Big Four challenger CogitalGroup has signalled its intention to expand its international reach as its London division, Blick Rothenberg, acquires Westleton Drake, a specialist private tax client practice
Westleton Drake, founded by Daniel Hyde, is a mid-tier provider of specialist tax services to US connected private clients, advising high net worth US families, executives and entrepreneurial business.
The five directors of Westleton Drake - Daniel Hyde, Andrew Avramides, Stephen Huddle, Adam Smith and Suzanne Willis - will become partners at Blick Rothenberg. It is understood that the name Westleton Drake will be retained but the longer term intention will be to rebrand as Blick Rothenberg, although there are no specific timings as yet.
In its year end March 2017 accounts the firm reported annual turnover of £6,052,056 with pre-tax profit of £459,822, marking 34% growth year on year, following the hire of a number of key senior staff.
John Connolly, CogitalGroup’s, executive chairman, said: ‘Westleton Drake’s client base complements Blick Rothenberg’s services to global private clients as well as individuals working abroad on a temporary basis. The acquisition builds on Blick Rothenberg’s ability to support US businesses and their employees expanding into the UK and beyond, which is a core historic strength of Blick Rothenberg.
‘This acquisition is part of Blick Rothenberg’s growth and acquisition strategy and is another step forward for CogitalGroup and its plans to build a technology driven, international advisory business and strengthens the group’s presence in the entrepreneurial business sector.’
Nilesh Shah, CEO of Blick Rothenberg said: 'We are delighted to have acquired Westleton Drake. They have an outstanding reputation in their field and are a perfect fit. It is another step in our ambition to build a high quality business focusing on domestic and international entrepreneurial businesses and their owners.’
Currently, CogitalGroup has 4,700 people operating from 150 offices in seven countries, with revenue in excess of £320m.
Report by Pat Sweet, Sara White