Accountancy firms seal £10m merger deal

By DOMINIC JEFF
Published on 12/11/2012 00:00

Accountancy firm French Duncan, headquartered in Glasgow, has swallowed Stirling-based rival Macfarlane Gray to create one of the largest indigenous accountancy practices in Scotland, with a combined fee income of £10 million.

Under the terms of the merger, Macfarlane Gray will retain its name but will be part of an enlarged French Duncan operation with nearly 200 employees and a network of eight offices across the Central Belt.

It is the latest consolidation in the sector after news last week that Britain’s sixth and twelfth largest accountancy firms, BDO and PKF, are to merge.

French Duncan chairman Robert Kerr said: “In looking to expand our business in the Central Belt, we recognised ­Macfarlane Gray as a high-­quality business with a similar ethos to ourselves.”

Founded in 1934, Macfarlane Gray has enjoyed strong growth in recent years, taking its turnover to £2m.

It said the merger will allow its clients to tap into a greater pool of resources.

The group’s senior partner, Alan Skilling, said the deal represented “a coming together of services for the common good of clients and staff”.

French Duncan said it continues to consider “strategic ­options for growth”, including acquisitions and mergers.