22 corporate finance
Wilkins Kennedy and CW Fellowes merge
Top 25 chartered accountancy and business advisory firm Wilkins Kennedy LLP and chartered accountancy firm C W Fellowes have merged as of November 8
The merged entity will be known as Wilkins Kennedy and as a result of the merger Wilkins Kennedy has gained two new offices in the Hampshire region, Southampton and Portsmouth, bringing the total number of UK offices to 15.
A total of nine directors and 70 staff from CW Fellowes have joined Wilkins Kennedy, bringing the staff total to over 500 employees. One of the largest mergers in Wilkins Kennedy’s 130-year history, this also increases the tax, professional services and outsourcing departments of the firm.
Kevin Walmsley, Adam Wilson, Bruce Elkins and Ian Talbot
Adam Wilson, managing director at CW Fellowes, said: “This merger provides a great opportunity for our clients and staff to draw upon the wide and varied experiences of a top 25 firm to support their continued development. Merging with Wilkins Kennedy offers our clients new service lines, including
VAT and corporate finance specialist departments, and offers a greater London presence for our private clients based there, as well as increased opportunities for our staff as part of a larger firm.“ Geoff Collis, director at the CW Fellowes office in Fareham,
CitySprint acquires Dash-it in year of rapid growth
CitySprint, the UK’s leading same- day distribution network company which is headquartered in London, has acquired Southampton-based courier firm Dash-it, in what continues to be a record year of organic growth for the business. This brings the number of acquisitions made by CitySprint in 2013 to five and the total number completed since it received investment from UK mid-market private equity firm Dunedin in 2010, to 13.
The acquisition of Dash-it will allow the business to diversify into a new service – ’in-night’ courier services – as well as expanding its support into the mobile workforce parts logistics sector, which represents another significant opportunity for further organic growth.
The ’in-night’ service, primarily a B2B solution, will allow CitySprint to securely deliver stock, be it
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spare parts or tools, to any specified location before 6am.
Patrick Gallagher, CitySprint chief executive, commented: “This acquisition is an exciting development and presents another new market opportunity of some size to our group. Our ’in-night’ offering will provide another time-definite service to our parts logistics customers.“
CitySprint operates from 37 service centres in the UK. Its fleet of over 2,500 couriers can deliver to over 80% of mainland UK population, within 60 minutes.
It has grown rapidly over the past three years and posted record results for the year ending 2012, in which turnover increased to £101 million, a 36% increase on the £74m the previous year. EBITDA increased by 33%, with profit after tax mounting by 18% in the same year.
commented: “Our clients will benefit from a broader range of services and the considerable tax expertise of WK. The partner-led approach is a key constituent of the firm’s ethos, based in offices in the local business community at the heart of the local economy.“
HWB assists underwater vehicle manufacturer with expansion
Leading independent accountants HWB has played a key role in the expansion of a company which manufactures remotely-operated underwater vehicles (ROVs).
Saab Seaeye, a subsidiary of Swedish-registered defence and security company Saab AB, is a leading manufacturer of underwater ROVs. The company, based in Fareham, recently acquired Berkshire-based Hydro- Lek.
Hydro-Lek, which has a 25-strong workforce, specialises in tooling and parts for ROVs and has long been one of Saab Seaeye’s suppliers.
HWB managing director Geoff Rhodes provided advice to the company and led the team which carried out the due diligence work.
He said: “We worked closely with everyone at Saab Seaeye to
ensure the transaction completed on time.
“We were pleased to be able to demonstrate our experience of offering comprehensive and first- class corporate finance services and look foward to working with the team again in the future.“
Jon Robertson, managing director of Saab Seaeye, said: “This was an important transaction for us and we were delighted with the assistance we were given by HWB. They were professional at all times and it has been a pleasure to work with them.“
HWB, based in Chandlers Ford, Hampshire, is one of the largest independent firms of chartered accountants in the south and offers a range of services including corporate finance, business and tax planning advice.
Details:
www.hwb-accountants.com
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – DECEMBER 13/JANUARY 14
Kevin Walmsley, managing partner of the Wilkins Kennedy Western region, said: “We have worked alongside well-respected firm CW Fellowes for a number of years as members of international accountancy organisation IAPA and we are delighted to announce our merger. We recognised mutual ideals across both firms, including our views on client focus, staff support and excellent service. Geographically, the merger is also a good fit and strengthens the Wilkins Kennedy presence across the south of England.“
Dave Fenn, managing partner of Wilkins Kennedy, said: “As a top 25 UK chartered accountancy firm, we are delighted to announce our biggest merger after over 130 years in business and we would like to warmly welcome all our new colleagues and their clients to Wilkins Kennedy.“
Details:
www.wilkinskennedy.com
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