ICSM Business Consultancy News: crisis at MJ Hudson as EY quits as the firm’s auditor with immediate effect

By Harry Mottram: When your accountants refuse to work for you anymore because they essentially don’t trust you – then you are in trouble. That appears on the face of it what has happened at the investment, legal and business consultancy firm MJ Hudson. The Daily Mail’s Camilla Canocchi of This Is Money has reported that EY has parted with the consultancy as they had 'lost trust and confidence' in the investment consultancy company.

A parting of the ways over such a damning verdict comes after a string of problems for the business that straddles a number of disciplines and professional services. Based at Frederick’s Place in London the firm suspended its financial director Peter Connell in December as concerns were raised over financial irregularities. Ran Oren has been appointed to replace him on an interim basis while the shares were suspended although their value has crashed since the decision to suspend.

It all adds up to concerns for suppliers, the staff and their clients who include Hampshire County Council, Lloyds Bank, Devro, St James’s Place Wealth Management and abrdn.

The recent problems seem to jar with their mission statement which includes the lines: “The importance we place on this holistic, empathetic approach means that we need to be very selective in who we hire into our firm. We prize diversity, lateral thinking, imagination, pragmatism and emotional intelligence. We think this makes us a better place to work, as well as a better partner for our clients.”

Meanwhile Sky News has reported that the firm had received interest over a potential take over by ‘a number of inbound indications,’ adding to speculation over the long term future of the business.

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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk