Moore Stephens International has admitted Irish firm Nathans as a member. Nathans was previously a member of HLB International and operates from offices in Dublin and Cork.
According to International Accounting Bulletin data, Nathans is the 11 largest organisation in Ireland with fee income of €11.4 million ($16.7 million) in the year to 30 June 2008. The firm has 123 employees. Half of the firm’s revenue is generated through assurance services, a quarter through tax, and the rest is made up of consulting (15 percent) and corporate finance work (10 percent).
The move to Moore Stephens is part of Nathan’s strategy to focus more on core strengths, such as building the firm’s international tax practice.
Moore Stephens Nathans managing partner Carl Dillon explained that Ireland has a low tax regime and the firm was seeking more inward referral work. Although Nathans was not seeking to leave HLB International at the time, Dillon believes Moore Stephens International will provide the firm with a better platform to secure inward referral work.
“We didn’t believe we were getting enough in through the lower tax regime,” Dillon added. “The more we talked with [Moore Stephens International] the more convinced we were that we could do a lot of business with them. We regard Moore Stephens as very fertile ground for us to sell what we believe is a very good product – Ireland’s low-tax regime. The nation is becoming competitive again quickly.”
Originally established in Cork in 1970, Nathans expects to achieve revenue growth of 40 percent at its Dublin office by the end of 2012.
The firm recently advised on the image rights elements to a number of high profile transactions in European club football and for the international rugby union.
Moore Stephens International chairman Richard Moore said: “Given the demand across Moore Stephens worldwide for a strong international service in Ireland, it was critical to have a full service firm in Dublin able to deliver to our international clients’ needs.”