Originally posted by malvolio
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SJD Accountancy & Nixon Williams sold!
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I wonder if this may be the start of a consolidation by the PE. A few years ago, there were a few PE-led consolidators in the accounting area, Vantis and Tenon are two that spring to mind, who bought up lots of mid-tier firms with a view to building a mega-firm. It may be telling that both these consolidators went into liquidation and no longer exist.Comment
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Originally posted by Just1morethen View PostI wonder if this may be the start of a consolidation by the PE. A few years ago, there were a few PE-led consolidators in the accounting area, Vantis and Tenon are two that spring to mind, who bought up lots of mid-tier firms with a view to building a mega-firm. It may be telling that both these consolidators went into liquidation and no longer exist.Comment
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Originally posted by Just1morethen View PostI wonder if this may be the start of a consolidation by the PE. A few years ago, there were a few PE-led consolidators in the accounting area, Vantis and Tenon are two that spring to mind, who bought up lots of mid-tier firms with a view to building a mega-firm. It may be telling that both these consolidators went into liquidation and no longer exist.
Yes, it appears (oversimplifying what was no doubt much more complex) the problems Vantis and Tenon had were that building a national firm isn't as simple as buying an established independent practice in each of the fairly big towns and cities. Merging them all together isn't easy, each will have its own systems as well as ethos.
I do think that SJD & NW are very different though. They're already national firms.
As others have said, £100m for £25m turnover does seem a high price. Traditionally accounting firms sell for give or take £1 per £1 of turnover (though I know all too well the Tenon share price shortly before being killed did not reflect that!). I imagine "contractor accountants" probably have higher profitability than "normal accountants" as when all your clients are very similar & do things the same way you can streamline things better. Possibly there's also an element of Twitter/Facebook to it...ie as well as the income from the existing clients, I'm sure both firms have a lot of data as well as other websites. Perhaps part of the valuation revolves around that side of things.Last edited by Contractor UK; 22 September 2014, 12:01.Comment
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Speaking as a satisfied SJD client of many years, I'll be sad if this means Simon Dolan is less hands-on, not that I ever had to use it, but his usually prompt responses to issues raised here was a comfort ...My subconscious is annoying. It's got a mind of its own.Comment
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Originally posted by Unix View PostSo you don't think you have the right as a customer to know who owns the company?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by Unix View PostSo you don't think you have the right as a customer to know who owns the company?
I don't know who owns InTouch, and I didn't know who owned the previous accountant I was with.Comment
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Originally posted by TheFaQQer View PostNo. There are many companies that I trade with, and I don't know who owns any of them.
I don't know who owns InTouch, and I didn't know who owned the previous accountant I was with.Comment
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Originally posted by Unix View PostYou could be dealing with criminals then and you wouldn't know. No very smart.
Who do you bank with? Do you know exactly who owns the bank, probably not as it's likely to be publicly owned with many different shareholders. Does that stop you banking with them, I doubt it. However, if the bank starts making mistakes and the relationship with your business manager breaks down you will probably move to a different bank.
Providing that Nixon Williams and SJD continue to provide the same level of service their clients are use to why would it matter to them who owns the companies?Comment
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Originally posted by Unix View PostYou could be dealing with criminals then and you wouldn't know. No very smart.
Regardless, you don't need to be told in advance. Being told within a month or two gives you plenty of opportunity to bail before any changes actually take place.
Additionally the company being bought stops being its own entity and therefore probably/possibly CAN'T break the news off their own bat, potentially only the parent company has the authority to let them do this? Anyone?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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