The transaction completed on 2 December 2011, with the combined business trading under Mazars’ name with effect from 3 December 2011.
PwC's volume personal insolvency business has been based in its Gloucester office for 25 years and 27 staff members have transferred to Mazars. The business will be integrated into Mazars' National Bankruptcy Centre, based in the firm’s Milton Keynes and London offices, which has demonstrated rapid growth since it was founded five years ago. The combined practice will have 50 staff and partners and will be led by Mazars partner Martin Pickard.
Mazars partner Guy Hollander will be responsible for the management and integration of the Gloucester practice. In addition to Martin and Guy, three other practitioners will be taking appointments as Trustee in Bankruptcy: Ann Nilsson (Milton Keynes) , Tim Hewson (Gloucester ) and Ed Thomas ( Gloucester ). Paul Rouse will take charge of both the London and Gloucester based National Creditor Services team, which liaises with creditors to represent their interests and secure bankruptcy appointments.
Dan Schwarzmann, PwC’s Head of Business Recovery Services, said: "I am delighted that Mazars has come through as the purchaser of our volume bankruptcy business and I know we have done the right thing for the team and their futures. We will now focus exclusively on complex and contentious assignments in the personal insolvency sector. I have been impressed with the professionalism shown by Mazars throughout the sales process and wish the combined business every success for the future. "
Martin Pickard said: "This is a significant step forward for our National Bankruptcy Centre and we are looking forward to the challenge of running the combined business. Our business is now in a position to become the lead practice in its market and we are excited by the opportunity it gives us to further enhance services to both our existing and new clients."
Louisa Howells, Mazars
Tel: 020 7063 4142 / 07919 548 736
Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, tax, legal and advisory services. As of 1st January 2011, Mazars has its own offices in 61 countries, across five continents, with nearly 13,000 professionals. Through its correspondent agreements, joint ventures and representation offices, Mazars can operate in 21 additional countries and provide its clients with professional teams, who all share the same commitment to quality and a common determination to maintain the highest technical and ethical standards. Mazars’ always expanding portfolio of services reflects the Group’s ambition: to provide its clients, whether international corporates, SMEs or individuals, with tailored and global solutions to help them achieve sustainable growth.