A ‘mystery’ third UK consolidator was unveiled this week when Hampshire-based Harris Walters revealed it is looking to acquire up to 12 ‘like-minded’ firms before floating the new operation.
Speaking at the ABG/2020 Consulting Group ‘changing face of the profession’ conference, Harris Walters, a four-office firm and software producer, said it will lead the consolidation by placing itself as the foundation firm.
It will then look to acquire another ’11 or 12 strong regional firms with fee income between £1m-£4m’ to complete the group.
The group will be called the Discovery Business Group and will become a top 20 firm if it acquires its target firms. It will look to exploit its increased client base with its Accountants’ Toolkit product range, especially its leading product, Strategic Planning Toolkit. Further packages are expected to be released shortly.
‘Accountants’ audit work is reducing for all of us and is inevitable.
Switching to what clients want is critical. Clients want strategic planning and business development consulting, IT consulting and financial services.
That is what we will be concentrating on’, said confident Harris Walters managing partner Richard Walters. He added: ‘We are different from other consolidators as we will release simple revenue producing products which when supplied together with training and sales and marketing to existing clients, will substantially increase the revenue produced by our consolidated group’.
The new firm will be venture capital funded and advised by the 2020 Consulting Group. The other leading consolidators in the UK include Tenon and Jobtel.
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