LEADING professional services firm, Deloitte Zimbabwe has announced its exit from the multinational network, Deloitte Touche Tohmatsu Limited (Deloitte) as part of a management buyout, NewsDay Business has learnt.
In Zimbabwe, the United Kingdom-based professional services network, Deloitte, operated as Deloitte and Touche Zimbabwe (Deloitte Zimbabwe) as part of Deloitte Africa. Deloitte Africa is a member of Deloitte.
For years, Deloitte Zimbabwe has been one of the top professional services firms hired by many listed and unlisted companies in the country.
In a statement, Deloitte Zimbabwe managing partner Charity Mtwazi said plans to exit the global network followed extensive discussions between Deloitte Africa and Deloitte Zimbabwe.
“With the exit of Deloitte in Zimbabwe, we will be ushered into a new phase. We are excited to continue our legacy of serving clients in Zimbabwe, but under a different brand,” she said.
“Importantly, the team responsible for service delivery remains the same, ensuring continuity and client trust.”
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Mtwazi said the discussions focused on how best to serve the unique service needed by the clients on the Zimbabwean market.
The buyout will see the existing management in Zimbabwe taking over the business to ensure continuity and quality of service for clients.
“The management buyout allows the Zimbabwean team to tailor its services and offerings even more closely to the specific needs of the local market,” Mtwazi said.
“This move reflects Deloitte’s commitment to empowering its people and fostering strong relationships with its stakeholders.”
However, it remains to be seen whether the newly-structured Deloitte Zimbabwe will be able to maintain its clientele as most were relying on its connection with Deloitte.
Owing to the highly volatile market, an increasing number of firms are engaging the services of professional firms to navigate these waters, which is estimated to save them almost 60% of their costs.
This is coming as business has been slowing down for big firms that outsource consultancy with small players flooding the market.