Accountancy firm Cooper Parry has quit the PKF network in the UK after being part of the group for over five years
The firm has removed all references to PKF from its website and has reverted to its original branding as Cooper Parry. There was understood to be a geographic conflict over an office opening, which competed with another PKF UK member firm and broke the 50-mile radius rule, although the office itself was part of Cooper Parry’s wealth management arm.
Cooper Parry CEO, Ade Cheatham said: ‘Having doubled in size in the last three years to £40m, our plans to grow our business came into conflict with those of the other member firms in the UK.
‘With the PKFI emphasis on territorial exclusivity, a concept that we believe is now outdated in a fast changing world, we felt that our ability to grow within ‘PKF’ would be severely curtailed.
‘We are sad to leave the PKF family and remain on good terms with the International members, many of whom we continue to work very closely with.
‘Leaving has enabled us though to open up quickly in London, a very important market for us and our clients as we pursue our plans to scale quickly to £100m plus within the next couple of years.’
Cooper Parry joined the PKF UK network in January 2014 and at the time rebranded as PKF Cooper Parry, becoming the network’s representative in the Midlands.
Speaking on behalf of PKF in the UK & Ireland, Dominic Roberts, managing partner of PKF Littlejohn, said: “The rapid growth that the PKF network has delivered over the past few years has been underpinned by ever-cIoser collaboration between our member firms.
‘It has become increasingly clear during this time that the strategic goals of PKF Cooper Parry and the rest of the PKF member firms in the UK and Ireland were not aligned. In order to allow the PKF firms to work as a more cohesive grouping, the decision was taken to go our separate ways.
‘The investment that each firm in the PKF network is making means that they will continue to grow and make an increasingly significant impact in their markets.’
As a standalone firm, Cooper Parry was ranked 38 in Accountancy's Top 75 UK firms league table, with a fee income of £15.8m for year end 2012.
PKF UK, ranked 11th in the Top 75, reported total fee income of £163m for year end May 2018, from its six member firms, including London-based PKF Littlejohn and Scottish firm Johnston Carmichael.