Reply to: Clearsky, Parasol, SJD & Nixon Williams (Optionis) For Sale at £300m !!

[rocketjet]

I’ve heard that they’re losing clients now, similar to SJD, they’ve also lost many of their experienced staff, not many left that were there when it was sold in 2014.

NXW is a sinking ship. Lost experienced staff and clients are leaving in droves.

[cojak]

Replace 'accountancy practice' with 'IT consultancy' and the above still holds true Chris.

I wouldn't expect you to share your trade secrets on here, though that process could make interesting reading for those on the forum that are interested in the indie consultancy route.



Interestingly, SJD are the 10th largest insolvency practice in the country according to this league table (which only looks at certain types of insolvencies). that means that if many contractors do leave the contractor market, there is a short term boom coming their way.

FYI - I checked out the No.1 on that list (due diligence and all that - a colleague of MrC had used a company that they'd bought out), and they were more than twice the price of MVL Online.

Just sayin'.

[regron]

Been with NW for nearly 4 years and have definitely seen a change in the level of service in the last 6 months. New accountant(s) and delay in answering queries.

[Waldorf]

Are Nixon Williams starting to pick up any flak ? I've been happily tootling along in year 2 back in contracting and they've been OK so far but I have noticed the Point of Contact has changed quite a few times.

I’ve heard that they’re losing clients now, similar to SJD, they’ve also lost many of their experienced staff, not many left that were there when it was sold in 2014.

[rootsnall]

First Freelance customers - expect the same level of service as those clients who used to use SJD...

Are Nixon Williams starting to pick up any flak ? I've been happily tootling along in year 2 back in contracting and they've been OK so far but I have noticed the Point of Contact has changed quite a few times.

[VelcroPower]

I guess this perhaps isn't that weird...but just to check my understanding, this means at the same time as trying to sell the whole combined business, they're still buying up further smaller businesses to merge in?

Just for the numbers at the top end I assume.

The higher the client base the more opportunities for "Monetising clients" for new investors, plus the turnover goes up and they can say to potential buyers "...and that EBITDA is without any integration / efficiencies / further massive reductions in service levels"

[saptastic]

I must say I have never heard of First Freelance and First Umbrella in the contracting world.

[Maslins]

I guess this perhaps isn't that weird...but just to check my understanding, this means at the same time as trying to sell the whole combined business, they're still buying up further smaller businesses to merge in?

[cojak]

Looks like the announcement has been released about First Freelance

Link

First Freelance customers - expect the same level of service as those clients who used to use SJD...

[Darren at Fox-Bartfield]

First Freelance

Looks like the announcement has been released about First Freelance

Link

[cojak]

Building trust take time and I trust Maslins. Simple really.

[MrButton]

For the same reason that you are seeing more outside IR35 contracts in the Public Sector.

They need contractors, the sort who walk away from inside contracts.

Exactly

[Andy Hallett]

Clearsky, Parasol, SJD & Nixon Williams (Optionis) For Sale at £300m !!

Fascinating what you hear around the campfire when your role has moved to investments...

[Darren at Fox-Bartfield]

Liquidators

Liquidators can't pay for referrals, as of course it could lead to unscrupulous accountants persuading all their clients into liquidation to make cash for the accountant.

It seems most liquidators get around this by asking the referrer to do a trivial amount of work then pay them a vastly OTT fee for doing it.

Referring to the infamous statement of affairs fee! Seems to be becoming less frequent these days.

[Maslins]

Do they give iPads for referrals?

Liquidators can't pay for referrals, as of course it could lead to unscrupulous accountants persuading all their clients into liquidation to make cash for the accountant.

It seems most liquidators get around this by asking the referrer to do a trivial amount of work then pay them a vastly OTT fee for doing it.