Fri, 19 Apr 2019 | BUSINESS SALE
A UK-based accountancy firm with offices peppered across the country will expand its services into Scotland with the acquisition of a counterpart.
Baldwins will take over the well-established accountancy group Scott-Moncrieff, to become a part of the rapidly-growing CogitalGroup.
Presently, Scott-Moncrieff comprises of 16 partners and 220 members of staff, who will all join Baldwins’ 2,700-strong workforce with an estimated annual turnover of £200 million.
The acquisition will allow Baldwins to have a strong presence in Scotland with 45 partners and 500 staff in the region operating from 11 offices around the country. It is anticipated that it will generate a combined annual fee income of £40 million per annum.
Board director at Baldwins Shaun Knight, who is also responsible for handling the Scottish accountancy division, said: "The addition of Scott-Moncrieff will provide the UK business with access to one of Scotland's strongest public and third sector firms as well as expanding the geographical footprint in the North and East of Scotland.
"The combined business will have the largest VAT team in Scotland and adds specialist services in areas such as IT strategy and cyber security. Staff will also have access to more rewarding and varied career opportunities."
Managing partner at Scott-Moncrieff, Stewart MacDonald, commented on the acquisition: “Joining Baldwins and the CogitalGroup presents an exciting opportunity for our clients and our people.
“CogitalGroup leads the industry in using technology to deliver cutting-edge services to clients, with the ability to adapt quickly to changing client needs.”
For more news stories about acquisitions, click here.
This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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