Smith & Williamson acquires the tax business of Begbies Traynor Group Plc
Smith & Williamson, the award-winning accountancy and investment management group, has acquired the trade and assets of BTG Tax LLP, which is a member of Begbies Traynor Group Plc.
As a result of the acquisition, Smith & Williamson will have an annual fee income of circa £180million and take on an additional 55 staff, including 12 partners. This means the enlarged firm will employ almost 300 tax professionals across all offices and generate income of about £40million from its tax business. Smith & Williamson is the ninth1 largest firm of accountants in the UK.
The incoming team includes private and corporate tax professionals with particular strength in tax investigations consultancy and the sports, media and entertainment sectors.
Commenting on the acquisition, Kevin Stopps, Managing Director of Tax & Business Services at Smith & Williamson said:
“We are delighted that such an experienced tax team is joining us; there is an excellent strategic fit between the new team and Smith & Williamson, both in terms of geography and service provision.”
Following the acquisition, Smith & Williamson’s Birmingham office will grow through the addition of about 30 tax professionals. The arrangement also means that Smith & Williamson will, for the first time, have an office in Manchester. The firm will also provide tax advice from Jersey and Cyprus.
Kevin continued: “The incoming Birmingham tax professionals will be working alongside our existing investment management team. This combination of tax and investment advice will significantly enhance the services offered by Smith & Williamson to clients in the Midlands and helps to set us apart from others.”
The enlarged Birmingham office will have a headcount of over 50 people and in addition to the strong combination of investment management and tax, offers pensions and financial planning advice.
The 13-strong Manchester team joining Smith & Williamson includes private client and corporate tax experts as well as senior staff who advise on tax investigations.
Smith & Williamson includes an investment management business with about £11 billion funds under management and advice (as at 30.09.11), making it one of the largest private client investment managers in the UK.
(1) According to the 2011 annual league tables published in Accountancy Age and Accountancy magazine
For further information:
Smith & Williamson Press Office
Kate Harrison 020 7131 4228 / Matt Rowe 020 7131 4550
Notes to editors:
About Smith & Williamson:
Smith & Williamson is a leading independent investment management and financial services group, with around 1,500 employees, that provides a broad range of services including investment management, financial advisory services, tax, private banking and accountancy to private clients, professional practices, companies and non-profit organisations.
The group operates from offices in London, Belfast, Birmingham, Bristol, Dublin, Glasgow, Guildford, Salisbury, Southampton and Worcester.
Smith & Williamson’s awards include:
- Private Client Practitioner: Top 25 Accountancy Firms, 2011
- Financial Times and Investors Chronicle Wealth Management Awards, 2011: Winner, Best Balanced Wealth Manager
- Private Asset Managers’ Awards 2011: Winner of Investment Performance – Absolute Returns; and Winner of Best Balanced Wealth Manager
- Society of Trust & Estate Practitioners 2010/11: Winner, Investment House of the year
- LexisNexis Taxation Awards, 2010: Winner, Best High Net Worth Team
- LexisNexis Taxation Awards, 2010: Shortlisted, Best Tax Team in a Large Firm
About Begbies Traynor Group
Begbies Traynor Group plc is a specialist professional services consultancy providing independent professional advice and solutions to businesses, financial institutions, the accountancy and legal professions and individuals in the areas of recovery, corporate finance, investigations and risk management. It is listed on AIM (Ticker: BEG). Further information can be found at: www.begbies-traynorgroup.com
Smith & Williamson Limited
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International
Smith & Williamson Investment Management Limited
Authorised and regulated by the Financial Services Authority
Nexia Smith & Williamson Audit Limited
Registered to carry on audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of Investment business activities. A member of Nexia International
Nexia Smith & Williamson Audit Limited is independent and provides audit services to complement the specialist financial services offered by members of Smith & Williamson
Smith & Williamson Financial Services Limited
Authorised and regulated by the Financial Services Authority
