BDO Kendalls (Queensland) has responded to increased client and market demands to merge with the Brisbane office of business recovery and insolvency (BRI) specialists PPB.

The merger will increase business and corporate advisory firm BDO Kendalls’ BRI credentials and provide a deeper level of resources and service lines for PPB’s clients.

BDO Kendalls Managing Partner in Queensland Tony Schiffmann said client demands are on the rise as debt and refinancing pressures on business increase daily.

“As business gets more sophisticated and the pace of change picks up, companies and financiers are looking for business partners who can supply turnaround services in line with specialist roles,” he said.

These turnaround services include helping companies restructure or refinance in the face of rising debt and restoring stability and rebuilding value in the company.

“This merger is evidence that BDO Kendalls is listening to its clients and responding in a manner that bolsters the firm’s capability and capacity in a tight labour market.”

The former Managing Partner of PPB Queensland, Andrew Fielding, who will head up the Business Recovery & Insolvency division, said feedback from clients indicated they wanted deeper resources to service their needs holistically and the merger with BDO Kendalls fulfilled that need.

“PPB is well respected in terms of boutique BRI firms and the merger with BDO Kendalls will provide the team with a broader capability to leverage additional services,” he said.

Mr Schiffmann said refinancing of business was part of turnaround services and this required BRI specialists to work closely with the business concerned, the banks and brokers.

“Recent cases with the major banks have enabled the firm to refinance the bank out of debt as opposed to making the business insolvent,” he said.

“Part of this is about finding the right financier for the business which in many cases is the key problem for struggling businesses.

“This is where the additional services that the merger with PPB offers become invaluable for clients.”

Mr Fielding said BDO Kendalls will benefit from a boost to its referral base for turnaround work through the introduction of new clients, particularly in the banking and litigation sectors.

“The decision to merge is indicative of the ongoing restructure of the industry with a demand for a broad based service offering,” he said.

Mr Schiffmann said users of insolvency services are reverting away from boutique firms, to firms with a deeper service offering with a multi-disciplined approach.”

For further information please contact:

Helen Pham
Marketing & Communications Executive
BDO Kendalls
07 3237 5713

Tony Schiffmann
Managing Partner
BDO Kendalls
0414 379 808.