Bishop Fleming acquires Target’s Bath practice
Fast-rising South West firm Bishop Fleming accelerated its growth this week with the acquisition of the Bath office of Target Accountants after it went into administration.
The three Bath-based Target partners and more than 40 staff will join Bishop Fleming and become its Bath office.
Bishop Fleming managing partner Matthew Lee commented: “We have known of Target Accountants’ ability to deliver quality professional accountancy services from their Bath office and are very happy [they] have joined the firm.
“Both firms provide services to a wide range of clients and we recognise the additional corporate expertise that their audit and tax teams bring to our firm, while Target‘s clients.”
The Target acquisition follows Bishop Fleming’s recent merger with Worcester-based Rabjohns, creating an eight-office network that includes a Cardiff outpost and stretches south to Exeter, Plymouth and Truro. Nationally Target was a Top 40 firm in the profession's league tables; the Bath practice should lift Bishop Fleming into around the same position, where it will now stand as the second largest firm in the South West behind Francis Clark.
PwC administrators took control of Target Chartered Accountants last week following a financial crisis created by overexpansion and a £1m regulatory penalty levied on its financial advice business.
The Bishop Fleming deal excludes the Target IFA operation, Lee said.