Chantrey Vellacott DFK, the top 20 accountancy firm, has announced that it has merged its Thames Valley operation with the former Target office in Reading.
The major move means that the firm’s Reading office will double in size to more than 50 members of staff with a combined fee income of £5 million.
Around 25 former Target staff will relocate to Chantrey Vellacott DFK’s Queens Road offices, while former Target directors Richard Frett and Mike McAllister will become partners of Chantrey Vellacott DFK.
The two firms have been in negotiations since before Christmas once the management team bought back the Target office after the nationwide firm went into administration.
Mike Tovey, Managing Partner of Chantrey Vellacott DFK, said: ‘‘We have built a very successful business in the Thames Valley area and this move will allow us to further exploit opportunities in the region.
“The Target team had an attractive portfolio of clients which will increase our work in certain niche sectors while also bringing us some larger and exciting clients.
“Its special expertise in tax matters will also add to our offer in that area.
“Both firms know each other well and have similar emphasis on quality and customer care and we believe we will be even stronger working together.
“Chantrey Vellacott DFK has a strategy of seeking good quality mergers which can add strength to our existing offices across the UK. This merger fits exactly into that programme.”
Several firms were interested in merging with Target, but Chantrey Vellacott DFK was the first off the mark.
Richard Frett said: “We knew the firm well and that its philosophy mirrored ours. That plus the fact that it expressed an immediate interest in joining forces won the day.
“We have a very talented team and it will thrive under the Chantrey Vellacott umbrella. Our various areas of expertise and experience dovetail perfectly and as well as offering more to our existing customer base will also hopefully allow us to mount a serious drive for new clients.”
Target Reading was formerly Ernest Francis and was founded in 1888. Its offices are currently at Reading Bridge House.
Chantrey Vellacott DFK has 10 offices across the UK with more than 50 partners and is a member of DFK International, an independent association of accountancy firms and business advisors.