EY has today announced the signing of an agreement to acquire the business of Frank Hirth Plc (Frank Hirth), a market leading firm providing UK and US personal tax services, with a significant reputation in the private client business market.
Circa 200 employees, and over 5,000 clients, of Frank Hirth will form part of the acquired business. The transaction is subject to certain closing conditions and, if satisfied, is likely to complete in the first half of 2021.
The potential acquisition is expected to drive forward the EY ambition to be a leading organisation in private tax services, and to provide clients with high quality service, insights and experience as they face the increasing complexity of UK and US tax issues.
Jeff Soar, Managing Partner, Tax and Law, UK & Ireland, Ernst & Young LLP, commented: “Private businesses and their owners are the heartbeat of the UK economy and play an increasingly significant role in driving economic growth and prosperity. The potential acquisition of the business of Frank Hirth represents a significant investment and is a bold statement of intent, aiming to position EY as a leading organisation in providing private client tax services in the UK.”
“It demonstrates the EY ambition, commitment, and dedication to exceeding EY clients’ expectations across the UK and the world. While the acquisition is subject to closing conditions, we look forward to the prospect of welcoming Frank Hirth’s team and clients to the EY organisation at what is an exciting period of ambitious growth and development.”
Alison Kay, Managing Partner for Client Services, UK & Ireland, Ernst & Young LLP, commented: “The potential acquisition will help deliver extra value to EY private clients, by bringing additional competencies to the business rapidly. Frank Hirth has international reach, with a strong reputation in the UK and the US, and will build on the EY position as one of the most widely connected professional services organisations around the world. The potential acquisition is part of the wider growth strategy in the UK and Ireland for the next three to four years.”
Robyn Limmer, Frank Hirth Managing Director, said: "Throughout our discussions with EY professionals it has been clear that we share common values and goals, and so this has felt like a natural fit from day one. This is a great chance for us to come together, to propel our collective US and UK private client business to a new level, whilst maintaining and enhancing the exceptional client service we are known for. The business of Frank Hirth potentially coming into the EY organisation is an exciting proposition and one that we know our people will embrace to fulfill their individual potential."
EY Private Tax professionals number over 350 people across the UK, and bring together tax and business professionals that share a passion for serving the broad needs of private businesses and their owners.