360 Audit bought by managing partner Henna Riaz
North West entrepreneur and Businesswoman of the Year 2015, Henna Riaz has bought out her co-partners to take full ownership of international royalty auditing business, 360 Audit.
Henna has taken 100 per cent ownership after buying out Tommy Schweiger and equity finance firm Dow Schofield Watts, who jointly owned 45 per cent of the business.
360 Audit, which was established in 2010, employs nine staff and boasts a client base of household names including Nickelodeon, CNN Turner, Jamie Oliver, Michelin Tyres, Gary Barlow and Liverpool Football Club.
Media lawyer Henna, launched 360 Audit after recognising there was a gap in the market for a business that combined legal and financial auditing services in the licensing arena. Royalty audits ensure licensors and intellectual property owners are paid accurately under their commercial agreements.
Following the deal, Henna has recruited Philia Riaz as Global Head of Audit. Philia joins the business following senior auditing roles at PwC, Arup and Grant Thornton.
Henna Riaz, managing partner of 36 Audit, said:
“For clients, nothing will change. The same people will be giving the same excellent service levels. I will continue to lead the business and the aim now is to forge ahead with our ambitious growth plans, consolidating relationships outside of the UK and setting up an LA office later in the year. We’ve made huge strides internationally and currently around 60 per cent of our audits take place overseas.
“We are carrying out an increasing amount of work in the USA, Brazil, mainland China, Thailand, India and Hong Kong and I’m excited to see what the future brings in these areas. My immediate plan is to grow our fantastic team of experienced auditors who understand the cultural nuances of these areas. It’s an exciting stage and taking on full ownership means I can drive 360 Audit forward and ensure the business reaches its full potential.”
360 Audit specialises in carrying out royalty audits for clients in the music, sports, gaming, entertainment, film, pharmaceutical and entertainment sectors. As well as royalty audits, the business carries out high level settlement negotiations, due diligence and forensic accounting services.
Henna has more than 10 years’ experience working with entertainment brands with previous roles including Mercury Records and Universal Studios in Los Angeles. Prior to setting up 360 Audit, she was a media lawyer at DLA Piper and later Hill Dickinson.
Henna was named Businesswoman of the Year at the British Muslim Awards 2015. The award recognises an exceptional individual who is an ambassador for women and ethnic minorities and an inspiration to all in the business world.