Bath-based Target Chartered Accountants called in insolvency practitioners at PwC to administer the company’s operations in locations that include London and the Midlands, following a financial crisis created by the failure of its Independent Financial Advisory (IFA) business.
Bishop Fleming, that already has offices in Bristol, Cardiff, Exeter, Plymouth, Torquay, Truro, and Worcester, has now agreed the acquisition of Target Accountants’ Bath operations.
This move will see three partners and over 40 staff at Target Accountants in Bath joining Bishop Fleming to provide that firm with a Bath office.
According to Bishop Fleming’s Managing Partner, Matthew Lee: “We have known of Target Accountants’ ability to deliver quality professional accountancy services from their Bath office and are very happy that the Partners and staff of their Bath office have joined the firm.
“This deal preserves the superb operations of Target’s professional audit and corporate tax services within the Bishop Fleming formula, but excludes any involvement in the Target IFA operation, which caused the failure of the business”, said Mr Lee.
He stressed the synergy of Target’s accountancy services with those of Bishop Fleming.
“Both firms provide services to a wide range of clients and we recognise the additional corporate expertise that their audit and tax teams bring to our firm, while Target’s clients will benefit from the high level capabilities and specialist skills of Bishop Fleming’s team,” said Mr Lee.
The acquisition of Target’s Bath operations follows Bishop Fleming’s recent merger with Rabjohns LLP in Worcester.
“We have now assembled probably the best resourced independent accountancy firm in the region, with offices spreading from Truro to Worcester”, said Matthew Lee.
“This growth reinforces our focus, as the region’s champions of owner-managed businesses, and increases our capacity to act for larger corporate businesses and public sector clients”, said Mr Lee.
“Our business plan is based on providing superb expertise at sensible fee levels. We match any firm in having specialist advisers on VAT, technical tax, international tax, insolvency, and corporate finance.
“The acquisition of Target’s Bath operations will add to that power-house”, said Mr Lee.