Mazars to work with historic Folkes

It beat off major rivals to secure the work following a competitive tender.

Mazars partner Ian Holder said: "We are thrilled to be working with Folkes in the UK – it is a great business."

Folkes Holdings is privately owned by the Folkes family. Majority shareholder, Con Folkes, chairman and chief executive, is the eighth generation to lead the company, being able to trace its roots back to the Lye blacksmith who began the business more than 300 years ago.

The group was listed on the London Stock Exchange until taken private by the Folkes family in 2002.

Built from an engineering background, it remains strong in the forgings sector and is based at Forge House, Dudley Road, Stourbridge.

However, today its core focus is in commercial real estate, and it operates a geographical split between the UK and South Africa. It has a portfolio of two million sq ft in the UK and 800,000 sq ft in South Africa.

Folkes' diverse operations include development across many sectors – agriculture, retail, tourism, finance and a plethora of joint venture interests.

Mr Holder said: "Folkes maintains an admirable philosophy with a strategy based on traditional values coupled with entrepreneurial flair, ensuring investing activities offer significant growth potential coupled with solid financial prudence.

"The group remains conservatively geared and retains substantial cash resources to facilitate further investment opportunities.

"Given our extensive international reach, we already work with Folkes in South Africa. And the South African connection has enabled us to attract staff from there to Birmingham, most recently audit seniors Mariska Bouwer and Chantell Ajam. So there is already synergy."

Paul Tomlinson, Folkes group head of finance, said: "After eight years with our previous advisor we felt the time was right to undertake a competitive tender for our external audit.

"Several top 10 UK firms were interviewed following which we appointed Mazars for what we expect to be a long, successful relationship.

"We were impressed with their knowledge, approach and interest in our company plus the fact that Mazars already audits our South African subsidiary, so allowing a joined up approach across all of our businesses.

"South Africa is the group's growth focus, where it has been building its interests since the turn of the century, with the largest exposure to retail malls, industrial warehouses, and a big expanse of agricultural land.

"While fostering the traditional values it carries forward, Folkes Holdings prides itself on its continued aspiration to adapt with the times. The diversity offered in the current basket of operations ensures that a stable environment is achieved and real growth can be demanded."