Harts continues buying spree
Consolidator group Harts Australasia has continued its six-month buying spree, picking up Canberra-based accounting firm Wilson, Watt Papandrea and Townsville accounting firm, Coast to Coast Accounting.
The latest purchases mark Harts' tenth since June last year and third in three weeks after purchasing accounting firm, Business Results Group in New Zealand late last year. The group is also in discussions with more than 70 accounting groups with a view to joining the group.
Harts executive deputy chairman Steve Hart said the company would continue to focus on building the division with further acquisitions.
Wilson, Watt, Papandrea has revenue of $1.3 million and 800 clients. It will integrate with existing local Canberra Harts' firms to achieve a combined annual turnover of around $2.5 million.
Coast to Coast Accounting has revenue of $630,000, 1100 clients and will also integrate with the existing local Townsville business to achieve combined annual turnover of $1.3 million.
Harts' principal objective will be to enhance the profitability of the combined businesses by developing the client base, broadening and deepening the range of services and increasing the overall efficiency of the group.
Hart says the company's strategy has been welcomed by many in the profession with open arms.
"Every day we receive calls from practitioners from all parts of Australia and New Zealand wanting to know how they can join the group," he says.
"We turn away many because they do not have the fundamentals and quality we're looking for."
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
