Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Rebellion at Binder grows over merger move

Neil Thapar,John Willcock
Monday 01 August 1994 18:02 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

THE rebellion at Binder Hamlyn, one of the top 10 accountancy firms, intensified yesterday as it emerged that at least 18 partners in the London office want to vote against the proposed merger with Arthur Andersen, write Neil Thapar and John Willcock.

The move will come as a further blow to the merger plan, which has already caused intense protest at some of Binder's regional offices.

The refuseniks intend to vote against the merger at a formal meeting to held at Binder in the next few days. They represent about 25 per cent of Binder's London partners, who in turn account for half the firm's total number of partners.

Partners at 13 of Binder's offices in Scotland and East Anglia, representing 16 per cent of Binder's turnover, have already rejected the merger. Instead, they are planning to join Stoy Hayward, also one of Britain's biggest accountancy practices. Two offices in Northern Ireland are joining Grant Thornton.

But the London rebels are unable to split off and join an alternative to Andersen under present partnership rules. Partners within Binder's Bristol office are also yet to vote.

Hostility to the merger has been provoked by fears of a clash of cultures. Andersen is seen as more American and aggressive in style, while Binder is a traditional UK firm with a reputation for carrying out sensitive DTI investigations.

There is also dissatisfaction over the terms on offer to Binder partners. There is uncertainty over how many of them will keep their status in the enlarged practice. If they lost their partner status, they would no longer have a stake in the firm's profits.

Much of the criticism is being levelled at Adrian Burn, Binders' senior partner and the architect of the merger plans. Mr Burn, is expected to retain his partner status should the merger go ahead.

'They are not going to have it their way,' one disgruntled partner said. 'Almost all the practices outside London don't want to go to Andersen.'

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in