Accounting network acquires financial services firm

One national accounting network has acquired a business advisory firm in Sydney to diversify its services in response to client demand.

The Sydney office of Shadforth Business Advisory Services joined the Nexia Sydney office this week.

Nexia Sydney managing partner Paul Lenton said the addition of Shadforth Business Advisory Services has added to the Sydney office's capabilities.

“Clients are demanding much more from accountancy practices and our strategic plan is to grow and provide a wide range of services relevant to the needs of businesses today,” Mr Lenton said.

Speaking to Accountants Daily, Nexia Australia chairman Ian Stone said that all firms in the Nexia network recognise that growth through acquisitions can be a way to respond to clients' needs.

“We're realising that in order to provide the complete service offering and some of the new services that clients are looking for you can't just do it in a small practice anymore,” Mr Stone said.

“We’re looking for other people to assist in providing that skill or knowledge that sometimes we can't provide.”

This is Nexia Sydney's second acquisition this year, having also merged with Russell Bedford in July.

“This is our second in six months and so from a Sydney point of view, we're always certainly looking for opportunities, but I think we've got a bit on our plate in bedding down the two,” Mr Stone said.

“If an opportunity arises well then we'll look at it but we're probably not actively at the moment going out there.”

However, Nexia Australia is looking at new locations to open in after adding new offices to the network in Darwin, Brisbane and Melbourne during 2016.

“We've covered off now all the major capitals except for Tasmania so that's an area that we wouldn't mind expanding in to,” Mr Stone said.

“[We’re also] looking at some of the major regional areas of Australia. North Queensland would be one potentially, western NSW, and even some of central Victoria, but it's just a matter finding firms to join the Nexia network.”

 

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