CONTENTS
01
Introduction
02
OUR DEDICATED TEAM
03
HOW we can help
04
INTERNATIONAL
05
How to keep in touch
The events of the past six months have propelled a society balanced on the cusp of the Fourth Industrial Revolution into a new digital era. Traditional media interaction has given way to more digitally-focused consumption patterns, with in-home entertainment, automation, ‘“martech” and customer experience becoming more important than ever before. Dynamism and a willingness to embrace a changing landscape are now vital for survival. To achieve cut through in an accelerated digital space, businesses must be more distinct than ever to reach consumers on a global level. As indicated by the significant mergers and acquisitions made in 2020, an undaunted media and entertainment sector has already grasped these new truths, and is exploring the potential of this newly expanded at-home market share.
concept 3
The growing importance of connectivity amid a blurred landscape
WHAT A WORLD!
In a world where meaningful connectivity is more important than ever, companies across the marketing, media and related spaces are investing in technology to facilitate these connection opportunities. Oracle’s attempt to acquire TikTok’s US-based operations, underscores the sea-change in consumer appetite witnessed this year. Despite ongoing concerns about data collection, retention and usage by tech firms, social continues to dominate the media market. Our very understanding of “social” media is also evolving. Canadian eSports organisation Enthusiast Gaming’s acquisition of gamer channel producer Omnia Media for a total consideration of $38 million has expanded its influence to 300 million gamers, cementing its assertion that gaming is “the new social network.” Buy-and-build strategies from private equity firms flourished last year, leading the media M&A market to hit approximately $115 billion in worth. Marlin Equity Partners’ recent acquisition of video collaboration service Lifesize and subsequent merger with its existing portfolio business Serenova, a contact center SaaS provider, indicates this approach remains attractive as consumer needs evolve and expand. Though sensitive to upheaval, the media and entertainment sector continues to show promising momentum. However, given global circumstances, strategic M&A decisions made with credible insights will be crucial.
Media and entertainment
Digital continues to deliver opportunities
Attempting to adopt a “business as usual” approach to M&A will no longer be adequate for 2020 and beyond. Instead, a collaborative approach between all avenues of expertise is needed to provide companies and clients with unique and insightful advice. Our M&A team – alongside our international colleagues – are leveraging their collective experience to provide holistic insights into entertainment and experience opportunities. Our response for clients has been a newly assembled team of experts wth a burning passion for all things media. Business owners, buyers and investors have told us they require informed services, covering mergers and acquisitions, taxation and transaction services, and audit and assurance processing for full growth realisation. Building on experience honed through more than 400 client relationships in the media and technology space, BDO is ready for a deeper dive.
The importance of a holistic, value driven approach to M&A
National Head of Technology & Media
tony.spillett@bdo.co.uk
TONY SPILLETT
What’s the value of digital advertising in 2020?
Experts estimate $355bn
How many people use social media worldwide?
3.6bn
What is Tiktok predicted to be worth by the end of 2021?
$6bn
our dedicated team
Our DEDICATED Team
Damian heads M&A for our media and entertainment clients. Damian launched his first magazine when he was 16 and has been hooked ever since. A career in publishing and digital media saw him launch over 50 magazine titles in the 1980s before establishing the first digital agency in the UK and Ireland in the 90s. He built and sold three media businesses before embarking on a career as an advisor in 2005. Since then Damian has headed over 100 transactions for leading players in the media, marcoms and martech sectors. Damian is also author of Understanding Digital Marketing, the leading book in its sector and now in its fifth edition.
DAMIAN RYAN
M&A Partner
+44 (0)790 085 0648 damian.ryan@bdo.co.uk
Albert has provided a range of corporate finance, consulting, M&A and valuation services to clients in various industries including media, tech, and IT. Prior to joining BDO, Albert has worked in M&A at a middle-market investment bank in Montreal, Canada, and has held equity research positions in London, where he was responsible for the coverage of European markets at Bloomberg and Mergermarket. Albert speaks French and Russian, is a CFA charter holder and holds a Bachelor of Commerce in Finance from Concordia University, Montreal, Canada. Albert was instrumental in the growth of BDO Canada’s M&A practice, and maintains local relationships with both buyers and investors in this territory.
