Target acquires Winters
Leading UK business advisory firm Target Chartered Accountants has made its first move into London with the acquisition of the City firm, Winters Chartered Accountants.
This latest acquisition is Target’s fifth in four years, underlining the group’s commitment to expand its full-service business into the capital and other regions.
The Winters deal follows acquiring the business of Bristol-based accountancy firm Rossiter Smith; the acquisition of Rugby-based Limehouse last year together with Reading-based Ernest Francis and Bath-based DNP (David Naish Partnership). Target is looking to increase turnover to more than £20 million in the next two years.
Winters, which was established in Tyneside in 1870 and moved into London in the 1930s, now has 46 people including nine partners at its offices on Ludgate Hill.
The firm, which has a turnover of £3.9 million, provides a wide range of services, from tax advice and audit to corporate finance and corporate recovery and has a broad spread of clients from owner managed businesses to public companies, pension schemes and charities. It also provides wealth management services to high net worth individuals.
Target managing director Keith Seeley said: “This latest acquisition will place Target in the top 30 firms in the country. We already advise a number of clients in London so the Winters acquisition is the next logical step for us. From a £600,000 turnover five years ago, Target is now a £15 million turnover business that has built its reputation on the back of excellent client service coupled with in-depth technical knowledge.”
Kevin Fisher, partner with Winters added: “This is a massive opportunity for everyone involved with both firms and we are all extremely excited by the prospects that this latest development represents. The coming together of the two firms means we can improve our service offering to our current clients, while enhancing our appeal when seeking fresh business.
“The deal also gives some of our partners the opportunity to retire and as part of an enlarged group, there will be greater career opportunities for staff too.”
Target was established in 1998 by main board director Mark Harman, a highly regarded tax specialist in the South West region. He was joined in 2002 by Keith Seeley, a founder partner of Lathams, which he built up to be the largest independent firm of accountants in the North West before it was acquired by Tenon plc.