Campbell Dallas in hunt for takeover targets

Group Business Correspondent

Wednesday 8 August 2012

CAMPBELL Dallas, the independent Scottish chartered accountancy firm, is in the hunt to buy or merge with rivals under a plan which could boost turnover by 50% within two years.

TALKS: Managing partner Chris Horne says merger a possibility.

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MARK WILLIAMSON

Managing partner Chris Horne said Campbell Dallas is in the early stages of talks with several potential candidates for deals which he believes could help the partnership ramp up growth against a difficult economic backdrop.

Campbell Dallas is also looking to recruit debt advisory specialists who could help distressed businesses at an early stage.While business conditions are challenging, Mr Horne said he believes Campbell Dallas can take advantage of favourable trends in the accountancy market, which would mean that two types of practice may be interested in merger talks."There's a number of people out there looking at succession issues and who don't have answers," explained Mr Horne. "We are talking to firms that are good but perhaps have come towards the end of their business life cycle and are looking for someone to look after their clients." Mr Horne added that some good independents cannot win the quality of clients nor keep the quality of staff they would like as they are seen as too small.As Campbell Dallas offers a wide range of services, from audit to business recovery, the corporate finance specialist believes the firm does not suffer from such a problem.He said Campbell Dallas expects to complete deals that will allow the firm to add around £5 million to turnover.Mr Horne expects the hunt to focus on areas where it already has a presence. The firm has offices in Braehead near Glasgow, Perth, Stirling and Aberdeen. It has 155 employees including 16 partners.Asked whether it might expand into Edinburgh, he said: "If someone with the right culture came along we would look at them in Edinburgh."The company had turnover of £10m in 2011 and 2010 and is on course to maintain its level of sales this year in spite of the fact that partner numbers in the Glasgow area have reduced from 12 to nine.Mr Horne said Campbell Dallas has developed the capacity to handle a significant increase in business.The company moved staff from its former offices in Paisley and Bearsden into an enlarged base at Braehead. It has also developed a senior management team to help develop and implement its growth plans.Campbell Dallas is looking to recruit people with experience of advising firms on debt management issues to expand its service offering. These would be employed to work intensively with some clients who could benefit from help negotiating with their bank or finding an alternative.Mr Horne believes this would set it apart from firms which only offer standard business recovery and corporate finance services. Asked whether independents have a future in a market which is dominated by the Big Four giants, he claimed a firm of Campbell Dallas's size could offer the most appropriate service for clients in its favoured owner managed business market and could appeal to good potential recruits.

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Campbell Dallas in hunt for takeover targets

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