Wed, 28 Aug 2024 | MERGER
A Lincolnshire chartered accountancy has secured its latest merger after joining forces with a counterpart based in Preston. Streets Chartered Accountants and Turner Accountants have merged to form Streets Turner Chartered Accountants in the latest in a series of mergers completed by Streets over the past 18 months.
Streets' merger activity has enabled the firm to expand its practice to more than 26 UK offices and take its fee income past £35 million, with the aim of reaching £40 million in revenues by the end of 2024.
Turner Accountants was founded by Managing Director Mike Turner in 1996. Following the announcement of the merger, Turner said that the company “cannot stand still and to overcome the challenges we and our clients face, we needed to develop our business.”
He stated that the firm had been looking for some time for a partner with shared values to support it and that he believes they have found that in Streets, saying that the two companies are “a great match, both in terms of client focus and cultural fit.”
Following the merger, three members of the team, Henry Abell, Lynda Rainford and Catherine Clifton, have been promoted to become directors.
Turner added: “Now that Turners is part of a larger practice, we can confidently promise greater continuity of service to our clients and improved career prospects for our team.”
“We also believe that our clients will benefit in that the combined firm will be able to offer a wider range of services including areas of specialist corporate and private client tax planning, banking and finance, international advice, personal financial planning and even a virtual finance office whilst still retaining those personal relationships.”
Paul Tutin, Managing Director of Streets Chartered Accountants, said that the firm was targeting mergers in line with its “strategy to become a truly UK practice”, adding that the merger with Turner Accountants “is the latest in line with our plans to expand our geographical coverage and provides us with an ideal presence in Lancashire.”
Tutin said that the company has a number of further M&A deals in its pipeline for practices across the UK, with the firm on track to hit its target of £40 million in revenues by the end of the year.
Regarding M&A in the accountancy sector and Streets’ own approach to dealmaking, Tutin added: “The profession is going through significant consolidation with heightened levels of merger and acquisition.”
“In contrast to many our approach seeks to build on the success of merging firms, ensuring we retain and build on their winning approach. An approach we believe is particularly liked by many of those looking to exit routes, the challenge of growing their practice or facing increased competition and the need to widen their service offering.”
Read more about M&A trends in the UK accountancy sector
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