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BIE INTERIM EXECUTIVE EXPANDS INTO UK REGIONS
Interim executive firm expands as auditors leave interim management
10 June 2002
BIE, the UK’s leading specialist provider of senior level interim executives, has announced that it will be expanding its operation beyond London by appointing regional directors to develop meet the increasing demand for interim executives outside the Capital. The move to expand is due to increasing demand for their bespoke services and comes at a time when accountancy firms - such as Ernst & Young and more recently PriceWaterhouseCoopers - are moving out of interim executive provision by selling their interim management arms.
A recent statement from the US Securities and Exchange Commission (SEC) stating that: "accounting firms should not be providing interim management services for their audit clients” has been followed by large auditing firms, of which Ernst & Young and PWC are two, leaving the interim management space.
Martin Wood, BIE managing director believes that the industry is undergoing a great deal of change at a time of increasing demand: “As the recruitment and consultancy industries experience their biggest downturns over 10 years, the interim management sector readjusts to its first slowdown since its beginnings in the early 90’s. Together with the sell offs of interims of major auditors, there have been closures of established providers as well as new non-specialist entrants attempting to boost revenues wherever they can. However BIE see an opportunity for many UK businesses to apply and reapply interim executive management for the first time in these volatile times.”
Wood’s statements are verified by a recent BIE/MORI Captains of Industry survey, which found that company directors with direct experience of interim management believe that interims are a more suitable and cost-effective way to implement change or transition than management consultants. The report further identified a certain conflict of interest with auditing firms supplying interim finance directors, especially when over half (52%) of all interim appointments hold this position.
To discuss your interim management requirements with BIE call +44(0)20 7222 1010