Scots stalwarts in accounting merger
● Tie-up to create joint firm with 500 staff and £40m annual fee income
Two of Scotland’s longest established accountancy firms have merged, creating a joint firm with more than 500 staff.
Scott-moncrieff is to join forces with Campbell Dallas to become part of international business services company Cogitalgroup.
The deal, which is for an undisclosed sum, will see all 16 Scott-moncrieff partners and 220 staff transfer, creating one of Scotland’s largest accountancy and business services firms.
The joint business will employ 45 partners and upwards of 500 staff in Scotland, operating across 11 offices. It will have an estimated combined fee income of almost £40 million per annum.
Both businesses will continue to trade under their existing brands.
The expanded business is to provide a full portfolio of accountancy and advisory services with expertise in sectors such as brewing and distilling, farming, education, professional partnerships, dental and medical practices.
0 From left: Chris Horne, Shaun Knight and Stewart Macdonald
STEWART MACDONALD
Founded in 1792, Scottmoncrieff is Scotland’s oldest accountancy firm, with offices in Edinburgh, Glasgow and Inverness.
Glasgow-headquartered Campbell Dallas operates from eight locations, including Aberdeen, Ayr, Edinburgh, Kilmarnock, Livingston, Perth and Stirling.
The deal, which takes effect from 3 May, follows on from Campbell Dallas joining Baldwins and the Cogitalgroup in October 2017.
Backed by Hgcapital, the group has a presence in seven countries and is led by John Connolly, former UK chief executive of Deloitte and current chairman of G4S and Amec Foster Wheeler.
Stewart Macdonald, managing partner at Scott-moncrieff, said: “Joining Campbell Dallas and the Cogitalgroup presents an exciting opportunity for our clients and our people.
“Cogitalgroup leads the industry in using technology to deliver cutting-edge services to clients, with the ability to adapt quickly to changing client needs.
“Together, Scott-moncrieff and Campbell Dallas will be able to provide our clients access to a wider range of additional services and to more efficient ways of working.”
Chris Horne, managing partner of Campbell Dallas, added that the merger is a pivotal deal for the firm and for Scotland’s wider accountancy sector.
He said: “By joining with Scott-moncrieff the whole UK business gets access to one of the country’s strongest public and third sector firms as well as expanding our geographical footprint in the north and east of Scotland.
“The combined business will have the largest VAT team in Scotland and provides us access to specialist services in areas such as IT strategy and cyber security.
“The deal with Scott-moncrieff adds significantly to our credentials and adds their expertise in the public sector and charities to the portfolio.”
Shaun Knight, board director at Baldwins, added: “This exciting news underlines our commitment to further growth in Scotland and will give businesses the ability to access our specialist services including banking and finance, insolvency and forensic accounting.”
“Joining Campbell Dallas and the Cogitalgroup presents an exciting opportunity for our clients and our people”