Saffery

British chartered accountants firm

This article is about the accounting firm. For other uses, see Saffery (disambiguation).

SafferyCompany type| Limited Liability Partnership (LLP)

|

Industry| Professional services
Founded| 1855
Headquarters| London, United Kingdom

Key people

| Matthew Burton
Joseph John Saffery
Products| Accounting
Audit
Corporate Finance
Outsourcing
Tax
Trusts
VAT
Revenue| £150.34 million GBP[1] (2024)

Number of employees

| 1,251 [2] (2024)
Website| www.saffery.com

Saffery is a firm of chartered accountants in the United Kingdom. It has nine offices across the UK as well as offshore. The firm acts for clients across a variety of sectors and provides accountancy, audit and assurance, personal and corporate tax, and corporate finance services.

Saffery is a member firm of Nexia International, a worldwide network of accounting and consulting firms.[3] Matthew Burton has been the firm's managing partner since 2018.[4]

## History

[edit]

The origins of Saffery can be traced to an accountancy practice founded in 1855 by 21-year old Joseph John Saffery at London’s Guildhall chambers.[5][6] Saffery formed a partnership with William Palmer which lasted until 1865 when Croysdill, Saffery & Co was formed, with Saffery becoming partners with H Croysdill.[6][5] In 1875, Croysdill, Saffery & Co became J J Saffery & Co.[5]

In 1880, the Institute of Chartered Accountants in England and Wales (ICAEW) was formed and Saffery was a member of the first council. In 1885, Saffery's son Francis joined the partnership and the firm became Saffery, Son & Company. Joseph John Saffery became the Institute president between 1889 and 1891.[7][5] Saffery laid the foundation stone for Chartered Accountants' Hall in Moorgate, London in 1890 under his presidency.[6] Saffery died in 1900.[6]

On 1 July 1982, Safferys and Champness, Cowper & Co, merged to practise as Saffery Champness.[8] Champness could trace its origins back to Champness & Maclerie, co-founded by JH Champness in 1861.[5]

In 1987, the London and High Wycombe offices of Armitage & Norton became part of Safferys Champness, with the other offices becoming part of Peat Marwick McLintock.[5][6] Charles Payne had founded Armitage & Norton in 1868. Armitage & Norton, had expanded to include Oldham, Holland & Co. in 1975 and Dunn, Wylie & Co. in 1976. Oldham, Holland & Co. could trace its roots back to Cape & Harris, founded in 1864 by George Augustus Cape, also an original council member of the ICAEW as well as a founding member of the Institute of Accountants in London in 1870.[5]

In 2010, Jonathan Fox became the firm's managing partner – the first non-accountant to lead a top 20 firm.[9] On 1 October 2012, the firm announced the acquisition of the Film & TV Unit of RSM Tenon. The transaction enabled them to build their Sports and Entertainment Group.[10]

In 2013, Saffery Champness was involved in developing and lobbying for the UK Tax Relief and were the advisers for the production's cultural test application.[11]

In 2016 the firm relocated its London office to 71 Queen Victoria Street, London.[12] In 2017, the firm opposed changes by the UK Government to require Scottish limited partnerships to disclose "persons of significant control", saying it was a "further erosion of privacy".[13]

In 2021, the Financial Reporting Council opened an investigation into work done by Saffery Champness in auditing Greensill Capital's accounts between 2014 and 2019 after the company's collapse.[14][15]

In September 2023, Saffery Champness rebranded as Saffery.[16]

## Nexia International

[edit]

In 1986, SC International, an international network of Saffery Champness, was founded by the firm. SC International included J.H. Cohn, New York's largest independent accounting firm at the time.[17]

In 2007, SC International merged with Nexia International, the international network of Smith & Williamson, to form the world's ninth-largest accounting firm.[18][17][19]

Nexia traces its history back to 1971 when it was founded by Spicer & Pegler in the United Kingdom and Oppenheim Appel Dixon & Associates in the United States.[20] In 1990, Spicer & Oppenheim International merged with NR International (the international network of Neville Russell) to create Nexia International, following the UK arm of Spicer & Oppenheim becoming part of Touche Ross.[21][22] In 1998, Neville Russell merged with Mazars and left Nexia, leaving it without a UK firm. Smith & Williamson took their place.[23]

