Baldwins' revenue grows to £89m after major acquisition
Baldwins has added another two major acquisitions in a shopping spree that has sent the firm's revenue soaring to £89m.
The fast-growing firm continued its northern expansion last week with its largest acquisition yet – the Scottish firm Campbell Dallas, which commands an annual revenue of £16.5m.
Campbell Dallas is not only an impressive coup, but the acquisition plants Baldwins' flag in the Scottish market for the first time. Just Campbell Dallas alone means Baldwins now has offices in Glasgow, Perth, Kilmarnock, Stirling and Aberdeen, and employs 260 staff.
Baldwins also picked up Springfords, an Edinburgh-based firm with an annual revenue of £2.7m.
Baldwins has rapidly scaled since joining the CogitalGroup in December last year. Just in the last few months, Baldwins' acquisitive streak include firms such as Rice & Co, Pullan Barnes, Finnieston Berry Partnership Limited, and Andersons joining the firm’s expanding portfolio.
The figurehead behind the CogitalGroup is John Connolly, the former head of Deloitte. When the venture launched last year, reports at the time suggested that Connolly’s ambitions were to provide a challenge to the Big Four accounting firms' dominance.
By signing off the latest acquisitions, Baldwins soars up the accounting power rankings and the HgCapital-financed firm’s ambitions are extended. Baldwins' footprint on the profession over the last year shows the extent of its growth: 53 offices and 1500 staff.
In a statement, David Baldwin, director at Baldwins, said: “It is very exciting for Baldwins to have offices in Scotland for the first time and we are looking to add further practices to our group. These two deals represent a major step forward for the group.
“Campbell Dallas has an exceptional reputation in Scotland for providing strategic business advice and extensive accountancy services. Springfords is renowned in the industry for outstanding service with each client benefiting from individual advice from experts.”
Chris Horne, managing partner at Campbell Dallas, said the acquisition would help accelerate the firm’s position in the Scottish market. “The support and investment from CogitalGroup will mean we can provide extra services and give added value to our clients particularly in terms of technology.
"We will maintain the same high level of hands-on service that we are renowned for but we will have the added benefits of being part of an international group.”