Aberdeen firm Meston Reid & Co is now part of one of the UK’s largest accountancy groups, MHA, following a “merger”.
All five former partners, including Meston Reid managing partner Michael Reid, and 29 staff at the Granite City practice are staying on.
The Aberdeen business, based on Carden Place, will trade under the MHA name from now on.
A spokesman described the deal as “a merger of interests”. No financial details are being disclosed.
Meston Reid’s 33 years of service to diverse clients across the north-east
It heralds the start of a new era for Mr Reid, 64, an insolvency expert who teamed up with Delyth Parkinson and Robin Reid to launch Meston Reid 33 years ago.
The practice gained a reputation for its expertise in tax, audit, insolvency, corporate finance, business advisory, payroll and landed estates.
MHA, which now boasts 128 partners and 1,462 staff across 20 UK offices, is inheriting a diverse client base, spanning small and medium-sized enterprises to larger companies across various sectors, including energy.
Mr Reid said: “To continue to provide an ever progressive and evolving level of service to our clients in terms of range, scope and reach, we felt it was time to partner with a larger and equally ambitious organisation.
“Following previous interactions with MHA and by gaining a deeper understanding of their values, ethos and client-centric approach, it became clear to us they were an ideal partner.”
The Aberdeen team also hopes to benefit from MHA’s membership of the Baker Tilly International network.
MHA’s first foray into Scotland
MHA, which has an overseas office in the Cayman Islands, is making is first foray into Scotland.
Meston Reid is its third acquisition this year, following “mergers” with two firms in Wales.
MHA managing partner and chairman Rakesh Shaunak said: “Meston Reid & Co is a significant merger for MHA, enabling us to continue expanding and investing within a thriving business community in a region which has great synergies with MHA’s growth sectors.”
Almost a million young people have yet to access savings contained in Child Trust Funds (CTFs), according to a report by Parliament's Public Accounts Committee (PAC).
— Meston Reid & Co (@MestonReid) September 4, 2023
Mr Shaunak said the deal would give Meston Reid’s clients access a wider range of specialists and “enhanced” national and international offering, while still retaining a “highly personal local service”.
He added: “In addition, this merger opens up new avenues for professional development for both the partners and staff in Aberdeen, all of whom we are retaining, and presents enticing career prospects for fresh talent seeking to join our team.”
Headcount to grow in Aberdeen
MHA said it aimed to recruit more staff for its new Aberdeen office and was considering further “mergers” in Scotland as part of its growth strategy.
All five former Meston Reid partners – also including Mark Brown, William Anderson, Alan Stewart and Martin Cheyne – are now partners at MHA.