In 2012, J.H. Cohn merged with the Reznick group to form CohnReznick, and become the 11th largest accounting firm in the United States.[24] In addition to CohnReznick, Maloney + Novotny is another Nexia International member firm based in the United States.[25]

In July 2022, following the rebranding of Tilney Smith & Williamson to Evelyn Partners, it ceased to be a member of Nexia.[26]

In 2023, Leonard Curtis Business Rescue and Recovery based in the United Kingdom became a member of Nexia.[27] East Anglian-based Scrutton Bland are also a UK member of Nexia.[28]

In August 2024, Nexia had 230 member firms in 123 countries.[29]

## References

[edit]

1. ^ https://find-and-update.company-information.service.gov.uk/company/OC415438/filing-history
2. ^ https://find-and-update.company-information.service.gov.uk/company/OC415438/filing-history
3. ^ "Nexia International". www.saffery.com.
4. ^ "Matthew Burton elected as new managing partner". www.saffery.com. Retrieved 2018-05-25.
5. ^ a b c d e f g "Saffery Champness family tree". Institute of Chartered Accountants in England and Wales.
6. ^ a b c d e "Our heritage". Saffery. Retrieved 26 August 2024.
7. ^ "Past presidents of the ICAEW" (PDF).
8. ^ "Firm focus - Champing at the bit | Accountancy Daily". www.accountancydaily.co.
9. ^ "Best Practice: Saffery Champness' Jonathan Fox". Accountancy Age. July 17, 2013.
10. ^ "Saffery Champness confirms acquisition of Tenon film unit staff". Accountancy Age. October 1, 2012.
11. ^ "Saffery Champness Advises on First TV Drama to Qualify for UK Tax Relief, The Production Guild, April 2013".
12. ^ "Saffery Champness relocates to brand new City of London HQ | CCH Daily". www.accountancylive.com. Retrieved 2017-12-07.
13. ^ Leask, David (September 2017). "Elite Edinburgh accountants host firm in £40m KGB fraud probe". The Herald. Retrieved 20 September 2023.
14. ^ Makortoff, Kalyeena (8 June 2021). "Greensill: watchdog opens investigation into auditors including PwC". The Guardian. Retrieved 20 September 2023.
15. ^ Jones, Huw (28 June 2021). "UK watchdog investigates Greensill and Wyelands Bank auditors". Reuters. Retrieved 20 September 2023.
16. ^ "SAFFERY LLP". Find and update company information Gov.UK. Retrieved 2023-09-04.
17. ^ a b Neveling, Nicholas (15 August 2007). "Nexia swallows Saffery Champness network". Accountancy Age.
18. ^ "Accounting; Latest merger". The Advertiser. Adelaide. p. 65.
19. ^ "Accounting firm Nexia to buy SC International". Reuters. August 2007. Archived from the original on March 5, 2016. Retrieved 31 May 2023.
20. ^ "About Nexia". Nexia. Archived from the original on 18 December 2008.
21. ^ Ashworth, Jon (1 October 1992). "Any other business". The Times. p. 26.
22. ^ Pincombe, Simon (11 October 1990). "International accountancy firm sign merger deal". The Independent. p. 31.
23. ^ "Nexia fills vacuum in UK and French markets". European Accounting Bulletin. No. 236\. 30 October 1998.
24. ^ "J.H. Cohn, Reznick Group merge into Manhattan-based CohnReznick". Long Island Business News. 10 October 2012.
25. ^ "Accounting and consulting firms in United States". Nexia.
26. ^ CLA Evelyn Partners Limited Annual Report and Financial Statements. 31 December 2022 - via Companies House.
27. ^ "Nexia welcomes insolvency and restructuring specialist Leonard Curtis as new member firm in the United Kingdom". Nexia. 11 October 2023.
28. ^ "Accounting and consulting firms in United Kingdom". Nexia.
29. ^ "About us". Nexia. 11 October 2023.

## External links

[edit]

* Saffery
* Nexia International