking companies in the manufacturing, automotive and aerospace sectors for very large, cash rich Indian companies.
Mazars has an impressive presence in India with more than 600 staff in offices in Mumbai, New Delhi, Bangalore, Gurgaon and Pune.
Mr Johnson said: “The high level of response highlights the forward thinking of Midlands businesses. This is in no way a desperate reaction from firms struggling for survival and looking for a lifeline – all the businesses are in robust health and doing very well.
“Indian businesses have seen the success of Tata with Jaguar Land Rover and see the UK as the ideal base from which to penetrate markets in Europe. Enlightened UK businesses are alive to international developments and want to be part of this exciting future.
“Our clients are not simply seeking manufacturing outlets, they are looking for organisations that they can invest in and through which they can build partnerships throughout the supply chain. So there are a variety of opportunities for interested parties to explore, from acquisitions to commercial alliances and everything in between.
“For example joint ventures provide a low risk, cost-effective way for European companies to enter the Asia Pacific market and Indian businesses to enter the UK/European market.”
Mr Johnson said that Indian businesses are clearly aware that the Midlands is the heartland of UK manufacturing.
“Given the historic connections between the UK and the Sub-Continent, and the number of UK citizens with family roots there, there is a good understanding of what this region has to offer. There is a respect for the knowledge of Midlands manufacturers, their ability to innovate and their work ethic. Indian businessmen see the Midlands as the home of experienced engineers and a strong workforce willing to graft.
“It is early days but Mazars are very confident that a number of deals can be concluded as a result of this initiative that will have a positive impact on the local economy.”
Mazars is an international, integrated and independent organisation specialising in audit, advisory, accounting and tax services. The firm has a presence in 69 countries and draws on the expertise of 13,000 professionals to assist businesses, major international groups, SMEs, entrepreneurs and public bodies at every stage in their development.
