Xeinadin Group

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Press Release

Xeinadin Launches Professional Services Consolidator In UK, Ireland

Xeinadin, which calls itself the ‘firm of the future’, has announced details of a number of its takeovers. The group is a consolidation of more than 120 independent accountancy firms across the UK and Ireland.

Accountancy practices within the group range from small, local offices to larger, regional, multi-office practices with several Directors. The group says many of the firms were head-hunted into Xeinadin on the basis of their entrepreneurial uccess, strong historic growth and future potential.

The firm has becomes one of the UK’s largest accountancy specialists for barristers and solicitors following the acquisition of BarTax, which services approximately a 12th of the self-employed barrister market. BarTax Managing Director Geoff Claughton said: “I was sold a community and that’s exactly how it is. I’m able to help other offices to engage similar legal clients to ours or we can of course serve them from our office.

Likewise, we will be referring business opportunities within the group.” O’ Connor Pyne & Co. is an Irish firm of Chartered Accountants, Taxation and Business Advisers based in Munster, with offices in both Cork and Kerry. The focus of O’Connor Pyne is to provide not just specialised technical advice, but to act as quality business advisors. It provides a broad range of professional services to a diverse cross-section of corporate sectors throughout Ireland. Oriel Lawton of O’Connor Pyne & Co said: “We believe we are one of several young Partnerships in the group.

I accepted a position on the Xeinadin Irish Board, which features many other younger profiled Partners across the Ireland region. There’s credibility in this group, led by our Head of Ireland being Derry Crowley of Crowley & McCarthy, one of the largest firms in the group.” Managing Director of Welsh firm O’Brien & Partners Lewis Van Emden commented, on joining Xeinadin: “Having worked in a top six firm, it is evident to me that Xeinadin will form major disruption within the accountancy market.

Xeinadin’s ‘ongoing movement’ will change the attitude of many smaller practices outside the top 100 firms. They will either join a consolidator like Xeinadin to give them a real competitive advantage in their communities or they may face working longer hours for lower return.” Stockport, Lancashire-based has joined Xeinadin group. Hallidays will continue its focus on building SMEs and owner managed businesses in the North West and surrounding areas of the UK and will also offer its services across the Xeinadin group.

Welsh accountancy firm Lewis Ballard will keep its name and continue to run its business as part of Xeinadin. Lewis Ballard said joining Xeinadin offers it the opportunity to serve smaller local businesses whilst there’s also a possibility of the firm to compete for clients that would normally engage with the leading six accountancy brands.

Lewis Ballard won the ‘100% Xero Award’ at Xerocon London 2018. Wales-based Centurion VAT is a VAT specialist team which offers a range of sector-specific VAT Support Services across the UK, Europe and beyond. Centurion will automatically become a VAT specialist for all Xeinadin offices whilst they will also support other professional services firms being accountants, lawyers and direct tax advisory firms with helpline support to enable them to ensure internationalaccountingbulletin.com International Accounting Bulletin 13 Jun 2019VAT issues arising for their clients are resolved effectively.

Director of Centurion VAT Liz Maher was awarded an OBE in the Queen’s 2019 New Year’s Honours List for services to diversity and economic development. Formerly an HMRC VAT inspector and an Indirect Tax Director with Ernst & Young, Maher, with 35 years VAT experience, is a regular VAT speaker at events for the ICAEW, ACCA and AAT. Murray Associates, established by Gloria Murray in 1997 to help small businesses, has joined Xeinadin. Murray said: “It’s a privilege for our business to join a major likeminded community of both proactive and progressive accountancy practices.

I’m truly honoured to have been head-hunted into the group. When I first heard the vision of the group I realised immediately that the industry was moving faster than ever before and that our clients would be best served by Murray Associates joining the ‘Firm of the Future’. The idea of pooling knowledge and specialisms with the ‘5th largest partnership’ in the UK gives our firm additional support to best serve our clients at a time where businesses need more support with Making Tax Digital and ongoing changes caused by the advancement of the digital world.”

Liverpool-based Cobham Murphy will be rebranded CM Chartered Accountants and will become the group’s specialist in high level tax investigation-based services. Managing Director Phil Harrison said: “Our firm has been following Xeinadin with caution over the last year. What has materialised is nothing short of exceptional. Promises were made but they were delivered and more. For a year we’ve been courting with the idea and meeting several North West practices regularly. It’s definitely a community and a real belief we can all work closely together sharing opportunities and supporting each other. Firms in the North West range in size but there are 3 or 4 sizeable firms that offer forensic-based services too. Together we have a real expertise to best serve clients. Our firm becomes a specialist for the group overnight and we are delighted that our record and expertise has been recognised.

As a group Xeinadin can definitely compete with the top six in this type of high-level tax service.” Xeinadin has also targeted and acquired a number of younger, qualified Sole Practitioner firms across the UK and Ireland region. Such firms typically range between £500,000-£1m in turnover. These firms all have one major commonality in that they wish to contribute to the technology driven ‘Firm of the Future’ concept. Three of those firms have been named with others to follow. Eamon McManus is a qualified accountant practising as McManus Williams in Clevedon, North Somerset.

At the age of 41 he is one of Xeinadin’s numerous ‘nextgen partners’ whose practice is technology-centred. Kirk Weatherley, also qualified and just 40 years of age, manages Newsham Hanson in Clevedon, Bristol. He said: “This is now a progressive journey for our firm. Although we plan to achieve revenues of around £1million over the next year, I still felt that the firm would benefit from the wider skills, expertise and experiences from 260+ partners. Opportunities that we might have outsourced to the wider community in the past can now be dealt with inside our expanded network.” Shaun Craven, 46, is also qualified and based in Buckinghamshire. He also plans to pass the million turnover mark over the next 48 months with his firm Anthistle Craven. His focus is on designing digital bookkeeping and reporting solutions for SME/OMB clients.

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Date:

June

13

2019

posted by:

International Accounting Bulletin

ACCOUNTANCY has been listed by Forbes as most profitable industry

DISRUPTOR NATURE

FIRM OF THE FUTURE

UK & IRELAND SPREAD

REPEAT CLIENTS = ‘ANNUITY-LIKE’ INCOME

DIVERSIFICATION
ACROSS CLIENTS, SERVICES & TERRITORIES.

Accountancy OMMM (Overnight Multiple Merger Model)

  • The accountancy industry has been listed by Forbes as a very profitable industry.
  • There are approx 22,000 UK & Ireland Accountancy Practices.
  • The accountancy OMMM is a 122 independent accountancy firm merger.
  • The accountancy OMMM was formed with a ‘Firm of the Future’ concept.
  • Accountants were headhunted based on specialisms.
  • Experienced equity director & executive management teams.
  • Accountancy is a low risk business model/industry.
  • Accountancy is regulated by various institutes.
  • Typically, 90% repeat clients creates ‘annuity-like’ income.
  • Accountants exhibit 10+ years long lifetime value of a customer.
  • Accountancy practices have qualified personnel at various levels from Partners to team members.
  • Accountants have the ability to upsell and cross sell other products and services for commercial gain.
  • An accountancy merger allows economies of scale & cost efficient opportunities.
  • The industry is becoming more digitalised and will drive efficiency.
  • An accountancy merger pools knowledge, resources & specialisms.
  • An accountancy OMMM benefits from both local and national brand.
  • Accountants are less reliant on one-off transactions.
  • Diversification across clients, services & territories.
  • Substantial community ethos amongst the 200+ Directors.

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