ALBERT KOUZMINSKI
Assistant Director
+44 (0)797 094 8816 albert.kouzminski@bdo.co.uk
Will has worked alongside Damian for 3 years. Prior to joining BDO, Will worked at Moore Stephens for over four years, providing a range of services to organisations across a variety of sectors. Since joining the M&A team, Will has worked on a number of sale and fundraising projects in the media and technology sectors. Will is a member of the Institute of Chartered Accountants in England and Wales (ICAEW).
WILL TINGLE
Manager
+44 (0)753 130 7369 will.tingle@bdo.co.uk
Greg has been in the Media and Entertainment team for a year. Prior to joining BDO, Greg worked at a mid-tier accountancy firm for four years, providing a range of services across a variety of sectors. Greg provides the team with intelligence on buyers across the sector and has been heavily involved in building BDO’s gaming and esports offering. Greg is a member of the Institute of Chartered Accountants in England and Wales (ICAEW).
GREG LEATHEM
Senior Executive
+44 (0)785 542 5581 greg.leathem@bdo.co.uk
DEREK NEIL
Partner
+44 (0)796 601 0272 derek.neil@bdo.co.uk
GEORGE BYRON
Director
+44 (0)796 624 6436 george.byron@bdo.co.uk
tax
Audit and assurance
Transaction Services
Mergers and acquisitions
Diana has over 15 years of advisory experience working within private equity, venture capital and corporate finance in the UK and across Europe, and joined BDO in 2011. Her main focus is on media, content, software and tech-enabled businesses. Diana also supports the international M&A network cross border activity on behalf of BDO UK Diana holds a MSc in Finance from Cass Business School, London. Recent transactions Diana has been involved in include the sale of PrivateFly to One Sky LLC, an MBO of Mode Print Solutions (backed by Connection Capital), the acquisition of The Bunker by Palatine Private Equity, and the acquisition of Guestline Limited by The Riverside Corporation.
DIANA MARR
M&A Director
+44 (0)792 905 3253 diana.marr@bdo.co.uk
George has been involved in a broad range of corporate finance transactions on both the buy-side and sell-side, specialising in the media space. George qualified as a Chartered Accountant in 2011 having obtained an honours degree in Business Studies from Trinity College Dublin and a master in Finance and Capital Markets from Dublin City University (DCU). George’s recent sector experience includes:
Media IQ – investment by ECI partners (marketing services, martech) LDC – investment in Croud (marketing services) PE house – aborted investment in BrainLabs (marketing services) Media Monks – investment by S4 Capital (marketing services) Alston Elliot – sale to Inflexion (sports production) Gravity Media Group - buy side due diligence advice on multiple acquisitions (sports production) Bonhill Group plc – investment in Investment News and capital raise (publication and events) Sports Business – acquisition of assets from Electric Word plc (publications and events)
PETER SMITHSON
Audit Partner
+44 (0)770 296 7067 peter.smithson@bdo.co.uk
Peter is an Assurance and business advisory partner in the Media and Technology team, with over 20 years’ experience of working with media companies. Peter is passionate about the media sector and enjoys working with his clients to support them with their strategies through his insights, guidance and practical solutions. His client experience covers a broad spectrum including entrepreneurial high growth companies through to international companies listed on the UK markets – all with varying sizes, structures and complexities.
NICOLE MARTIN
+44 (0)792 933 4408 nicole.martin@bdo.co.uk
Nicole is an Assurance and Business Advisory partner, within our Technology and Media team. With over 20 years’ experience in assurance and general business advisory, Nicole offers practical advice and solutions to business and accounting challenges which may arise and provides constructive challenge and recommendations to improve business performance. Prior to joining BDO, Nicole was with KPMG operating extensively within the middle market, with fast growing businesses, including PLC’s, private equity backed and privately owned clients. Nicole has UK GAAP, IFRS and US GAAP expertise, as well as recent experience of a successful IPO.
