The news emerged as Thomson’s Group, one of the largest IFAs in the country, revealed it was in talks with several accountancy businesses and on the verge of closing a deal with one firm.
Thomson’s, which was in November acquired by Germany’s largest IFA AWD, is expected to close the deal within a month.
Eric Staples, Thomson’s MD, said: ‘We are in a number of talks about acquiring the financial services arms of various accountancy firms. The first one will happen within the next six weeks.’ He added the acquisition could not have happened without the financial support of AWD which has annual revenues of around £165m.
Though takeovers such as this are not rare it appears the regulatory regime brought in by the Financial Services Act since 1 December has given added incentive to accountancy firms to offload financial services arms.Thomson’s turns over £19.5m and expects to target firms with turnovers from a few hundred thousand pounds to £2m.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.