Accountancy acquisition creates £200m-turnover firm
Walsall business advisory and accounting firm Baldwins has acquired a Scottish firm, creating a £200m-turnover company.
The acquisition of Scott-Moncrieff will see it become part of the CogitalGroup, Baldwins’ parent company.
Baldwins now has 88 offices throughout the UK and employs 2,700 staff.
The firm has been expanding in Scotland prior to this acquisition. In October 2017, Campbell Dallas and Springfords became the first Scottish firms to join Baldwins. They were then joined by Ayr-based Sinclair Scott in May 2018.
All 16 Scott-Moncrieff partners and 220 staff will join Campbell Dallas.
The business will have 45 partners and more than 500 staff in Scotland. They will operate from 11 offices from Inverness to Ayr, and have a combined fee income approaching £40m per annum. The deal will take effect from 3 May.
Stewart MacDonald, managing partner at Scott-Moncrieff, said: “Joining Baldwins 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 Scottish businesses access to a wider range of additional services and to more efficient ways of working.”
Shaun Knight, board director at Baldwins, who has responsibility for Scotland, said: “The addition of Scott-Moncrieff will provide the UK business with access to one of Scotland’s strongest public and third sector firms as well as expanding the geographical footprint in the North and East of Scotland.
“The combined business will have the largest VAT team in Scotland and adds specialist services in areas such as IT strategy and cyber security. Staff will also have access to more rewarding and varied career opportunities.
“We welcome our new colleagues and look forward to working together as we continue to build a progressive and disruptive business in the fast-changing accountancy market.”
This is not the first buy of 2019 for acquisitive Baldwins, which bought Stockport-based Booth Ainsworth in February this year.