ANDY VINER
+44 (0)783 171 8530 andrew.viner@bdo.co.uk
Andy heads the Global Media team as well as sitting on the Global Leadership team, driving collaboration on the topic of Media across BDO’s global network. Andy is the engagement partner on the audit of BDO’s largest digital advertising agencies, such as, You and Mr Jones, Writtle Group and Mother Holdings. He regularly collaborates with other service lines like Tax and Corporate Finance to provide the best outcomes for BDO’s media clients.
UK Head of Technology and Media
+44 (0)777 924 6573 tony.spillett@bdo.co.uk
Tony leads the UK Technology & Media practice, BDO UK’s largest industry sector. Tony works closely with key contacts in BDO’s international network and leads the firm’s sponsorship of the Sunday Times Tech Track 100. Tony has provided tax advice to many corporates and shareholders in the sector, and a selection of his recent transactions include:
BRAD PAYNE
+44 (0)797 659 8087 brad.payne@bdo.co.uk
Brad is a Partner in the Corporate and M&A bubble in London Tax Group and has a particular focus on providing tax services to media and technology businesses. Brad support corporates and private equity on all aspects of the transaction lifecycle, such as, due diligence, structuring, modelling and contract review and work with fast growth businesses in the technology and media sector.
VINESH BHARADWA
+44 (0)795 651 1202 vinesh.bharadwa@bdo.co.uk
Vinesh is a corporate tax director with over 18 years’ experience in advising technology and media businesses and multinational groups on UK and international corporate tax matters. He has a particular specialism in intellectual property reliefs such as R&D and Patent Box and leads BDO’s R&D services to the technology & media sector. His clients include Iris Nation Worldwide, FC Business Intelligence, Babblecloud, broadbandchoices.co.uk, SDL and Dianomi.
Sale of Periscopix to Merkle Sale of We are Social to Blue Focus Sale of Iris Nation to Cheil Investment in MiQ by ECI Partners.
Favourite moment in Media and Entertainment: Attending Live AID in 1985 at Wembley
Favourite moment in Media and Entertainment: Being in the theatre for one of the opening nights of ‘Hamilton’ in London. The theatre was newly refurbished, you could still smell the paint, the cast and set was all new and the production itself was different from anything I had seen or heard before – electric!!
Favourite moment in Media and Entertainment: Seeing King Crimson for the first time at Friars, Aylesbury.
Favourite moment in Media and Entertainment: Nike’s France 1998 World Cup advert, featuring the Brazil team playing football around an airport
Favourite moment in Media and Entertainment: England Cricket’s 2019 World Cup Win in a super over against New Zealand at Lords
Favourite moment in Media and Entertainment: Ole Gunnar Solskjaer scoring the winning goal in the 1999 Champions League Final
Audio Network Limited – sale to Entertainment One (music rights) BeHeard plc – acquisition by MSQ (marketing servies) Dentsu Aegis – buy side due diligence advice on multiple acquisitions (marketing services) We Are Social - buy side due diligence advice on multiple acquisitions (marketing services) Oliver – sale of Inside Ideas, to You & Mr Jones (marketing services) CommuniGator – sale to Spotler (lead generation and marketing automation software) Karma Communications – sale to Accenture Digital (marketing services)
Favourite moment in Media and Entertainment: Watching The Haka live
Derek is a Partner in the Transaction Services team, specialising in acquisition due diligence for corporate and financial buyers, vendor assistance and vendor due diligence. Derek has particular experience in technology businesses, and a selection of his recent transactions include:
UBM plc – acquisition of AMA Research (market research) and The Battery Show (events) You & Mr Jones – acquisition of MoFilm (marketing services) Charterhouse Print Management – acquisition of Indicia Limited (marketing services) Ocean Outdoor – vendor due diligence for Smedvig Capital (marketing services) Bell Pottinger – MBO from Chime Communications plc (public relations) Ebiquity plc – acquisition of Xtreme Information (marketing services) Outdoor Plus – minority investment (marketing services) M&C Saatchi plc – acquisition of Clear Ideas, a brand consultancy, and Walker Media Holdings Limited
