In a notable development, a leading wealth management group is set to expand its professional services. The group has agreed to acquire several northern offices from a well-known accountancy firm. This move is poised to significantly bolster their presence in important regional markets.
The acquisition will incorporate a sizeable team of professionals into the group’s fast-growing business. Therefore, this strategic move not only enhances their geographic footprint but also promises to deliver enhanced services to a broader client base.
Acquisition Details
In a significant move, London-based wealth management and professional services group has agreed to acquire the northern offices of a renowned accountancy firm. These offices are located in Manchester, Leeds, and Newcastle. This acquisition is set to bring a considerable number of professionals, including five partners, nine directors, and over 150 staff, into the acquiring company’s rapidly growing Professional Services business.
Strengthening Northern Presence
This acquisition will greatly strengthen the acquiring company’s presence in the North of England. It aligns with their strategy of expanding their reach and providing a wider range of services to business and private clients. The firms being acquired have a long-standing reputation for offering high-quality tax advice and accountancy solutions.
Strategic Growth
This deal marks the sixth acquisition for the acquiring company’s Professional Services division since early 2023. They are focused on enhancing their strong organic growth through strategic acquisitions. By integrating high-quality firms with complementary expertise, they aim to broaden their geographic footprint.
Cultural Fit and High-Quality Service
According to the Chief Professional Services Director, the team, under the leadership of a highly-regarded Managing Partner, are known for their professional excellence. Their approach to delivering supportive and personal service matches the acquiring company’s culture. The acquisition is expected to enhance service levels and create new opportunities for the existing team.
Previous Acquisitions
In the past year, the acquiring company has successfully integrated several other firms across the UK. These include firms based in Newcastle, Harrogate, Cambridge, Tunbridge Wells, and Beaconsfield, plus a leading international disputes team. Each acquisition has played a crucial role in bolstering their forensic services and other professional offerings.
Asset Management
Following the merger of two major firms in 2020, the acquiring company managed assets worth £61.8bn as of March 31, 2024. This remarkable growth has positioned them among the largest wealth managers and accountancy firms in the UK. They operate a vast network of offices across multiple locations, including towns and cities in the UK, the Republic of Ireland, and the Channel Islands.
Expected Completion
The deal is scheduled to be completed on August 2, 2024. The Managing Partner of the acquired firm expressed excitement for both clients and team members, highlighting the excellent cultural fit and promising future collaborations with the acquiring company’s colleagues.
The acquisition of Haines Watts’ northern offices by a leading wealth management group is an important milestone. It not only reinforces their commitment to expanding their geographic reach but also enhances their service quality. This strategic move promises to bring new opportunities and growth, benefitting both the clients and the professionals involved.