A significant new force is set to emerge in Scotland’s professional services sector after plans were revealed for a merger of two prominent Tayside and Fife accountancy firms.
Dundee headquartered EQ Accountants and long-standing Glenrothes-based practice Carters will formally join forces at the start of the new financial year in April.
The merger will create one of Scotland’s largest independent accountancy firms, with a turnover in excess of £6 million and a workforce of more than 100 staff including a total of 16 partners.
No jobs are being lost as a result of the move, and a spokesperson for EQ stressed that as a merger rather than a takeover there was no monetary value to the deal.
The new enlarged company will trade as EQ Accountants LLP, and the Carters name, which has been a fixture of the business scene in Fife for more than 50 years, will be phased out over time.
EQ is a full-service firm but its tax service and planning is seen as its major strength.
Carters, which has a geographic reach from Fife into the Lothians and beyond, is particularly known for its work with clients in the agriculture and manufacturing sectors and for acting on behalf of professional firms.
It is expected the merged firm will deliver a broader and more comprehensive service to existing and prospective clients.
EQ managing partner David Cameron said yesterday: “The potential benefits generated by amalgamating with Carters are endless, with their excellent reputation for delivering quality service to clients throughout Fife and beyond.
“As well as strengthening our depth of expertise and extending our geographic reach in sectors such as agriculture, the merger will also present great opportunities for existing partners and staff, as well as those who we will be seeking to appoint in the weeks and months ahead.”
Stephen Taylor, managing partner of Carters, said: “The merger is being made from a position of strength, with two very successful practices coming together to create both an exciting and professional accountancy firm which will help our clients meet their business objectives and achieve even greater success.
“In addition, the stronger and larger firm, and its associated infrastructure and staffing, will also allow us to commit even greater time and resources to our clients,” he added.
The merger takes effect from April 1.