Dublin accountancy firm is bought by British services group DJH
DJH, which is backed by the private-equity investor Tenzing, says it is aiming to become one of the UK's top 20 accountancy and professional services firms.
James Beardmore, its chief operating officer, said: 'Dublin is one of the most significant financial hubs in Europe, with a strong economy, favourable corporate tax rate and, post-Brexit, it has become an increasingly attractive access point for UK firms looking to trade with the EU.
'We've aspired to have a presence in the city for a long time and MSD Accountants is the perfect fit, with its reputation for fantastic service and specialisms in several aligned sectors for us.
'Importantly, it gives DJH multinational service capability and EU regulatory compliance for UK clients looking at cross-border planning, tax efficient structures and expanding their European operations through an Irish presence.'
This is the latest in a series of takeover deals in the Irish accountancy sector. Small to medium-sized Irish companies are facing rising costs from regulation and technology, while overseas firms are keen to have a presence in a EU country with an expanding economy and that plays host to many global tech and pharma companies.
Private equity has been interested in lending support, because the income of accountancy firms tends to be constant, which simplifies the financing of takeover deals.
The MSD team in Dublin will still be led by Richard Daly, as managing partner, and Brendan Murtagh, as head of assurance.
'Joining DJH will benefit our existing clients through enhanced infrastructure and, for our clients operating in the UK, we will now have a full-service integrated offering there,' Mr Daly said.
DJH has now made 15 acquisitions in the four years since it was launched, and increased the size of its team to 670 people. Among its office locations are Derby, Leeds, and Manchester.
In April, it acquired McBrides Chartered Accountants in Bexley, making a first strategic expansion into London and the south of England.
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