Kreston Reeves and Spofforths to merge
Kreston Reeves and Spofforths are planning to merge, with effect from 1 June 2016, creating one of the largest accountancy and financial advisory firms in the South-East from two of its longest established practices.
This is a major step to create a new firm offering clients a greater depth of resource and breadth of service, with additional sector expertise. It will also provide a stronger base upon which to develop a range of new services to meet changing business needs.
Nigel Fright, Managing Partner of Kreston Reeves, said:
“We are delighted by the prospect of this merger, which reflects our mutual ambition to expand in the South-East. Spofforths is a successful firm that shares our values and strong personal commitment to clients.
“Together, the new firm will be able to offer our people better career opportunities, retaining yet developing the teams we know our clients value. We see great potential in joining together in an evolving market where standing still is not an option.
“The result will be a fuller, more innovative, more integrated accounting, business advisory and financial planning service, delivered by 55 partners and more than 450 staff, spread across 10 locations in the South East. Crucially, it will expand our international reach, which was at the heart of Kreston Reeves’ own renaming in 2015.”
Richard Spofforth, Managing Partner of Spofforths for the past six years, said: “The merger is being undertaken by both firms from a position of strength, with each bringing skills and experience to the other. It’s going to be an exciting time for all of us: it’s a joint step forward and together we’re going to build a firm for the future that responds to all the changes around us”.
Our clients will continue to be looked after by the people they have always known. What will change is an increase in the depth and breadth of services we can offer.”
“For all the combined partners and staff there will be greater career development, fulfilment and all the other benefits that come from working as part of an ambitious and expanding firm.”
The two firms will announce further details of the merger, and of its management team, in late May 2016.
There will be a transitional period during which Spofforths will embrace the Kreston Reeves brand and while the two firms integrate people, processes and systems. Thereafter the firm will be known as Kreston Reeves LLP.
The new firm will have a turnover of around £30 million a year, ranking it among the top 25 firms in the UK.
The firm will continue to service the needs of entrepreneurial and growing businesses, and on the needs of wealthy and private individuals, with a particular focus on the following sectors: academies and education, agriculture, charities, healthcare, life sciences, private wealth, professional practices, property & construction and technology.
The current firms’ leadership teams include partners who are influential in both the accountancy sector and their local community. Mark Spofforth OBE is a past President of the Institute of Chartered Accountants in England and Wales (ICAEW) and High Sheriff of West Sussex from 22 March 2016. Clive Stevens, Kreston Reeves’ Chairman, and Alex Spofforth both serve on the Council of the ICAEW. Clive Stevens is also a past chairman and main Board member of Kreston International, the firm’s overseas network.
Pictured above: Representatives of the two firms. Top left to right, David Hurst, Kreston Reeves Financial Planning Ltd and Andrew Griggs, Kreston Reeves.
Bottom from left to right Bryan Elkins, Spofforths, Nigel Fright, Kreston Reeves, Richard Spofforth, Spofforths and Clive Stevens, Kreston Reeves.
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