Merger creates regional accounting powerhouse
BHP, already Yorkshire’s largest independent firm of chartered accountants, has announced further expansion following its merger with the highly regarded Cleckheaton based firm Clough & Company. The landmark deal creates a regional practice with six offices, over 270 people and revenues approaching £18 million, which will place it firmly within the top 40 largest accounting firms in the UK.
The existing Chain Bar office will trade and be branded as BHP Clough & Company. The merger also involves Clough & Company’s Financial Services team joining BHP Financial Planning Limited, whilst the two firms’ Corporate Recovery and Insolvency teams will combine within BHP Clough Corporate Solutions.
The merger coincides with the planned retirement from Clough & Company of partners Steven Gash and Nigel Westman, after many years’ dedicated service to their clients. Both remain as consultants.
John Warner, BHP’s Managing Partner, comments “The merger with Clough & Company is a further step towards our vision of being the independent firm of choice across our region. We have always admired Clough & Company as a long established and well respected brand in the West Yorkshire marketplace. They very much share our values and culture, not only providing the highest quality advice to clients but also employing and developing the best people. In particular the merger will add significant scale to our West Yorkshire offering, currently run out of our rapidly expanding office in Leeds”.
Nigel Bullas, Clough’s Managing Partner, added “As part of our own long term growth strategy we have identified the need for an international presence, which BHP’s membership of Kreston International will provide, together with highly specialised corporate finance, and consulting capabilities to respond to the increasingly complex demands of growing businesses. The combined operation, which includes a tax team of almost 50 experts, will not only enable us to provide enhanced support to our clients, but also help us to be the number one choice in our sector. This is the way forward, is great news for our staff and clients and we are all very excited about the future.”
Banking support for the transaction was provided by Helen Hickingbotham, Relationship Director at NatWest in South Yorkshire. Legal advice to BHP was provided by Paul Trudgill at hlw Keeble Hawson, with Susan Clark at LCF Law advising Clough & Company.