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Kreston Reeves profits up a fifth after merger with Spofforths

By Chris Price

Accountants and business advisors Kreston Reeves experienced a 20% jump in profits in its first full-year after a merger.

The financial services firm, which has offices in Canterbury, Chatham and Sandwich, enjoyed a 47% boost to turnover to £33.8 million following its acquisition of accountants Spofforths.

It helped the company become the 24th largest accountancy in the UK, with 52 partners and 550 employees across 10 sites in London, Kent and Sussex.

Kreston Reeves has three offices in Kent

Kreston Reeves has three offices in Kent

Profits reached £8.7 million in the year to the end of May.

The business has been on the acquisition trail in the last two years, also completing a merger with London practice Munslows in June which added about 80 staff.

Managing partner Nigel Fright said: “In merging with Spofforths in Sussex in 2016 we have added greater geographical reach and more importantly, new areas of expertise.

“We have continued to invest further following our merger with Munslows in London in June this year, building strong foundations for our future.

Kreston Reeves staff outside its Canterbury office

Kreston Reeves staff outside its Canterbury office

“We are greatly encouraged by the growth in revenues, particularly from international businesses seeking to invest and do business in the UK.”

In November, Kreston Reeves refreshed its visual and brand identity, including a new slogan: “Understand, Look Ahead, Make it Personal, Be Crystal Clear, and Be Human”.

Mr Fright added: “Our brand refresh will also use the “knowing you” strap line in our communications with clients as we continue to provide clear advice, guidance and communications to our clients at a time of domestic and global uncertainty.”

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