Vantis builds non-audit business
Accountancy consolidator Vantis has acquired the non-audit arm of Beavis Walker, a seven-partner firm based in London.
The addition of six partners plus support staff will add to Vantis’ corporate finance and forensic accounting operations.
Beavis Walker, a member of Impact International, generated business of £2.74m for the year to March 2002, including its audit work. Non-audit turnover is estimated at £2.28m.
Vantis is expected to pay in the region of £5m for Beavis Walker’s non-audit business to be made up of shares issued to partners and cash, with the balance paid over the next four years depending on performance.
Paul Jackson, chief executive of Vantis said the acquisition would strengthen and broaden the scope of the firm’s operations within central London.
Vantis is currently 24th biggest in the UK, according to the AccountancyAge.com Top 50, and should climb above Solomon Hare with this latest deal.