Maureen Penfold, Moore Kingston Smith discusses growth ambitions following PE investment

We recently spoke with Maureen Penfold, Managing Partner of Moore Kingston Smith, following the Top 10 accountancy firm's announcement of securing private equity funding whilst retaining its limited liability partnership structure. 

We are delighted to be the first major accountancy firm in the UK to take private equity funding, from our partner Waterland, while retaining our coveted limited liability partnership model. This enables the partners to continue to lead and manage the business with the financial backing to accelerate our sustainable growth strategy. 

 

Importance of culture, vision and ethos for our people

From the outset, we didn’t want any change to the strategic direction of Moore Kingston Smith and to maintain our culture, vision, and values.

We have built the foundations of the firm around our purpose and a solid culture, creating an enjoyable and inclusive environment for our people to grow and develop, something that will remain following the new financial backing.

These are integral to the success and continued development of our people which is also recognised by our clients. Maintaining the continuity of these foundations was centred on retaining operational control, something that isn’t commonplace in the private equity world.

Waterland’s backing as a financial partner in an innovative and pioneering structure ensures that both parties have the ability to succeed collectively, through the continued growth of the firm and targeted acquisitions that complement Moore Kingston Smith as a true partnership. 

 

How will the private equity funding support growth?

The new financial backing will not alter our course for growth, it only enables us to scale more easily and seize opportunities when they arise and entice other firms to join us on our journey. 

Moore Kingston Smith has a sustainable success focus to our growth strategy which will continue with regard to providing a personable and supportive service to clients while allowing people to thrive and enjoy being with the firm. 

The financial backing bolsters our mission of attracting like-minded individuals to join our journey. It supports our focus on scaling our teams, and investing in technology, strengthening our position to attract, retain and develop our people. These efforts holistically enhance the level of service we provide for our clients, as we continue to pave the way for attracting top talent and new services, reinforcing our commitment to innovation.

We see growth in all the areas that Moore Kingston Smith is recognised in, working closely with Owner Managed Businesses, nonprofit organisations, private client and our Corporate Client Services offering.

The new chapter opens larger opportunities for all stakeholders, while we maintain our way of working - by going on the entrepreneurial journey with our clients. 

 

What does this mean for our people?

Our purpose is clear, and our culture and ethos are fundamental, this will continue to evolve. This is important for both our current teams and for those who will join us in the future. We are a people-first business. 

Our growth aspirations are firmly set on becoming the leading challenger firm with global reach outside of the UK’s largest firms, and with this comes larger, corporate clients. Alongside our core client base of Owner Managed Businesses (OMBs), this provides colleagues with the opportunity to evolve their skill set, gain valuable experience and benefit from greater exposure to clients, provided by our diverse client portfolio. 

Working with a variety of businesses across a wide range of sectors, you get to enjoy challenging and interesting work, whether you are collaborating with Owner Managed Businesses, or larger private businesses and listed companies that are highly complex or international in nature. You truly feel you are playing a meaningful part in helping our clients succeed.

The very nature of Moore Kingston Smith allows our teams to work closely with our clients while providing flexibility over where our people work, ensuring we deliver a great client service, and our people have the opportunity to develop. This is a differentiator for both people joining us and our clients. 

We are proud to have pioneered such an innovative move for an accountancy and professional services firm to form a partnership with Waterland and retain the partnership structure. This is a truly exciting time for all stakeholders as we accelerate our sustainable growth strategy.