Top ten accountancy firm Smith & Williamson have merged with LHM Casey McGrath to create a workforce of 135 in the Republic of Ireland.
The firm, which ranked in eighth place in this year’s Accountancy Age Top 50+50 table, announced its merger with the Dublin-based firm to add to its two offices in Ireland.
The merger has also contributed to the Smith & Williamson Group’s strategic objective to increase growth in the Irish market.
Turnover in Ireland will increase to over £13.5 million a year in Ireland. The overall Group operating income will also rise to £269 million, up from £267 million.
Kevin Stopps, co-CEO of Smith & Williamson, said: “This merger underlines our commitment and scale in Ireland, where we combine a top 10 accountancy firm with a leading independent wealth management operation.
“The deal fully supports our long-term strategic growth ambitions and also strengthens our presence in an important EU territory in advance of Brexit to ensure that we are well-placed to service our clients.”
LHM Casey McGrath was founded back in 2004 as an accountancy and financial services firm.
In 2017/18, it had a fee income of circa £4.5 million and employed 56 members of staff.
Damien Kealy, managing partner of LHM Casey McGrath, said: “While we are very proud of the history of our firm and the achievements of our people, we also recognise the significant benefits that the wider range of accountancy and investment management services which Smith & Williamson can provide to our clients and their businesses.
“This is an exciting opportunity for our people, our clients and our firm and one that allows us to continue to achieve our growth ambitions and those of our clients.”
Paul Wyse, managing partner for Smith & Williamson’s professional services team in Dublin, concluded: “[The announcement] is the culmination of many months of engagement with a firm that shares our vision and values in providing the highest quality professional services to clients.
“The team at LHM Casey McGrath is an excellent fit with our strategy in order to enable growth, improve our service offering and meet the needs of clients through a diverse range of professional services.”
Wyse shared insights into why Smith & Williamson are expanding their reach in Ireland.
“With the Irish economic recovery now in full swing and increasing demand for Smith & Williamson’s unique combination of accounting, tax and investment management services, the opportunity to join forces with a firm that shared a similar client-focused culture was compelling.
“Both firms have a strategic presence in complementary sectors and this merger increases the breadth and scale of advice we can now offer to our clients both in Ireland and internationally while supporting our long-term growth ambitions. It also sees Smith & Williamson become a top ten firm in Ireland, strengthening our presence in an important EU territory in advance of Brexit to ensure that we are well-placed to service our clients.”