SCOTTISH accountancy firms Campbell Dallas and Springfords have lost their independence after becoming part of Baldwins.
Both firms will retain their identities and continue to be managed by their current partners.
Campbell Dallas managing partner Chris Horne said the deal would provide the firepower to double the size of what is now Baldwins’ Scottish business.
Staffordshire-based Baldwins is part of CogitalGroup, the international business services group established in December and led by former Deloitte head John Connolly.
Kevin Scott: Accountants' move to global home is sensible but a blow
Mr Horne said the decision will make Campbell Dallas more able to service clients in a sector which is rapidly moving to the digital world. “The delivery of compliance services and accountancy is going to become increasingly digital and we saw this is an opportunity for us to join with a group that had a technology focus,” said Mr Horne.
CogitalGroup’s businesses are targeted at entrepreneurial and private companies together with their owners and managers.
“My view was that up until now the only people with the scale to look at that technology delivery were the Big Four firms,” he added. “I’m not convinced they have the attitude to service SMEs and owner-managed businesses. Those who do have that attitude haven’t had the access to the technology. Joining the Baldwins group allows us to close that circle.”
Mr Horne said it was a “long considered” decision, adding: “We’ve grown Campbell Dallas since it was founded in 1999 and we’re very proud as a group of what we’ve achieved but we believe [this] is best for the business and the ability to service clients going forward.”
Kevin Scott: Accountants' move to global home is sensible but a blow
Based in Glasgow and with four further offices, Campbell Dallas turns over £16.5m. Across its three offices, with headquarters in Edinburgh, Springfords has a turnover of £2.7m.
Last year Campbell Dallas acquired two businesses, and that appetite will not diminish, said Mr Horne, who declared that with the strength of the larger group, Baldwins Scottish business could double revenue, taking it to something approaching £40m.
“We would be looking to scale the Scottish business of the Baldwins group to at least double the current size,” he said.
“It is still early days but part of the attraction of the deal was the commitment from the Baldwins guys to provide us with access to capital. They certainly have an incredibly strong track record, both before and since they joined the CogitalGroup and they want to continue that in Scotland.”
Kevin Scott: Accountants' move to global home is sensible but a blow
Patricia Reekie, partner at Springfords said, “This is a great opportunity to grow the business in Scotland, and will enhance the resources we have available to assist and support our clients across a variety of sectors and areas of expertise.
David Baldwin, a director at Baldwins predicted further growth for both businesses.
CogitalGroup was launched through the acquisitions and merger of Nordic-focused Azets and UK firms Baldwins and Blick Rothenberg.
It is backed by UK private equity group HgCapital.
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