Baker Tilly lay ground for investors’ futures

Oct 8 2008 by Peter McCusker, The Journal

AFTER a record year, the Newcastle-based corporate finance team of national accountants and advisers Baker Tilly is still performing strongly, despite the economic downturn.

In the 12 months up to March 2008 the practice almost doubled fee income from the previous year, completing 24 deals with a total value of over £100m and at the half way mark this year the team is on target to hit budget.

Head of corporate finance Angela Toner, said: “There are still deals to be done – but they are taking longer as investors are more cautious.

“I’ve been working in corporate finance for over 11 years now and the work has definitely had its peaks and troughs over the years.”

Toner has seen a significant fall in the number of companies coming forward for listing on the stock markets, but believes for many companies involved there is a silver lining to putting their plans on hold.

She said: “The AIM market is very quiet. Many of those considering AIM have put their plans on hold – which for some is no bad thing as it gives them the time to prepare and be ready.

“Of those that seem to be coming to market just now, some are introducing their shares with no fundraising needs – again preparing for fundraising further down the line once the markets bounce back.”

Ms Toner believes being part of a national group provides some degree of insulation from any local stagnation.

“Being a national firm, and part of a regional corporate finance team, we are perhaps at a bit of an advantage over our competitors who only have a local base in terms of the continuity of work flow.

“For example we advised Ten Alps – a London-based media business – on its acquisition of Newcastle-based Twenty First Century Media over the summer.”

Toner added: “We are always on the looked out for new clients locally, whether we win them through a local or national contact or by picking up the phone to a company and saying we think your business looks interesting and we’d like to work with you.”

Baker Tilly is a national firm with over 2,200 employees and over 280 partners generating an annual fee income of over £204m.

It has a network of 30 offices in 25 locations across the UK. There are four full-time staff in the Newcastle corporate finance team, which is part of Baker Tilly’s North regional corporate finance team comprising 10 partners and 30 staff.