Preston-based Turner Accountants has merged with Lincolnshire’s Streets Chartered Accountants, seeing the establishment of Streets Turner Chartered Accountants.
This latest merger is one of more than seven that Streets Chartered Accountants have completed in 18 months and which has seen the practice grow, now with more than 27 offices and fee income over £35 million.
Mike Turner, Managing Director at Turner Accountants, said: “I am delighted and excited about the merger. The practice was founded in 1996 by myself and over the years it has grown based on our reputation and the demands of clients in and around Preston.
“As with any business we cannot stand still and to overcome the challenges we and our clients face, we needed to develop our business. We looked for some time to find a perfect partner to support us and one with which we share mutual values and we believe we have found that in Streets.
“Certainly, there is a great match, both in terms of client focus and cultural fit. The merger has also given us the opportunity to promote three, highly valued, members of the team, Henry Abell, Lynda Rainford and Catherine Clifton to directors.
“Now that Turners is part of a larger practice, we can confidently promise greater continuity of service to our clients and improved career prospects for our team.
“We also believe that our clients will benefit in that the combined firm will be able to offer a wider range of services including areas of specialist corporate and private client tax planning, banking and finance, international advice, personal financial planning and even a virtual finance office whilst still retaining those personal relationships.
“As a result of the merger, we are also now able to undertake statutory audits for larger clients, as well as businesses and organisations across Preston.”
Streets Chartered Accountants’ Managing Partner, Paul Tutin, said: “In line with our strategy to become a truly UK practice we are looking at and working with a number of firms looking to become part of Streets. The merger of Turner Accountants in Preston is the latest in line with our plans to expand our geographical coverage and provides us with an ideal presence in Lancashire.
“We were delighted to enter into a conversation with Mike Turner and his team at Turner Accountants. Very early on in our discussions it was clear that we shared the same vision and values for the profession and for supporting our clients.
“We are really looking forward to working with Mike, Henry, Catherine and Lynda to grow the practice and to further establish it as a pre-eminent accountancy, business and tax advisory firm servicing the needs of businesses and individuals across Lancashire and the North West.
“Looking ahead with a number of further mergers and acquisitions in the pipeline which include a number of practices across the UK, we are on track to achieve our target revenue of £40m by the end of the year.
“The profession is going through significant consolidation with heightened levels of merger and acquisition. In contrast to many our approach seeks to build on the success of merging firms, ensuring we retain and build on their winning approach. An approach we believe is particularly liked by many of those looking to exit routes, the challenge of growing their practice or facing increased competition and the need to widen their service offering.”
Streets Law, Streets Chartered Accountants’ dedicated corporate and commercial law offering led by Managing Director and Solicitor, Adam Aisthorpe, undertook the legal work on Streets Chartered Accountants’ behalf for the merger, including drafting the sale and purchase agreement and dealing with the due diligence process in collaboration with internal colleagues in tax and audit teams.
