Smith & Williamson continues expansion into Ireland
2 Oct 2018
Smith & Williamson in Ireland has merged with Dublin-based accountancy firm LHM Casey McGrath, in a move that will put the meged practice in the top 10 in the Republic of Ireland
2 Oct 2018
The merger creates a total workforce of 135 people based in Smith & Williamsons two offices in the Republic of Ireland.
The deal will increase turnover to over €15m (£13.5m) per year in Ireland and total group operating income to £269m (€300m).
Smith & Williamson first entered the Irish market in 2008 through the establishment of an accountancy division, following a merger with Oliver Freaney & Co, a firm of chartered accountants and business and tax advisors established in 1958.
LHM Casey McGrath was founded in 2004 as an accountancy and financial services firm, employing 56 staff with fee income of circa €5m (£4.5m) in 2017/18. Its services cover audit, assurance, accounting, taxation, business outsourcing, advisory and consultancy.
‘This merger underlines our commitment and scale in Ireland, where we combine a top 10 accountancy firm with a leading independent wealth management operation,’ said Smith & Williamson co-chief executive, Kevin Stopps. ‘The deal fully supports our long-term strategic growth ambitions and also strengthens our presence in an important EU territory in advance of Brexit to ensure that we are well-placed to service our clients.’
Managing partner for Smith & Williamson’s professional services team in Dublin, Paul Wyse, said the merger would offer a better service to clients.
‘Our clients will have access to a fully comprehensive and integrated range of business services and a larger team of specialist advisers. Clients will also continue to receive the very highest standards of client service and advice,’ he said.
‘Today’s announcement is the culmination of many months of engagement with a firm that shares our vision and values in providing the highest quality professional services to clients. The team at LHM Casey McGrath is an excellent fit with our strategy in order to enable growth, improve our service offering and meet the needs of clients through a diverse range of professional services.’
Damien Kealy, Managing Partner of LHM Casey McGrath, said the move was an ‘exciting opportunity’.
‘While we are very proud of the history of our firm and the achievements of our people, we also recognise the significant benefits that the wider range of accountancy and investment management services which Smith & Williamson can provide to our clients and their businesses. This is an exciting opportunity for our people, our clients and our firm and one that allows us to continue to achieve our growth ambitions and those of our clients,’ he said.
Report by Rob Munro