Scotland business

Scottish accountancy firms announce merger

fingers on calculator
Image caption The merger is the latest sign of consolidation in the accountancy industry

Accountancy firm French Duncan has announced a merger with Stirling-based Macfarlane Gray as consolidation within the industry continues.

The move will create one of Scotland's largest indigenous practices.

The merged entity will have a combined fee income of £10m, nearly 200 employees and a network of eight offices spanning the central belt.

Last week accountants BDO and PKF announced they were in advanced talks to merge in the early part of 2013.

Under the terms of the latest merger, Macfarlane Gray will retain its name as part of Glasgow-based French Duncan.

Macfarlane Gray senior partner Alan Skilling commented: "A merger of like minds, this deal represents a coming together of services for the common good of clients and staff.

"We believe that this merger will provide business owners in Central Scotland with a unique blend of business advisors who, irrespective of size or sector, have the experience to assist in the growth and development of their businesses."

'Strategic options'

French Duncan chairman Robert Kerr said his firm had recognised Macfarlane Gray as a high-quality business.

"Not only will this merger expand the French Duncan business, but it will provide real benefits for Macfarlane Gray clients and staff with MG becoming part of one of Scotland's largest and fastest growing accountancy practices," he added.

French Duncan said it was continuing to consider "strategic options for growth", including acquisitions and mergers.

The recent news that BDO and PKF were in advanced talks followed an announcement by accounting and business advisory firm Johnston Carmichael that it was to merge with Aberdeen-based Ritson Smith.

The move means Johnston Carmichael will rank among the top 20 accountancy firms in the UK, in terms of revenue.

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