MAJOR consolidating moves are tipped for two Perth accounting practices.
MAJOR consolidating moves are tipped for two Perth accounting practices.
The Financial Services Group has sold a large share of its operation to Sydney-based invest-ment club Australian Investor’s Forum to gain funds for another run at the accounting consolidation game.
And national accounting group Hall Chadwick is believed to be preparing for a float to fund its takeover of firms on the east coast.
It is thought that, if the play is successful, it will more than double the group’s Australia-wide billings.
Meanwhile, Hall Chadwick’s Perth office merger with fellow accountant Brandsma Crockett is believed to be progressing nicely and should be finalised late next month when the two firms take up new digs together in the BankWest Tower.
In February both the FSG and fellow Perth consolidator Sterling Financial Services launched prospectuses to fund their accounting practice consolidation plans. Both consolidators planned to take over about six accounting practices each. The clients of those practices then would become targets for financial services products.
However, the public failed to respond to their consolidation call and both prospectuses failed.
Sterling Financial Services has now filed to be struck off the public companies list.
FSG director Des Luplau said that, after the failure of its prospectus, the company had to reinvent itself.
“You have to have the financial services in place from the start,” he said.
“Consolidators start out buying up accounting firms with a view to adding financial services to that mix.
“But the public only judges you on your current income which comes from the accounting firms. You don’t have the funds under management returns to add.”
The Financial Services Group has sold a large share of its operation to Sydney-based invest-ment club Australian Investor’s Forum to gain funds for another run at the accounting consolidation game.
And national accounting group Hall Chadwick is believed to be preparing for a float to fund its takeover of firms on the east coast.
It is thought that, if the play is successful, it will more than double the group’s Australia-wide billings.
Meanwhile, Hall Chadwick’s Perth office merger with fellow accountant Brandsma Crockett is believed to be progressing nicely and should be finalised late next month when the two firms take up new digs together in the BankWest Tower.
In February both the FSG and fellow Perth consolidator Sterling Financial Services launched prospectuses to fund their accounting practice consolidation plans. Both consolidators planned to take over about six accounting practices each. The clients of those practices then would become targets for financial services products.
However, the public failed to respond to their consolidation call and both prospectuses failed.
Sterling Financial Services has now filed to be struck off the public companies list.
FSG director Des Luplau said that, after the failure of its prospectus, the company had to reinvent itself.
“You have to have the financial services in place from the start,” he said.
“Consolidators start out buying up accounting firms with a view to adding financial services to that mix.
“But the public only judges you on your current income which comes from the accounting firms. You don’t have the funds under management returns to add.”