Audio Network Limited – sale to Entertainment One (music rights) Moonbug – acquisition of Morphle TV (YouTube channel) Oliver – sale of Inside Ideas, to You & Mr Jones (marketing services) Moteefe – investment by Livingbridge (social commerce platform) CommuniGator – sale to Spotler (lead generation and marketing automation software) Comapi – sale of omni-channel and cloud communication software business Cogint Inc - merger with BlueFocus International (marketing services) Lewis PR – bank pre-lend review (PR) Karma Communications – sale to Accenture Digital (marketing services)
Favourite moment in Media and Entertainment: Jonny Wilkinson’s World Cup winning drop goal to beat Australia in the 2003 RWC…watched in a pub full of Ozzies… in Australia
Our team of dedicated sector experts lead BDO’s Media and Entertainment offering, a key sector of the firm’s overall TMT strategy consisting of over 300 professionals and representing £90m of our UK revenue
Click on magazine covers to reveal biographies
CONOR LAMBERT
+44 (0)7968 594 374 conor.lambert@bdo.co.uk
Conor is a Director in our Transaction Services team with over 17 years’ experience providing transactional advice to both buyers and sellers of exciting businesses. Conor has a focus on the tech and media space and extensive experience in cross border transactions, working on transactions such as:
Lewis PR – bank pre-lend review (public relations) Iris Nation Worldwide – due diligence prior to acquisition of Datalytics Limited (marketing services) Qsoft Consulting Limited - sale to Charlie Parson Creative (media) ESPN Sports UK and Ireland – acquisition by BT plc (entertainment) Double Negative Visual Effects – pre lend review (entertainment technology) Ebiquity plc - acquisition of Echo Research (marketing services) Oakley Capital - disposal of Host Europe Corporation Limited (data centres)
S4 Capital plc – buy side due diligence on 14 acquisitions across 30 countries and admission to the London Standard listing (marketing services) Bonhill Group plc – acquisition of Last Word Media (publication and events) Oliver – sale of Inside Ideas to You & Mr Jones (marketing services) ICF International – acquisition of We Are Vista (marketing services) Media iQ – investment by ECI Partners (marketing services) Karma Communications – sale to Accenture Digital (marketing services) Adestra Limited – investment by BGF (marketing services) Be Heard – buy side due diligence on multiple acquisitions and IPO to AIM (marketing services)
how we can help
Mergers and Acquisitions
OUR SERVICES
BDO’s experienced M&A experts are perfectly placed to add value to any process given our established relationships with possible partners and proven sector experience. Our tailored approach ensures you will always receive value for money through a well coordinated process.
WHY BDO?
Our process is tailored to your specific needs every step of the way
Advisors on the significant pre-Series A Equity fundraise
PROTUNES
Advisors on the sale to PA Media Group
ALAMY
Advisors on the sale to Trustbridge Global Media
WALKER BOOKS
We structure our fees so that our goals are aligned with the yours. Our fees are substantially linked to delivering a successful outcome for you.
ALIGNMENT OF OBJECTIVES WITH YOURS
EXPERIENCE
We have many years of experience working across Media & Entertainment and can provide you with commercial knowledge to help you effectively articulate your strategic plans in advance of investor presentations.
ACCESS TO A FULL SERVICE FIRM
BDO can provide additional support to a transaction through our Modelling, Transaction Services, Tax and R&D teams, as well as, supporting the business more widely with the firms full suite of services.
PROJECT MANAGEMENT
Managing multiple interested parties takes time and requires a detailed approach BDO running the process will free you up to focus on strategic decision making, managing your company and focusing on its growth.
OUR INTERNATIONAL NETWORK
With our international presence, we have access to a global network of overseas buyers, private equity funds and corporates.
DEAL DELIVERABILITY AND SHAREHOLDER VALUE OPTIMISATION
We can provide negotiation support that ‘tells the story’ and push harder than principals, allowing you to play more of a strategic role and giving you more time to make decisions.
We have developed strong relationships with a relevant pool of investors from both trade and private equity to ensure we can find companies the most appropriate partner to support their goals.
Investor relationship
Our partner led approach, utilises a team with many years experince in Media and Entertainment. As an advisor we don’t only provide guidance but hands on support at every stage of the process.
