Smith & Williamson to become company
Accountancy firm Smith & Williamson has today announced it will drop its partnership status to become a company as it merges with fund manager NCL.
The mid-tier firm will separate its audit business into an entity called Nexia Audit. The firm’s partners will also become directors.
Read an interview with managing partner Gareth Pearce
Then the new company, Smith & Williamson Limited, will become a separate business and acquire NCL’s shares for up to £32m from AGF, the fund manager’s largest shareholder. The merged group will transform into Smith & Williamson Ltd’s investment management division NCL Smith & Williamson.
The transaction is expected to be completed in October. Smith & Williamson has also said it plans to list on the London Stock Exchange, although it has not set a time on the listing.
S&W chairman Gareth Pearce said: ‘Incorporation allows us to grow our business and to raise the capital required to take advantage of current market opportunities.’
S&W is the third accountancy firm to become a company after Numerica and consolidator Tenon, which are both listed on the LSE.