TOP TEN FIRM Moore Stephens and mid-tier Chantrey Vellacott have confirmed they are to merge, effective from 1 May.
The move will create a £162.73m firm based on Accountancy Age‘s most recent Top 50 + 50 figures.
However, the merger is specifically taking place between Moore Stephens’ London office and Chantrey Vellacott, and will trade as Moore Stephens LLP.
The offices will consolidate at 150 Aldersgate Street in the Barbican area of London over the coming months. Current Moore Stephens managing partner Simon Gallagher will lead the amalgamated firm, with Richard Moore remaining as senior partner. Chantrey Vellacott’s managing partner Mike Tovey (pictured) will be joining the firm’s partnership executive committee.
Moore Stephens’ London office makes up more than half the UK operation’s fee income, but has in recent years suffered from falling revenues. Income fell to £66.6m for the year ending 30 April 2013, from £68m a year earlier. In 2011, revenues were £71m.
“The merger provides a platform for continued, sustainable growth,” explained Simon Gallagher, managing partner of Moore Stephens. “There are real synergies, not just in terms of the services and sectors but a coming together of similar philosophies and values to form a strong combined firm.”
Mike Tovey said: “This provides an important strategic development for both firms. The combined firm will provide our clients with a broader range of expertise, along with an increased depth of sector knowledge and experience. Clients will also benefit from access to much wider UK and global capabilities through the Moore Stephens UK and international network.”
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