FDI advisory a key factor in Moore Kingston Smith Irish acquisition

Moore Kingston Smith (MKS) is able to provide comprehensive foreign direct investment (FDI) advice to clients from both sides of the Irish sea as a result of its latest acquisition, according to Matt Meadows, partner and SLT member at MKS. 

Following investment from European Private Equity (PE) firm, Waterland, in June 2023, MKS has acquired Irish firm Moore, in a bid to increase its international reach.   

Ireland serves as a “stepping stone” for global companies seeking to conduct business in Europe and requiring an English-speaking hub to assist them in their endeavours, Meadows states.     

“There is a lot of FDI into Ireland, from the US, globally, but also the UK as well. And having enhanced capabilities to provide global clients advice is indeed going be a real strength for us.”    

“By having a really strong base in Ireland and the UK at the same time, it enables us to provide  comprehensive advice as to the options of our clients.”      

UK and Ireland trade corridor   

Meadows goes on to note that, since withdrawing from the EU in 2021, the UK and Ireland trade corridor has become increasingly important to businesses, arguing that the ability to advise on related tax matters represented another incentive for the acquisition .

“We are seeing more demand for international tax advice in the UK and Ireland from our client base, but also when you look at the strength of the Moore network, there are some very strong firms across the world, including in the US whose clients value this advice.”

Maureen Penfold, Managing Partner at Moore Kingston Smith, echoes this view and believes the acquisition will “provide clients with the direct access and frictionless trade across Europe they need in a post-Brexit world”.

MKS cash influx   

At the start of July 2023, MKS became the first accounting firm in the UK to secure investment backing from private equity (Waterland) while maintaining its partnership structure.  

MKS began to speak to Waterland back in September 2022 and Meadows says the strategy from the beginning of those conversations was the consolidation across the UK and Ireland.  

“As part of our investment strategy with Waterland, we are responsible for growth in the UK and Ireland, and are excited to be working with Ned Murphy (Managing Partner of Moore Ireland) and his team to deliver this strategy together.” Meadows notes.