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Practice News: Dentons buys Tenon’s pension arm

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28th Mar 2013
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A round-up of significant executive moves, announcements and other developments from the world of practice during March 2013.

Dentons buys Tenon’s pension arm

27 Mar - Dentons Pension Management has acquired RSM Tenon's bespoke SIPP (self-invested personal pension) arm, Tenon Pension Trustees, for an undisclosed sum.

In 2012 Dentons embarked on a rebrand and growth plan that has seen new business levels increase by 28%. This acquisition will see Dentons add 650 SIPP plans to its existing book of high value SIPPs.

Martyn Rose, chairman said: “We have made no secret that we are acquisitive, but it has to be for the right businesses or books of SIPPs. We are therefore very happy with the acquisition as it is a perfect fit for us being high quality and with the same underlying ethos of placing the client at the heart of everything we do.”

David Fox, director of sales and marketing added: “At a time of uncertainty for many providers this acquisition is a strong statement of intent by Dentons. We believe it is our financial strength and reputation that makes us an ideal partner. We are looking forward to building a strong strategic relationship with RSM Tenon and their advisers. This acquisition is also evidence that consolidation is continuing in the SIPP market, ahead of the final capital adequacy rules."

* * * 

Shah & Co makes Leicester acquisition

26 Mar - Coventry-based, family-run accountancy firm Shah & Co has made its first move into Leicester with the acquisition of Pinnacle Accountants.

The deal was led on behalf of HSBC by senior commercial manager Lance Jeavons at HSBC’s Birmingham Commercial Centre.

Shah & Co owner, Haren Shah, has joined forces with former employee, Sandip Kumar, to acquire the practice, which has been operating in Leicester since 1981. Pinnacle, formerly known as KLM Accountancy Services, was founded by three partners who had all migrated to Leicester from East Africa.

Haren Shah, whose family also hails from East Africa, established his own accountancy practice in Coventry in 1985, where Sandip was an employee before he joined a national practice based in Warwickshire. Shah’s Coventry operation recently relocated to larger premises to accommodate the firm’s growth.

Since the acquisition, the new partners have widened the range of services they offer to clients  to include inheritance tax, trusts and succession planning.

Haren Shah said: “Sandip and I are a good combination. I am nearing 60 so can speak to  the owners of small-to-medium sized enterprises who are now looking  to exit their businesses whilst Sandip, who is 36, can communicate to  the  younger  generation  looking  to  take  over businesses from their parents.

“We have also broadened our services so that we offer much more than just general accountancy services, for example we have helped our clients launch 27 new businesses this year alone and we see business start-ups as a big growth area for us.”

Lance Jeavons of HSBC added: “We have worked closely with Mr Shah for a number of years and are pleased to be able to support him and Sandip with the acquisition of this well regarded and established accountancy practice in Leicester.”

* * * 

New head of forensic and investigation services at Grant Thornton  

26 Mar - The firm has appointed Fred Brown as head of its services team in the South West.

Brown joined the forensic and investigation services team at Grant Thornton in 2000 and is an NSH accredited counter-fraud specialist.

He has lectured and written articles on a range of forensic accounting matters, as well as providing expert witness and advisory service areas in professional negligence and personal injury, as well as acting for prosecuting bodies and defendants in criminal cases. 

Managing partner at Grant Thornton in the South West John Golding said: “Fred’s appointment is richly deserved."
* * * 

Former Tenon partners launch insolvency and restructuring practice 

25 Mar - The new practice, Quantuma, was launched recently. 

Former RSM Tenon partners Carl Jackson, Kelly Mitchell and Paul Goddard developed the new practice, having previously worked together at RSM Tenon. 

The partners have over 50 years' experience between them in the restructuring field. 

Jackson said: "Quantuma opened its doors for business at the beginning of January and we are already busy working on a number of cases with local businesses. The launch party was a great success and we are really pleased with the level of support we have received”.

* * * 

Plymouth firm moves to bigger office

20 Ma - Mark Holt & Co has made a £1m move to a bigger office. 

The firm, which celebrated its 25th anniversary last year, said the move is due to its growth. 

The team will make the move to their new premises next month. 

"We have decided to grow in Plymouth, where there are ample opportunities," said partner Peter Hill.

"It's a blank canvas, so an opportunity." 

* * *

Baker Tilly merges Crawley and Hove offices

15 Mar - The merger means that branch of the firm is now called Baker Tilly Gatwick. 

Baker Tilly relocated to the Portland building in central Crowley, as it "builds on success" in Sussex and marks an investment in the region.

Tony Summers, partner at Baker Tilly's Gatwick office, said: "Bringing together our offices in Crawley and Hove will help to strengthen and improve our offering within the region."

"Our investment in this prestigious new location confirms our commitment to retaining a presence within the Gatwick area, and our continued support of the many businesses in the region that make such an important contribution to the local economy."

* * * 

New audit partner for French Duncan 

12 Mar - Former Big Four director Paula Galloway was appointed as new audit partner

Galloway worked for 11 years as an audit director at KPMG and has worked in Ireland, Hong Kong and Scotland over the course of her career. 

Her experience includes responsibility for delivering audit services to clients, including manufacturing, construction and engineering businesses in Scotland. 

French Duncan, with a combined fee income of £10m and eight Scottish offices having merged with firm Macfarlane Grey, said they were "delighted" to welcome Galloway to the position. 

