DUBLIN ACCOUNTANCY firm Oliver Freaney, best known for its work for Dunnes Stores, has merged with London firm Smith Williamson, the eighth-largest practice in Britain by revenues.
The enlarged company, which will be known from next autumn as Smith Williamson Freaney, will have annual fee income in excess of €220 million. This comprises some £170 million (€214.88 million) at Smith Williamson and about €10 million at Oliver Freaney. Both companies are members of the Nexia International network of accounting firms.
The seven partners at Oliver Freaney will receive an unspecified cash payment in respect of 20 per cent of the consideration for their participation in the merger. The remaining 80 per cent of the consideration will be paid in shares by way of a 4 per cent equity stake in the enlarged organisation.
Smith Williamson chairman Gareth Pearce declined to put a cash value on the transaction, stating the firm has long-term plans to float on the stock market to raise its profile and provide resources for investments.
Oliver Freaney managing partner Paul Wyse will continue to lead the Dublin practice but will assume the title of managing director. While the practice will retain its partnership structure for audit work, it will become a limited company in respect of its tax and business advisory service.
“This merger represents a significant acceleration in the development of our practice and strengthens our offering to clients and our profile in the marketplace,” Mr Wyse said.
“We will have access to Smith Williamson’s significant tax and business service division and will introduce, in time, its investment management service to clients. This merger creates a powerful independent alternative to the national firms, bringing more opportunities for clients and staff alike.”
In addition to Dunnes Stores, one of the largest businesses in Ireland, Oliver Freaney’s clients include motor dealers Frank Keane and Denis Mahony Group and St Vincent’s Healthcare.
Mr Pearce said the merger brought a number of advantages for clients of Smith Williamson, which already has an Irish fund management business.
“Ireland is becoming increasingly attractive as a base for both individuals and corporates, which can only enhance the medium and long-term prospects for the country and boost demand for corporate advisory and private client services,” he said.
