Accountancy firms merge in advance of tax digitalisation
TWO accountancy firms in Swansea have merged in a six-figure deal backed by UK Steel Enterprise and Finance Wales.
Longstanding practices Fergusons and Harvey Peters & Co, have created a new firm called Fergusons & Peters.
The new practice has offices in Gorseinon and Pontardawe and is planning to invest in the latest technologies to support its growing client base.
It comes as the accountancy profession awaits the UK Government’s announcement on fully digitising the tax system, with firms very much aware of the need to prepare for the future.
Staffing levels are presently 17, but Fergusons & Peters are planning to take on two new professional staff in the autumn.
And with the upcoming introduction of tax digitalisation from HMRC, Fergusons & Peters’ aim is to have around 30 members of staff within the next three years.
Director Dean Beniamous said: “We work with clients of all sizes, from sole traders to large multi-million pound corporates, including sectors such as manufacturing, entertainment, and franchise retailing.”
Fellow director Tracey Jones said: “As a paperless firm we use the latest accounting methods, such as Xero Cloud technology, enabling us to view our clients’ cashflow and trading activities on a real time basis.”
The new firm is aiming to become an important player in the region’s business and to increase its client base across south Wales.
It has had support to invest in new technology. Mr Beniamous said: “We are very grateful to Finance Wales and UK Steel Enterprise for their support”.
Martin Palmer, investment executive with Tata Steel subsidiary UK Steel Enterprise, said: “We are delighted to support this acquisition. The new practice will create additional jobs, provide a high level of expertise to clients, as well as the latest technology, and this can only be a good thing for the economy of the area it serves.
“We wish them every good fortune with their immediate plans and their longer-term aims.”
Dave Knight, investment executive in Finance Wales’ micro loans team, said: “Tracey Jones and Dean Beniamous have grown their business by offering their customers the latest accounting technologies and excellent customer service.
“We are delighted to co-invest with UK Steel on this six-figure loan, which will give the business the foothold it needs to achieve its future goals.”