One of Wales' oldest accountancy firms, Broomfield Alexander, has been acquired by acquisitive firm Baldwins.
The deal, the value of which hasn't been disclosed, will see the firm that has its head office Cardiff but with offices also in Swansea, Newport, Monmouth and Aberdare, rebranded as Baldwins from next week.
The deal provides an exit for equity partners in Broomfield Alexander, which was established 100 years ago.
The firm has a turnover of £7.5m and a workforce of more than 110.
In 2017 Baldwins acquired south Wales firm KTS Owens Thomas, which now trades under the Baldwins name from its Aberdare and Cardiff offices.
Baldwins, a Cogital Group company, has 88 offices throughout the UK. It employs 2,500 staff with an annual turnover of £200m.
Its Welsh operations, including its latest acquisition in Broomfield Alexander, generates revenues of more than £12m annually.
Broomfield Alexander was ranked 20 in the top 40 charity audit firms in the Charity Finance Magazine survey by audit fees and was the only Welsh firm to be recognised.
Ian Thomas, managing partner at Broomfield Alexander, said the transaction will result in Baldwins being a major player as a business advisory firm in Wales.
He said: “This is an exciting development for us in joining a firm of this calibre. We will be strengthening our position in the market and increasing our investment in technology to further improve our client service in a rapidly changing and challenging environment.
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“It will also enable us to provide a wider range of specialist services for the benefit of our clients both nationally and internationally and to continue with our growth plan.”
David Owens, regional managing partner at Baldwins, added: “Baldwins now has £12m annual turnover in South Wales, and Broomfield Alexander joining us underlines our commitment to growing Baldwins in Wales.
“The two businesses also share a similar ethos when it comes to developing additional services for our clients whilst creating career opportunities for our staff. “
Shaun Knight, board director at Baldwins, said: “Providing a personalised service to the SME market has been a cornerstone of our approach throughout the UK, and mirrors Broomfield Alexander’s values.
“We are excited by the opportunity to work with a firm such as Broomfield Alexander who have created an enviable reputation using home grown talent.”
