Audit, tax and consulting firm RSM has acquired Swindon-based chartered accountants Banks BHG in a deal which will see the firm expand its presence in the south west market.
Banks BHG is a long-established firm of chartered accountants, auditors and tax advisers, providing specialist accountancy and taxation services to small and medium-sized businesses as well as private wealth clients. The firm, which has two principals and 30 staff, currently has a turnover of around £1.5m.
RSM is the UK’s seventh largest firm of audit, tax and consulting services with revenues approaching £300m a year. The firm has 3,400 partners and staff operating from 35 locations throughout the UK.
As part of the agreement, Neil Elsden will become a partner with RSM, Bernard Harrington will stay on as a consultant and all 30 staff will transfer to RSM’s Swindon practice.
Following the merger, RSM’s Swindon team, which recently relocated to new premises at Hermes House on Firefly Avenue, will now comprise 70 people.
Commenting on the deal David Gwilliam, RSM’s chief operating officer said: “Banks BHG is highly-regarded in the local market and the merger of the firm with our existing Swindon team gives RSM a fantastic opportunity to serve more clients along the M4 corridor and across the south west. We look forward to welcoming Neil, Bernard and all the Banks BHG staff to RSM.”
Neil Elsden, director at Banks BHG said: “We are very excited to be joining RSM. Combining the complementary skill sets from both firms will give additional breadth and depth to our overall service offering for the local market. RSM’s size and scale will also enable us to better support our clients to achieve their local, national and international ambitions.”
Pictured above from left to right: Bernard Harrington from Banks BHG, Sharon Omer-Kaye, RSM’s office managing partner in Swindon and Neil Elsden, also from Banks BHG