Law firm swoops for tax advisory business
BIRMINGHAM law firm Gateley has made its first acquisition since it went public last June, buying a tax advisory business to add to its legal services.
Gateley has paid £2.72m for Capitus, a tax incentives advisory firm that works with institutional and professional investors on commercial property transactions. The deal is made up of £1.59m cash and shares worth £1.13m.
The business will be rebranded as Gateley Capitus and its performance will be overseen by an operating board made up of senior management from both Gateley and Capitus.
Michael Ward, chief executive of Gateley, said the deal was in line with its strategy to acquire businesses which offer “complementary specialist services”.
He said: “Capitus is a recognised and highly respected tax incentives advisory business and I am particularly excited by the additional expertise and cross referral opportunities the business will bring to the group.”
Gateley has described Capitus as “a profitable and well established business”, which made an operating profit of £593,000 on revenues of £1.38m in the year to June 2105. It has offices in London, Samborne in Warwickshire, Ballymena in Northern Ireland, and Dublin.
Capitus co-founders Kevin Meyer and Aubrey Calderwood added: “Our tie up with Gateley, which we believe to be the first between an RICS regulated firm and a full service national law firm, gives us access to this expertise and provides us with many additional commercial opportunities. We are confident that this shall help us achieve our aim of becoming the number one fiscal incentives practice in the UK.”
