Professional services group in the UK and Ireland, Xeinadin, has announced its acquisition of Passmore Weeks and Richardson (PWR), a specialist accounting firm headquartered in Colchester.
The acquisition is said to bring “additional” strength to Xeinadin’s broader presence nationally and particularly in East Anglia, as the firm provides a full suite of accounting services and complements the offering of the wider Xeinadin group.
It is reported that Xeinadin currently has business advisory and accountancy practices in over 100 locations across the UK and Ireland that provides over 40 service lines to more than 50,000 clients, which are predominantly small and medium-sized businesses.
The group was formed through a merger of the offices in 2019 and is now structured into 14 regional hubs.
PWR, which has four offices in East Anglia, will join Xeinadin under its South East region, led by the regions hub director, Alex French, and will continue to be led by Mark Passmore and Kate Richardson.
Following a significant minority investment from private equity firm Exponent earlier this year, this acquisition “marks another step” in the continued growth of the group.
Xeinadin has more than 1,600 employees across the UK and Ireland, and is reportedly one of the market’s leading disruptors and consolidators, with annual revenues of over £100m in its latest financial year.
Derry Crowley, CEO of Xeinadin Group, said: “We are pleased to welcome PWR to the Xeinadin Group. The firm is our first announcement of an acquisition in the South East since our significant minority investment from Exponent and will play a significant part in providing a range of services to the region.
“Mark, Kate, and the team have established a strong reputation for high quality and efficiency and we’re looking forward to working with them.”
Passmore added: “We are excited to be joining the Xeinadin Group. We have an ambition for growth which this acquisition will enable and share the same vision. Being part of the group will give our clients access to even greater resources and expertise, whilst enabling us to continue providing the local and personalised service on which we pride ourselves.”