August 10, 2022

Grant Thornton Bailing Out BDO Down Under

Grant Thornton is officially picking up BDO's Victoria and New South Wales offices in Australia for $50 million, according to reports

[This] comes after BDO announced last month it had decided to terminate the BDO Victoria and New South Wales offices, citing “unreasonable risks”, following a strategic review of the business taken over the previous 18 months.

While this might be strategic pick up for GT in Australia, apparently there is $100 million of BDO debt to deal with, which made a few GT partners antsy: 

According to the Australian Financial Review [requires a subscription], 81% of Grant Thornton partners agreed to acquire the BDO Melbourne Sydney practice, which has two weeks to finalise the deal. […] However, the publication reports some partners are unhappy with the deal, saying they were pressured to vote for the plan. 
And also, there's this: "[The report] also states that some partners have agreed to lower salaries for two years."
Presumably, they'll still be eligible for all the tattoos they want.

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