Swindon-based chartered accountancy firm Banks BHG has been acquired by major international audit, tax and consultants RSM in a deal that expands its presence in Swindon.
Single-office firm Banks BHG is long established in the Swindon area, providing specialist accountancy and taxation services to small and medium-sized businesses as well as private wealth clients.
The firm was formed from the 2014 merger of Banks, based in Stratton, and BHG, based at Shrivenham. It has two principals and 30 staff and currently has a turnover of around £1.5m.
Financial details of the deal have not been disclosed.
RSM is the UK’s seventh largest firm of audit, tax and consulting services with revenues approaching £300m a year. It has 3,400 partners and staff operating from 35 locations throughout the UK.
As part of the agreement, Banks BHG director Neil Elsden will become a partner with RSM while his fellow director Bernard Harrington – who founded BHG - will stay on as a consultant.
All Banks BHG staff will transfer from the firm’s Stratton office to RSM’s Swindon practice, which recently relocated from Westmead, West Swindon, into a new office in Churchward.
Following the merger, RSM’s Swindon team will have 70 staff.
RSM chief operating officer David Gwilliam said: ‘Banks BHG is highly regarded in the local market and the merger of the firm with our existing Swindon team gives RSM a fantastic opportunity to serve more clients along the M4 corridor and across the South West. We look forward to welcoming Neil, Bernard and all the Banks BHG staff to RSM.”
Banks BHG director Neil Elsden added: “We are very excited to be joining RSM. Combining the complementary skill sets from both firms will give additional breadth and depth to our overall service offering for the local market. RSM’s size and scale will also enable us to better support our clients to achieve their local, national and international ambitions.”
The RSM/Banks BHG merger comes just under a year after the RSM brand was adopted by what was then Baker Tilly’s 35 UK offices, including Swindon, uniting them under a single common brand with RSM audit, tax and consulting firms across the world.
Pictured, from left: Banks BHG director Bernard Harrington, RSM Swindon office managing partner Sharon Omer-Kaye, and Neil Elsden, also a director of Banks BHG