EXPERIENCED DELIVERY TEAM
Our team of sector experts understand how to position opportunities in order to maximise results and ensure the best valuation on the best ters.
ADDED VALUE
Our team offers the full spectrum of sell side services, working with entrepreneurs, private equity backed companies and public companies. Our services include;
SELL SIDE
Indicative valuation Preparation of information memorandum Identifying and approaching potential acquirers/investors Negotiation of indicative offers Management of the due diligence process Contractual negotiations through to completion.
Our buy side services will help you identify and analyse appropriate targets whilst providing guidance on valuation and negotiation of terms. Our services include;
Advice on the valuation of the target and upon the scale and terms of your offer Advice on tactics and strategy in relation to the process and other competing interests
BUY SIDE
The dedicated debt advisory team specialises in advising companies on the availability of bank lending options. Our services include;
Business Plan review Independent and unbiased debt market review in the context of the client’s requirements and metrics
DEBT ADVISORY
Deal structure advice, concentrating on overall structure and returns Bank funding, project management & commercial advice.
Work in partnership with the client to develop a comprehensive set of potential financing options Provide strategic debt advice and quality, hands on execution resource to assist with the implementation of the preferred funding solution.
Our partner led approach, utilises a team with many years experience in Media and Entertainment. As an advisor we don’t only provide guidance but hands on support at every stage of the process.
Our approach de-risks your audit through early planning, early provision of detailed ‘prepared by client’ lists and early engagement on key technical matters before the year end (where practical) through interim audit work. This includes review of the template financial statements at the audit planning stage.
EFFECTIVE DELIVERY, ON-TIME
You want a high quality audit firm that delivers to deadlines, is led by ‘hands-on’ senior people, engages with your teams and really understands your business.
Your interests will always come first because integrity is at the heart of how we work with clients
6) TRUST
A thoughtful and smooth transition where all parties get excited about what we can achieve
5) INSPIRATION
Ability to take informed business decisions through our intelligent analysis of your data
4) CLARITY
Valuable insights into your business that help you succeed in uncertain times
1) VISION
Relationships with us built on the principles of trust, robust challenge and professional scepticism
A well planned and thought through audit, with world class project management
3) CONFIDENCE
2) VISIBILITY
We use technology to enhance the quality and efficiency of our audits and also our interactions with our clients. The internal IT function, systems, databases and controls underpin the financial results of a company and the audit of this forms the core part of our approach.
LEVERAGING TECHNOLOGY IN OUR AUDIT APPROACH
Our audit will go beyond the required compliance agenda to provide you with relevant and useful feedback on your control environment. We will also use leading data analytic tools to make our work highly effective, to increase the insight we can provide you about your business and validate key assumptions being made. We won’t be afraid to challenge you on the appropriateness of the estimates and judgements, so that you stay compliant with the evolving regulatory landscape.
MEANINGFUL BUSINESS INSIGHT
Senior experienced BDO people will be lead all interactions and are responsible for the smooth running of all statutory audits. This approach, and access to senior expertise, allows us to quickly resolve any matters and ensure there is greater efficiency because decisions are taken only once and are consistently applied.
'HANDS-ON’ SENIOR TEAM
We provide high quality and efficient audits, providing invaluable insight, delivered to your deadlines. Specifically, one that is:
Value for money, where the quality and breadth of service is augmented with technical capabilities and relevant commercial expertise Well coordinated, consistently delivered and completed in a timely fashion Centred around fostering strong working relationships with clear communication and quick responses to queries.
In these uncertain times, clients tell us they want to work with people who take the time to really understand their needs. We understand that you will want experts with the confidence and experience to help you navigate your auditor transition, provide practical advice and insightful solutions — people with an opinion that want to help you succeed.
HELPING YOU SUCCEED
7DIGITAL
PORTLAND
Unlimited Group
Security in uncertain times
Transaction SERVICES
Providing a project team with the relevant experience and expertise to understand your business and convey the key messages in the right way to the selected audience.
