And the bit of PwC in the UK that remained attached to PWC's overseas network would still have a massive advantage over competitors, because PWC's British-based multinational clients - the likes of Barclays, Tesco and BT - would presumably stick with the international network able to audit all their subsidiaries and branches, rather than employing a British firm without global capability.

BBC: Can the stranglehold of Big Four auditors be broken?

The reason is that the break-up would apply only to the UK arm of PwC.

BBC: Can the stranglehold of Big Four auditors be broken?

"We are pleased to have secured a sale of the business that protects 32 jobs in north Wales and secures value for the creditors of Selonda (UK) Limited, " said Roger Hale, joint administrator and director at PwC.

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