Andrea Bishop, lead partner in the South West region has welcomed the election of Paul Eagland as the new Managing Partner of BDO LLP following a vote of all its partners.
Paul will succeed the current Managing Partner, Simon Michaels, and will take office on 1 October 2016 when Simon has completed his maximum of two four-year terms as Managing Partner.
Paul comes to the role with a wealth of experience. He has been a member of BDO’s leadership team since 2008 and has held a number of senior leadership positions during that time. Key positions include Head of National Tax, Head of National Audit and, most recently, Head of National Professional Services. Paul has been at BDO for 29 years.
Building on a successful eight years
Under Simon’s leadership, the firm completed the first proactive strategic merger in the accountancy market for more than a decade when BDO merged with PKF in 2013. BDO’s UK revenues have grown over 40% in the last three years and are now approaching £400m, with the firm employing nearly 3500 people in 18 UK offices.
Client service has been BDO’s foundation for growth during Simon’s tenure. The firm has been independently ranked as number one for client satisfaction for the last four years, outperforming all its major competitors. BDO’s people have been central to this success and, under Simon’s leadership and with the firm’s distinctive values, BDO continues to offer an entrepreneurial and inclusive environment.
A strong balance sheet has given BDO the financial stability to invest for the long term over the last eight years. As a result BDO has made significant investments in new technology and client processes, including market-leading cloud accounting, global outsourcing and data analytics services, as well as consistently investing in its core audit, tax and advisory services.
Internationally BDO is the clear global leader in providing a full range of accountancy and related services to the mid-market. It has 64,500 people working out of 1,400 offices worldwide, generating revenues of $7.3bn.
A focus on our people, the mid-market and new opportunities
Paul’s election coincides with sweeping regulatory changes in the accountancy market which are opening up new opportunities for BDO. Recent audit reforms preventing companies from using the same firm for audit and advisory services have opened up the market to increased competition. BDO has been quick to take advantage of this with the firms tax services, for example, growing faster (20%) than any other top ten firm. BDO also works for one third of the FTSE 350 in an advisory capacity.
Taking on his new role, Paul Eagland reaffirmed BDO’s commitment to serving the mid-market and bringing its importance to the UK economy to the attention of politicians and government. He also highlighted the vital role BDO’s people play in helping the firm grow.
Managing Partner-elect, Paul Eagland, said:
“BDO has a great track record of championing and serving the needs of the UK mid-market and ambitious businesses. This is all down to our people who anticipate the needs of our clients, provide valued expertise and create strong entrepreneurial relationships.
“I am excited about leading this business as we continue to support our people and invest in new technology and services. But no one has a monopoly on good ideas: my first step as Managing Partner-elect will be to engage with the business, listen to our people and learn.
“As well as spending time listening to our people I will be working with our clients. Understanding the market they operate in, and the challenges they face, will help me cement our position as the best advisers to the mid-market. The economic influence of our client base is huge and it’s up to us to help them thrive.”
According to BDO research, the mid-market is overlooked and undervalued in the UK. Mid-market companies generate over £1 trillion in revenue every year and employ six million people across the country. The mid-market is a dynamic and ever evolving part of the UK economy and includes large private companies, sophisticated mid-market private equity houses as well as AIM-listed and other listed companies.
Paul Eagland added:
“The mid-market falls in a ‘policy and profile’ gap: too large to benefit from policies tailored to small business, but too small to win the attention that a relatively small number of large global businesses command from the media and policy makers. Under my leadership, BDO will continue to serve and champion the UK mid-market. We will also continue to take the opportunities presented by the recent regulatory changes particularly with public interest entities.”
Andrea Bishop lead Partner, South West, said:
“I’m delighted that Paul will take over as the new BDO Managing Partner. He is passionate about empowering our talented people and promoting our values and has the experience, knowledge and vision to lead this firm successfully. I know Paul will make sure that BDO continues to lead the market by investing in people and technology and ensuring we take advantage of regulatory changes that open up the market.”