OUR EXPERIENCE & EXPERTISE
Bespoke reports and sector expertise
BDO working practices and high TS partner to staff ratio enables a more efficient process and a better, more focused report and more in-depth relationships with our clients.
TRULY PARTNER LED
By working with BDO you can be sure that our report will be treated with the respect and gravitas that your business deserves.
OUR REPUTATION
We will deliver a report that is relevant to the key drivers of the transaction.
CONCISE, VISUAL & ISSUES-FOCUSSED REPORT
WRAP-AROUND SUPPORT
BDO has a full advisory service offering and can provide specialist advice.
You will have access to a deal team that are sector experts.
IN-DEPTH SECTOR KNOWLEDGE
We conduct our work with the minimum of disruption to you.
MAXIMUM EFFICIENCY MINIMUM DISRUPTION
We are the leading mid-market adviser.
GO-TO ADVISER FOR THE MID-MARKET
Financial and tax due diligence on all major acquisitions, including support for capital markets accounting
S4 CAPITAL
Financial and tax due diligence on a number of transactions
DENTSU
Financial due diligence on the acquisition of Sorthvid ApS
DEPT AGENCY UK
Our advice and various transaction services are tailored to your needs and the requirements of your unique transaction. We deliver bespoke reports that are prepared by due diligence experts and sector specialists. The reports provide the ideas and actionable insights that will help you complete a successful deal or transaction.
Our team advises on a large number of deals with SMEs, large and multi-national companies and private equity firms, across a the spectrum of Media & Entertainment. This gives us a depth and breadth of experience that means we can give you the advice, analysis and recommendations that matter.
BROAD EXPERIENCE
Comprehensive due diligence will provide you with a deep understanding of your potential acquisition. We will draw on our experience and analytical tools and skills to challenge assumptions about future performance and the strategic value of your target business. We will also take the time to understand your business so we can help you understand and manage potential synergies, operational issues and deal structuring. Acquisition Due Diligence will enable you to;
get the right price for your target minimise risks and maximise returns
BUY SIDE SERVICES AND DUE DILIGENCE
Our advice and recommendations will help you through every step of the transaction. Our robust, independent review of your business is designed to deliver the information you need to support your sales messaging and process. It will identify potential obstacles to a smooth sales process and we will make recommendations on how overcome those obstacles. The expertise of our multi-disciplinary team covers exit readiness, data analytics, financial modelling, financial, tax, IT, SPA and completion mechanism support and valuations.
SELL SIDE SERVICE AND VENDOR DUE DILIGENCE
make the most of your target’s strength mitigate any weaknesses.
When you want to use debt to re-finance or grow your business, a robust, complete and independent review of your business will be a cornerstone of your application for lending. Our pre-lending report will address everything that your finance provider will need and want to know about your business. This information will vary greatly from the requirements of private equity investors and firms. Our report will also help you identify which factors will affect your application and more importantly the terms of finance on offer to you.
PRE-LENDING REVIEW
our value promise
TAX
WPP
ICF INTERNATIONAL
MOTHER
Structuring for international growth of business activities Mitigating withholding tax leakage on cross border transactions Identifying and mitigating the risks of creating non-UK taxing rights as a result of international expansion from a corporate and employment tax perspective Managing exposure to global sales taxes and digital services taxes Global compliance with transfer pricing requirements in relation to intra-group transactions.
MATURITY
Identifying optimal exit routes and the related tax consequences for the business and for shareholders The availability of beneficial capital gains reliefs for founders and management Maximising value through assessing and tax risks and undertaking vendor due diligence in readiness for exit to reduce value erosion.
EXIT
The ability to obtain R&D tax credits and innovation grants in order to maximise funding for R&D The scope of benefit from innovation reliefs such as the Patent Box regime to benefit from a 10% tax rate.
MAXIMISING RELIEFS
Suitability of business structure based on your operations Optimum structures for investors to be able to benefit from investment reliefs, like EIS, SEIS Location of IP and the related tax consequences.
STRUCTURING
Incentivising the workforce and remunerating in the most tax efficient way Use of appropriate share schemes or bonus structures and the impact of incentives on the founders’ personal tax positions The tax implications of work benefits.
