Allegro to pay just $1 to save PwC’s government business

About 130 PwC Australia partners and about 1750 staff, mainly from the firm’s embattled government consulting arm, will move to a new company, codenamed Bell, as part of a proposed buyout by private equity investor Allegro Funds priced at just $1.Oscar Colman

The transaction, if it goes ahead, means PwC will stop all of its government advisory work, at both the state and federal levels. This represents about 20 per cent of the firm’s undisclosed FY23 revenue, the firm said. Bell’s interim leadership team is made up of ten PwC partners: Tim Jackson, PwC’s global government and public services advisory leader; David Sacks, the firm’s government consulting practice leader; Jamie Briggs, the firm’s Adelaide management partner; Ben Neal, the firm’s defence leader partner; Chris Rogan, the firm’s markets managing partner; Adrian Box, PwC’s national leader for integrated infrastructure; Tricia Tebbutt, the firm’s Perth consulting lead partner; Diane Rutter; Kate Evans...

Only partners that are not involved in PwC’s tax leaks scandal, or any other potential controversy related to the firm such as Robodebt, will be invited to join the new company if it goes ahead. The plan is to brief about 200 partners on the new company with only about 130 to be asked to be a part of Bell.Partners that join the proposed new outfit will have to give up any claim to PwC’s fabled retired partners’ payment plan, a move aimed at completely separating them from any link to PwC.

The success of the planned company will hinge on the reaction of the Albanese government and Finance, and comes ahead of PwC’s leadership providing a credible explanation for how the tax leaks matter happened, the actions taken against those involved and an outline of how the firm will prevent a repeat of the matter.Allegro has also committed to adopting any recommendations made by PwC’s internal Switkowski review of its operations when they are announced in September.

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