SMITH & WILLIAMSON could increase its fees by as much as £7m following its acquisition of Begbies Traynor’s tax arm.
The listed firm Begbies Traynor brought in £7m of fees for the year ending 30 April 2011.
The enhanced Smith & Williamson division will now have about 67 partners, which includes 12 from Begbies Traynor. The acquisition brings the firm’s total tax staff to 300.
As a result of the acquisition Smith & Williamson is likely to have an annual fee income of about £180m, up from the £171.4m posted in the latest Accountancy Age Top 50+50 survey.
According to information supplied at the time Smith & Williamson’s tax division had 50 partners pulling in £31.8m.
The firm bought the division for £2.9m and Begbies Traynor will take 50% of any fees on work in progress that earn more than £5.8m for 2011/2012.
Kevin Stopps, (pictured) MD of tax & business services at Smith & Williamson, said: “We are delighted that such an experienced tax team is joining us; there is an excellent strategic fit between the new team and Smith & Williamson, both in terms of geography and service provision.”
Smith & Williamson, which currently has no office in Manchester, will keep the 13-strong Manchester practice and bolster its Birmingham team by taking on an additional 30 people.
Smith & Williamson said there will be no redundancies as part of the aquisition.
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command
Ann Pomfret joins the Manchester office from BDO