WHK Group’s acquisition of significant regional accounting business Taylor McLachlan has further boosted the financial planning group’s New Zealand operations.
Based in Dunedin, Taylor McLachlan employs five partners and 50 staff, with annual revenue of around $6.5 million.
This latest acquisition is WHK’s fifth in New Zealand, coming soon after the March 2007 announcement of its purchase of Ward Wilson.
Both Taylor McLachlan and Ward Wilson are members of the Associate Group, offering traditional accounting and tax services to primarily small to medium businesses across a broad list of industry sectors, including primary production, property, professional services, manufacturing, retail and distribution.
The firm was selected because of its growth prospects and business symmetries in terms of size, quality and market profile.
Under the terms of the agreement, Taylor McLachlan will retain its individual presence within the local market, but will be co-branded as WHK Taylors. Effective from June 1, 2007, it also involves the payment of cash and the issue of 380,000 WHK Group shares.
Within the New Zealand market, WHK plans to further expand its network of member firms and service lines, particularly by integrating financial planning services with practices’ existing service offerings.
Graham Fowler, WHK’s chief executive, said the group “remains committed to total financial services, and is currently working through the order of that strategy as we evaluate our position in New Zealand…[but] our core strategy remains distribution”.
