Merger will create 'middle tier star'
The merger announced yesterday between mid-tier accountants Baker Tilly and Fraser Russell is set to create a £70m national practice which senior managers claimed would become a 'middle tier star'.
Baker Tilly national managing partner Laurence Long said that some job losses and office closures would occur as the firms consolidated their 1,000 and 200 strong staff.
The new group, which will retain the Baker Tilly name, will be the ninth largest accountancy practice in the UK ? based on fee income figures in last year’s Accountancy Age top 50 survey to be updated next month.
Chairman Clive Parrit said that the link-up would give both parties the ‘critical mass’ needed to hit ‘bullish’ objectives.
‘Baker Tilly will emerge as a middle-tier star ? key positioning in a large and volatile market’, Parrit said. ‘We aim to be the accountancy firm of choice in our target sectors.’
The link-up will also bolster Baker Tilly’s strong arts, entertainment and media portfolio, as well as its presence in the charity sector.
‘Size and geographical spread are essential’, Long said. ‘The UK accountancy market is rapidly segmenting into the giant five, which focus on global and FTSE-100 companies, a group of ten national firms and hundreds of independents.’
Paritt will remain as chairman of the new firm and Long will continue to work as national managing partner.
Baker Tilly and Fraser Russell set to merge