Corporate financier quits Rothschild for PwC

Stephen Moore joins the Big Four firm as a partner after more than a decade at the historic family-owned investment bank, including five years as a director.

He will be responsible for advising Yorkshire companies on mergers and acquisitions in a market that remains buoyant in spite of uncertainty caused by the forthcoming general election in the UK and geopolitical tensions further afield.

PwC expects to close 8-10 quality deals this year from its offices in Leeds and Manchester, according to Stuart Warriner, who leads the firm’s M&A business in the North.

PwC will be selling businesses on behalf of private equity owners in the majority of these, added Mr Warriner.

Mr Moore told The Yorkshire Post: “2015 is an exciting time. Things have been gradually improving the last four or five years, even setting aside short-term dynamics about what’s going to happen in elections and what might be happening in Russia and far-flung fields.

“It is a good time to be doing business in Yorkshire and if you look at what’s been happening recently with the funds that have been raised and the businesses that are here, it’s very much open for business.”

PwC estimates that private equity houses with a presence in the North have around £500m to invest in successful businesses every year.

Mr Warriner said: “Private equity will still think this is potentially a strong market.

“We have seen some good prices being achieved in auctions. I think private equity might still push ahead and mandate.

“My concern would be more around entrepreneurs, family and private companies, and what their mindset is going to be.”

Growth businesses are attracting high valuations with double-digital multiples of core earnings, added Mr Warriner.

He said mainstream banks are facing increasing competition to provide debt from specialist fund lenders such as GE and Investec, which is pushing up valuations.

Mr Warriner said his business contacts had been receptive to Mr Moore’s appointment, which is officially announced today. He added: “Everyone who’s active in Yorkshire wants people investing, even our competitors. Everyone wants stronger competitors.”

He said: “When I thought about who we wanted to bring in, Stephen was absolutely top of the list.

“He comes from a great pedigree. He comes from a firm that I respect greatly in terms of the deals they do in the North.

“We have a very strong continuing relationship between the two firms in the North and that’s important to us.”

Mr Moore, who spent several months on gardening leave, is a well-regarded figure, both internally at Rothschild and in the wider corporate finance community.

One prominent lawyer described him as “a class act” and said it was good news for the region that he was able to further his career in Yorkshire.

Mr Moore grew up in the “wild west” of County Fermanagh in Northern Ireland. His father was Dean of Clogher Cathedral. He trained at Arther Anderson and worked at Altium Capital before joining Rothschild in 2003.

Power and influence in business and politics

The hiring of Stephen Moore represents a significant coup for PwC.

Rothschild is one of the best-known names in finance with a centuries-old reputation for wielding power and influence in business and politics.

It advised on more than 80 mergers and acquisitions in the UK last year, more than any other firm. It is led by Stephen Griffiths in Leeds.

Stuart Warriner, who heads PwC’s M&A practice in the North, said: “To get a man of Stephen’s quality who has been in the market this long is a one-off.”

Mr Moore has 15 years’ experience in M&A, disposals, IPOs and restructuring.