London-based merger for acquisitive TC Group

Accountancy firm TC Group has continued its acquisitive expansion after completing a merger with London-based practice Citroen Wells. The deal, the latest in a series of mergers announced by TC Group over recent months, creates TC Citroen Wells.

Founded in 1952, Citroen Wells is a firm of chartered accountants based in Central London. The deal continues TC Group’s successful M&A strategy, which has helped it to grow a network of offices across the UK, with recent deals including mergers with Sussex firm Murphy Salisbury, London-based BSG Valentine and Essex-based Baker Chapman & Bussey (BCB) and the acquisition of Fortus’ divisions in the Midlands and East of England.

TC Group Chief Executive Richard Keyes called Citroen Wells "a trusted and highly regarded firm of professionals who go above and beyond in order to provide outstanding services to their clients” and said that the firm shared the same ethos as TC Group.

Keyes continued: "As such, Citroen Wells clients can expect a seamless transition and a continuation of the quality services to which they are accustomed as our two firms unite and move forward together."

Citroen Wells Senior Partner Stephen Simou said that the merger “will create a great opportunity to expand our range of services and expertise through the support and additional resources which TC Group have at their disposal whilst at the same time allowing our Partners to retain day-to-day operational control.”

Simou continued that TC Group “places a strong emphasis on proactive personal service and client care”, which he said aligned with Citroen Wells’ values and added that the company was "confident that this collaboration will be a huge success.”

TC Group’s M&A drive is being undertaken at a time of busy consolidation within the broader professional services industry. In the accountancy sector, many companies are using acquisitions to enhance their digital transformation, improve their client experience, gain new cross-selling opportunities and access greater depths of in-house expertise.


Read more about recent M&A trends in the accountancy sector

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