Cork's continued economic growth leads to increase in tax and deal advisory roles within KPMG
KPMG's Cork office enjoyed double-digit growth in revenue across its audit, tax and advisory practices over the last year, which is down to the continued economic rebound, says David Swinburne, Director, KPMG, Cork Advisory.
In response to this growth and in order to adapt our teams to cater for the evolving demand from our clients for services outside of our core audit, assurance and tax practice, we have recruited experienced hires in addition to our annual graduate recruitment programme, particularly in our deal advisory and tax teams, says Swinburne.
Regionally, the economy in and around Cork is strong, with KPMG recording increasing numbers of transactions. This continued growth has led to increased demand for our tax advisory, financial due diligence and corporate finance services, which we anticipate will continue in the next 12 months, he adds.
We have advised clients on mergers and acquisitions, joint ventures, disposals and group reorganisations and restructures. Our food and beverage, agri, tech, health and hospitality clients have experienced the greatest increase in the number of these transactions. Swinburne also notes that KPMG's property, international financial services, energy and renewable clients are continuing to expand.
The Cork region has an abundance of talented graduates and experienced hires but faces the challenge of a shortage of residential property, Swinburne maintains. All stakeholders in the property development and construction sector (both private and public) must continue to work together to formulate and execute a strategy for housing. The region requires this in order to further reap the rewards from attracting the increased inward investment that it has secured in recent years.
Swinburne adds: Infrastructure, particularly air routes linking Cork airport and European and international destinations, also continues to be a key challenge for clients, as does the continued improvement in the road network between Cork and Limerick. Again, all stakeholders need to continue to collaborate and work together to enable the region to grow even further.
This article originally appeared in the July 2016 edition of Business Plus magazine.