28th June 2019
Large UK accountancy consolidator views Brexit as major acquisition opportunity across entire Ireland region.
International accountancy group Xeinadin has today confirmed that it has acquired over 40 accountancy offices across Ireland with 17 offices based in the Dublin region. It’s now confirmed that 31 independent Irish accountancy firms have entered the Xeinadin Group.
The ambitious group plans to further penetrate the Irish SME and OMB market with its growth plans, whilst being a gateway into European markets due to the country’s very low tax regime. There has been a lack of movement from UK-based accountancy firms in merging with Irish practices or setting up a presence themselves in Ireland.
There’s been a major movement by UK legal firms, such as Pinsent Mason opening offices in Dublin, and Xeinadin is no different than other professional services firms in that it wishes to benefit from opportunities in Ireland as a result of Brexit.
The group intends to continue major M&A activity in the entire region over the next 4 years, which will see the top accountancy firms in Ireland being challenged for the first time in the country’s history. The group believes it has a major strategic advantage with its ability to serve clients with an array of specialisms within the group. Knowledge is being pooled across the Group whilst work that was once offered or referred outside the accountancy offices is now more likely to be retained within the group. This means revenues are likely to increase through internal referrals. The Group has a wide range of specialisms, including financial services, corporate finance, outsourcing, legal and business recovery.
With Dublin establishing itself as a popular European base for large American technology companies like Google, Facebook and Twitter, Xeinadin believes there’s vast growth opportunity in Dublin, with both UK and European companies restructuring to benefit from Ireland’s low tax rates and highly skilled tech-based labour force.
Xeinadin is in ongoing dialogues with over 25 independent Irish accountancy firms for future acquisition and expects a substantial number of accountancy firms to show interest in Xeinadin over the next few years.
In additional to the ongoing promotion of 31 local Irish brands, each Irish office will begin to utilise the Xeinadin international brand from July 2019. The Group’s disruptive behaviour is planned to accelerate the growth opportunities for each office. 70 Directors across all the offices plan to work closely together, led by a strong 8-Partner Irish Board. All representatives of the board are equity directors of the group.
Xeinadin Group Director Nigel Bennett said: “Ireland is experiencing stronger economic growth and this offers confidence for our group to expand its operations across Ireland. Whilst there’s a major presence in Dublin, Xeinadin has agreed offices in key areas such as Co Cork (9 offices) and Limerick (4 offices). The group has further presence in Co Carlow, Co Galway, Co Kildare, Co Kilkenny, Co Mayo, Co Meath, Co Offaly and Co Tipperary.
As the economy continues to grow more services will be demanded from accountancy offices, and the group plans to be a beneficiary. Since the announcement of Brexit, our Irish offices have seen new commercial opportunities, including major referrals from UK-based accountancy firms.
Clients and prospective clients are increasingly demanding Brexit and EU law-related regulatory advice allowing them to continue their rights to trade across EU markets in a no deal scenario. Clients want to know the tax implications as well as restructuring advice to maintain their competitiveness. There are constant dialogues between our London and Dublin offices regarding client concerns with Brexit.”
28th June 2019
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