Mazars UK has confirmed it is launching a consultation process with its employees, which could lead to redundancy of 5% of its workforce.

UK’s 10th largest network said in statement: "Mazars has made significant headway in the last few years, with good organic growth and profitability, however the continuing market conditions in the UK mean that, like most professional service firms, regrettably we are obliged to engage in a consultation process across our business that may result in redundancies of up to 5% of our workforce.

"Every effort will be made to consult and help those who are leaving us. Mazars has a highly talented team and will continue to provide the market leading support to our clients that has always driven our growth.

Mazars employs just under 1,200 staff in the UK and its most recent revenues were at £109m for the year ended 31 August 2011.

KPMG UK made a similar move a couple of months ago, announcing it is to shrink its workforce by 3% following challenging market conditions.

Mazars and KPMG are yet to reveal their 2012 results; however some of their competitors have had a good year. Grant Thornton UK reported 10.6% increase in revenues, Ernst & Young UK 9% and PwC UK 7%.