BKL merges with CFPro in a move to bolster market position

BKL, a leading London-based accountancy firm, announced a strategic merger with commercial finance specialists CFPro on December 4.

The move is set to strengthen BKL’s position in the market, expanding its team and enhancing its service offerings. The accountancy firm is widely recognised as one of the country’s foremost authorities in complex tax matters. Their clients span various sectors.

CFPro specialises in strategic support for high-growth businesses, offering guidance in areas such as acquisitions, IPOs, funding, and corporate governance. It will continue trading under its name as part of BKL.

The merger is a testament to the growing trend of consolidation in the accountancy sector, offering valuable insights for other firms considering similar moves. In Accountancy Age’s 50+50 2023, 33% of the UK’s top firms said they had bought or sold a firm, or part of a firm, within the last financial year.

“We’ve always enjoyed serving as trusted advisers to ambitious clients,” said Lee Brook, CEO of BKL. “CFPro’s vast experience in this area will enable us to provide an even higher level of support to fast-growing businesses. We know that CFPro’s team will become invaluable to our clients and we can’t wait to begin collaborating,

BKL’s Continued Growth

The merger will see BKL’s team grow to over 250 people, including 25 partners. This move follows BKL’s previous merger with Landau Baker Chartered Accountants in May 2023, demonstrating the firm’s commitment to growth and expansion.

Additionally, BKL welcomed two new audit partners in April 2023: Nick Bishop, who was internally promoted, and Geeta Morgan, who joined from Mazars. Duncan Hardy, BKL’s Chief Digital Officer since 2019, was also appointed as a partner in April 2023.

The Expertise of CFPro

CFPro brings a wealth of expertise to the table, particularly in supporting high-growth businesses. Their advisory and compliance services cover a wide range of specialised areas and they also provide guidance for finance teams navigating major changes and offer corporate governance support.

With CFPro’s team continuing to trade under their own name as part of BKL, clients can access their considerable expertise seamlessly. This integration allows BKL clients who are considering the next phase of their business growth to benefit from CFPro’s specialised knowledge and support.

“Joining forces with BKL is a great opportunity for CFPro and our clients,” said Barbara Spurrier, founder of CFPro and now a partner at BKL.

“Working together with BKL’s business specialists, our clients will benefit from greater breadth and depth of support. As a well-established business taking its own step forward, the CFPro team and I are looking forward to exploring the new opportunities available to us and our clients and building relationships with our many new colleagues.”

Lessons for other firms

Mergers can provide opportunities for growth, expansion, and diversification. However, they also come with challenges, including integrating different corporate cultures and systems. Firms must conduct thorough due diligence to ensure a smooth transition and successful integration.

When considering a merger, firms must take into account several factors. These include the compatibility of the firms’ cultures, the potential for growth, and the impact on clients. Firms must also consider the potential impact on their professional indemnity (PI) insurance.

Mergers can often lead to an uptick in PI claims, and firms must ensure they have adequate cover to protect against this risk.