KPMG closes small business service

The closure of the SBA service, which was launched in 2014, will not result in job losses, according to KPMG.

A KPMG spokesperson said, “Discussions with staff is ongoing and we are supporting them and keeping them informed of their options as we wind down SBA,” the spokesperson said.

“We are looking to redeploy a large number of SBA staff into other roles within KPMG whilst keeping a small number of advisors to work with existing clients until they have found alternative providers for their cloud-based accounting requirements,” they added.

KPMG said it is contacting its existing SBA clients to inform them of its decision.

The service has been facing closure since autumn last year, Accounting Web originally reported.

Despite these services being withdrawn in the UK, the Big Four firm confirmed that they would continue to be available in other countries.

In December last year, KPMG UK achieved its highest growth rate in a decade, reporting that its fee income had risen 8% and underlying profit was up 18%.

Two months prior, the firm reportedly rebuffed offers to purchase its restructuring business, which advises clients on debt and equity-raising activities, deciding instead to keep the unit intact.

Earlier in the year KPMG chose to sell its loan portfolio advisory business to investment banking and asset management firm Alantra.