Commenting on her appointment, Galloway said: “Having spent the majority of my career working within a Big Four environment, I was delighted with the opportunity to come and work with French Duncan; a dynamic firm with ambition for further significant growth.

“Companies of all sizes now have options beyond the Big Four when appointing their professional advisers. There is now an abundance of experience available within mid-tier accountancy firms which can provide excellent robust advice.”

* * *

New Manchester base for Smith & Williamson 

8 Mar - The firm has relocated into a new office in a bid to expand in Manchester 

Smith & Williamson was previously based within Begbies Traynor's office in Deansgate, after it acquired Begbie's tax BTG tax division in 2011.

Its new premises are located at Vantage Point in Spinnigfields on a five-year lease. 

Partner and head of tax investigations said the move gives the firm an "independent" location. 

"We are delighted to have relocated to the heart of this vibrant business district. The new office gives us an independent location and our intention, in due course, is to increase our current numbers to provide a full tax offering," he said.

* * * 

New appointments for Smith Cooper 

8 Mar - The firm has appointed two new recruits to the business recovery and insolvency service line.

Kimberley Wapplington, who has five years' experience in personal and corporate insolvency, will be relocate to Nottingham from her current position in the Derby office. 

Kelly Whittington also joins the "rapidly growing" team, of which partner and head of business recovery Dean Nelson said is "very excited" about the expansion.

"Sadly, the economic climate and extremely difficult trading conditions have severely impacted both businesses and individuals, but our excellent track record of helping businesses overcome these issues has meant that we are able to expand our team locally and offer a more comprehensive service to those in Nottingham and surrounding area,” he said.

* * * 

Merger for two Lancaster firms 

7 Mar - Scott & Wilkinson has acquired Lancaster firm Hartley & Co 

Under the merger, Hartley staff will move to five-partner firm Scott & Wilkinson's premises. 

While Hartley is 23 years old, Scott & Wilkinson dates back to 1918, however didn't become the practice it is today until a merger in 1968. 

The firm provides accountancy and 
business advisory services including taxation, accounts, audit, corporate finance and payroll.

Partner at Scott and Wilkinson Stuart Hinnigan said: “We are delighted to welcome on board Graham [founder of Hartley] and his clients. Due to our similar values, locality and client base, the two firms should work well together."

* * * 

Grant Thornton Leeds appoints new senior audit manager

4 Mar - Debbie Watson will join the firm's not-for-profit practice

Watson spent the last five years as an external audit manager in the not-for-profit sector. She has experience of providing audit services and advising housing, education institutions and charities. 

As part of Grant Thornton's national not-for-profit team, Watson provides technical support with specialist knowledge of the housing sector. 

"These are challenging times for the not-for-profit sector and demand for our expertise is continuing to grow," she said. 

"This is a great opportunity to join a growing team and play a part in servicing existing clients as well as engaging with new clients in this niche area." 

* * * 

New merger for Yorkshire firm Nicklin 

3 Mar - This is the second merger in eight months for the firm. 

Nicklin has merged with Crowther Beard, based in Worcester, with another office in Tewkesbury. 

The firm will change its name to Nicklin but will continue to operate from its current offices. 

Crowther Beard partners Sarah Costello-Byrne and Chris Hobbs will take on consultancy roles, with all staff transferring to the new practice. 

Nicklin managing partner Harvey Owen said the merger puts the firm in position to "compete locally with national firms". 

"The Nicklin name already enjoys a strong reputation in the Worcester area, so it was a logical step for us to merge with a well-established firm there. We see this merger as an extremely positive move for both practices," he said. 

In June 2012, Nicklin merged with Rubery-based Lowe McTernan.

* * * 

New accountancy firm for Halifax, West Yorkshire 

3 Mar AKR Associates is a new venture for accountant Angela Riley.

Riley, who has 25 years' experience as a chartered accountant and tax adviser, will specialise in sole traders, partnerships and start-ups.

A former president of the West Yorkshire Society of Chartered Accountants, Riley will work from her home in Ripponden. 

"I already have some wonderful clients with excellent business," Riley said. "It's really exciting starting a new business and I'm having a great time." 

Riley is a mentor for the West Yorkshire Enterprise Agency MyMentor scheme, which helps people starting their own businesses. 

* * * 

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David Winch
By David Winch
29th Mar 2013 21:55

RSM Tenon share price slide

Interesting to see the shares of RSM Tenon have been performing particularly dismally recently, losing more than 50% of their value over the last three months.

They opened the year around 7p - but closed yesterday at just over 3p.

The company noted in their half-year results published on 26 February that there was a "significant risk of a facility breach in the forthcoming 12 month period" (i.e. the financial year to 30 June 2014) unless the terms of its borrowing facilities with its sole banker could be "reset".   The firm intimated in February, "Whilst to date Lloyds has not agreed to this reset, we remain in positive dialogue with the bank and Lloyds has confirmed that it continues to be supportive of the continuation of the Group as a going concern".

The absence of any announcement of a fresh agreement with the bank since then may be behind the most recent slide in the share price.

Let's hope the firm can pull through - and without further significant falls in their head count.

David

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By paulk
03rd Apr 2013 12:35

I think that Nicklin is a West Midlands based firm.......

 

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