Evelyn Partners is set to acquire Haines Watts’ offices in Manchester, Leeds, and Newcastle. This move will add significant strength to its presence in Northern England. This strategic acquisition forms part of Evelyn Partners’ broader plan to expand both in terms of geographic footprint and service offerings. Key leaders at Evelyn Partners and Haines Watts see this merger as a positive step forward.
Acquisition Overview
Evelyn Partners, a London-based wealth management and professional services group, is set to acquire Haines Watts’ offices in Manchester, Leeds, and Newcastle. This acquisition expands Evelyn Partners’ presence in Northern England significantly.
Details of the Deal
The acquisition includes the integration of five partners, nine directors, and more than 150 staff from Haines Watts into Evelyn Partners’ rapidly growing Professional Services business. This move is seen as strategic in augmenting Evelyn Partners’ strong organic growth and expanding its geographical footprint.
Corporate Culture and Strategy
Andrew Wilkes, Chief Professional Services Director of Evelyn Partners, emphasised the alignment in corporate culture between the two firms. He highlighted that the approach of providing a fully supportive, personal service and building long-standing relationships is crucial.
Leadership and Team Integration
The team from Haines Watts, led by Donna Bulmer, brings in high-quality professionals known for offering excellent tax advice and accountancy solutions. Donna Bulmer expressed excitement about the merger, noting the great cultural fit and opportunities that it presents for both clients and team members. The deal is expected to be finalised by August 2.
Evelyn Partners’ Expansion History
Since 2023, Evelyn Partners has acquired several firms to broaden its expertise and geographic reach. Prior acquisitions include Leathers (Newcastle and Harrogate), Ashcroft Partnership (Cambridge), Creaseys (Tunbridge Wells), and Harwood Hutton (Beaconsfield).
Broadening the Geographic Footprint
The merger of Tilney and Smith & Williamson in 2020 was a significant event for Evelyn Partners. Having £61.8bn of assets under management as of March 31, 2024, Evelyn Partners is among the largest UK wealth managers and the seventh-largest UK accountancy firm by fee income. The firm’s network covers 29 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands.
Client and Service Impact
Evelyn Partners aims to increase the number of business and private clients in Northern England with this acquisition. The high-quality and supportive services provided by the Haines Watts team are viewed as complementary to Evelyn Partners’ existing offerings.
Importance of Quality and Expertise
The merger is not just about geographical expansion but also about bringing in complementary expertise. Evelyn Partners is committed to maintaining high service levels while creating opportunities for its team members. This focus on quality and expertise is perceived as a key driver behind the acquisition.
Completion of the Deal
The deal is set to complete on August 2, with all necessary preparations being finalised. This swift completion highlights the efficiency and readiness of both parties to begin collaborative work.
In conclusion, the acquisition of Haines Watts’ northern offices marks a significant step in Evelyn Partners’ growth strategy. The deal not only expands its geographical presence but also enhances its expertise and service offerings. This strategic move is expected to bring substantial benefits to both clients and staff, ensuring sustained high service levels and new opportunities.