GROWTH
Methods of financing future growth and the relevant tax considerations Maximising incentives for investors, like Business Asset Disposal Relief (formerly Entrepreneurs’ Relief) and the impact of investment on these reliefs.
scaling up
Corporation tax compliance Tax structuring and reorganisations R&D tax relief claims and other innovation grants and incentives International tax structuring and transfer pricing Mergers, acquisitions, IPOs and ICOs VAT, stamp duty and indirect taxes Payroll and employment taxes Rewards and incentives Personal and expatriate taxes Private Wealth structuring Internationally mobile executives Operational taxes (eg. FATCA/CRS) Capital allowances Tax risk, governance and strategy
THE BREADTH OF OUR TAX SERVICE OFFERING
Unlocking value
BDO‘s UK tax team comprises over 800 professional staff with specialists in all areas of tax and strong connections to their counterparts globally. We have media sector specialists in every area of tax that can assist you though every step in the business life cycle. Our vast experience with businesses working in your sector and with similar business transactions provides us with a deep understanding of the key issues that need to be addressed to ensure companies are in a robust position for due diligence purposes or an exit event.
international
International
europe
Eric Picarle
France
eric.picarle@bdo.fr
Jane Evans
Germany
jane.evans@bdo.de
Teresa Morahan
Ireland
tmorahan@bdo.ie
Luigi Riccetti
Italy
luigi.riccetti@bdo.it
Bart Paalman
Netherlands
bart.paalman@bdo.nl
David Cabaleiro
Spain
david.cabaleiro@bdo.es
Vittorio Leone
vittorio.leone@bdo.it
Amy Yau
Hong Kong
amyyau@bdo.com.hk
Soichiro Kitano
Japan
kitano@bdo.or.jp
WILLIAM NG
Singapore
williamng@bdo.com.sg
Gerard Rahman
UAE
gerard.rahman@bdo.ae
asia
Andrew McFarlane
Australia
andrew.mcfarlane@bdo.com.au
Australia / Oceania
Scott Rodie
Canada
srodie@bdo.ca
Aftab Jamil
USA
ajamil@bdo.com
north america
Adriano Correa
Brazil
adriano.correa@bdobrazil.com.br
south america
Click on the continents to see our experts in that region
Natalie Milne
natalie.milne@bdo.com.au
Mauro Johashi
mauro.johashi@bdo.com.br
Hizbullah Khan
hizbullah.khan@bdo.ae
Philip Aw
philipaw@bdo.com.sg
Claes Nordebäck
Sweden
claes.nordeback@bdo.se
Alessandro Gallo
alessandro.gallo@bdo.it
Yngve Gjethammer
Norway
yngve.gjethammer@bdo.no
Our firms across the organisation cooperate closely and comply with consistent operating principles and quality standards. That means local resources who understand your business, your local and international markets and the specifics of your industry: all backed by a truly global organisation.
BDO’s global organisation is working towards one goal: to provide our clients with exceptional service.
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This publication has been carefully prepared, but it has been written in general terms and should be seen as containing broad statements only. This publication should not be used or relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained in this publication without obtaining specific professional advice. Please contact BDO LLP to discuss these matters in the context of your particular circumstances. BDO LLP, its partners, employees and agents do not accept or assume any responsibility or duty of care in respect of any use of or reliance on this publication, and will deny any liability for any loss arising from any action taken or not taken or decision made by anyone in reliance on this publication or any part of it. Any use of this publication or reliance on it for any purpose or in any context is therefore at your own risk, without any right of recourse against BDO LLP or any of its partners, employees or agents. BDO LLP, a UK limited liability partnership registered in England and Wales under number OC305127, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. A list of members' names is open to inspection at our registered office, 55 Baker Street, London W1U 7EU. BDO LLP is authorised and regulated by the Financial Conduct Authority to conduct investment business. BDO is the brand name of the BDO network and for each of the BDO member firms. BDO Northern Ireland, a partnership formed in and under the laws of Northern Ireland, is licensed to operate within the international BDO network of independent member firms. Copyright © September 2020 BDO LLP. All rights reserved. Published in the UK.
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