Parker Randall UK will merge with Streets Chartered Accountants and rebrand into Streets Parker. As a result of the merger, the global association Parker Randall International will rebrand into Streets Parker Global, International Accounting Bulletin has learnt.
Streets Chartered Accountants is a UK top 40 firm of chartered accountants with offices mostly in the Midlands. It has 29 partners and directors and 100 members of staff. The firm joined Parker Randall International in September of this year. In FY16, Streets Chartered Accountants reported £18.07m ($22.1m) in fee income, up 5% from previous year, and is ranked 36th in the UK.
“Through this merger we should be in the top 30 firms in the UK. Our objective is to expand our presence in the UK and we want to be in the top 20, eventually top 10 in the near future,” Jason Parker, founder of Parker Randall International, told International Accounting Bulletin.
Parker said that to reach this objective, a UK group of independent firms will be created to welcome other firms and build further the presence in the UK. He didn’t rule out further M&A with other UK firms.
The rebrand of the international association will be subject to a vote by members at the Annual General Meeting to be held in London tomorrow (21 October 2016).
Asked why the international association decided to rebrand as a consequence of the UK merger, Parker said: “Because we will be known as Streets Parker in the UK, it makes sense to re-brand the global association so that you've got consistency, because we believe in having a single brand within the association.”
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By GlobalDataHe added that member firms across the world that operated under the Parker Randall brand, around 80% of the members, will be given time to rebrand their practices into Streets Parker.
It is a good opportunity for Streets Chartered Accountants as well as Parker Randall UK, Parker said. “We’ve got a good global presence and they have a bigger UK presence which we needed so that made it a good combination from both sides. We’ve talked to other firms, and it's been going on for about a year or two but we felt that Streets was the most suitable for us.”
He highlighted the synergies between the two firms as they have the same client base, the same way of thinking and both have young partners, which he said was an important factor.
Regarding governance, the UK firm and the international association will both be co-steered by Parker and Paul Tutin, managing partner at Streets Chartered Accountants.
In the short term, Parker explained that the objective was to focus in the UK to build further the presence aiming to enter the top 10. This, he said, will help the development of the international association around the world.
“Because when you have a strong UK presence, it's much easier globally. It will make it much easier to go to USA or go to Australia or go to other countries and say ‘would you like to come and join us?’”, he said.
