WHK Group (WHK) continues to expand its presence in Australia's financial services market with the purchase of four more accounting businesses.
The new purchases, which fit in with the group's member firm 'tuck in' strategy, will grow WHK's total acquired revenue in the current financial year to about $56.0 million.
WHK Horwath Sydney (formerly WHK Greenwoods, Sydney) has acquired the business of M Purtill, a former Pritchard Adams partner, with annual revenue of about $1.5 million. Purtill has joined WHK Horwath as a principal along with eight of his staff.
The merged business now has 36 principals, about 290 staff and annualised revenue of about $45 million.
WHK-TCM Smith has acquired Townsville based boutique firm Coco & Standton. The group has two partners, 11 staff and annual revenue of about $1.4 million.
The business will be merged with WHK-TCM Smith, with the merged business set to include 14 principals, about 130 staff and annualised revenue of about $15 million.
WHK Armitage Downie has acquired Melbourne-based firm Walsh Johnson. The group has two partners, six staff and annual revenue of about $1.1 million.
The business will be merged with WHK Armitage Downie which will have 21 principals, about 170 staff and annualised revenue of about $18 million.
WHK Mahoney Archer acquired a parcel of accounting fees of about $200,000 for cash on 29 June.
WHK has denied its accounting firm spending spree is part of a plan to take over major players in the accounting space, despite confirming it will continue acquisitions in the next 12 to 18 months.
WHK chief executive Graeme Fowler said the group's steady purchase of accounting firms was in no way an indication the group was looking to take over larger accounting firms.
In the past 12 months, WHK has acquired 22 accounting firms from within Australia and New Zealand. The plan is to cap this number at 25.
