Smith & Williamson has merged with Solomon Hare to form the eighth largest firm in the UK’s accountancy and financial advisory market, according to Accountancy Age statistics.
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S&W previously stood at number nine in the UK, while the smaller, Bristol-based firm was at number 26. But the newly formed group will now have a combined turnover in excess of £120m, taking it above PKF to become the eighth largest UK accounting and financial advisory firm.
The new firm will continue to be known as Smith & Williamson, but will retain the Solomon Hare brand.
Solomon Hare partners will receive an undisclosed amount of S&W shares as ‘ongoing contributors’ to the group, according to Solomon Hare operations partner David Smart.
Gareth Pearce, chairman of Smith & Williamson, called the merger an ‘excellent strategic move’ for both firms and said that the combined group would become a ‘very strong player’ in the market.
The merger should bring a number of advantages for clients with Smith & Williamson’s investment fund management business, together with its tax, banking licence and pensions and financial advisory services all available to Solomon Hare clients.
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