Today’s news in brief – 19/7/2024
FRP has acquired Cardiff-based Lexington Corporate Finance for £3m, marking its first Welsh office. Lexington, founded in 2015, will now operate as FRP Corporate Finance. Founder Gary Partridge and his 14-member team join FRP, making it the firm’s 28th UK office. This acquisition, FRP’s 10th since going public in 2020, aims to expand its full-service advisory practice across the UK. Lexington will collaborate closely with FRP’s Bristol office. In 2023, FRP’s Corporate Finance team advised on over £1.5 billion in deals and raised more than £500 million in debt funding. CEO Geoff Rowley and Gary Partridge expressed enthusiasm about the merger’s potential.
BDO has signed a lease for a new UK headquarters at The M Building in London’s West End, relocating from 55 Baker Street by Autumn 2027. The new 220,000 square-foot office will support BDO’s 5,000 London-based employees with modern, flexible working spaces. This move is part of BDO’s national property strategy, which includes recent relocations and refurbishments in several UK cities. Managing partner Paul Eagland highlighted the firm’s commitment to investing in infrastructure and people, emphasising the new headquarters’ role in fostering collaboration and sustainable growth. The relocation marks a new chapter in BDO’s history, aligning with their future growth plans.
Armstrong Watson has bolstered its Yorkshire tax team with six key appointments over the past year. Notable additions include corporate tax director Nicole Hilton, senior tax manager Mel Harrison, and promoted tax director Janine Levine. Senior private client tax manager Becky Fraser, trust tax manager Luke Pickering, and VAT and indirect tax manager Ben Tetley have also joined. Tax partner James Fraser emphasised the strengthened support for clients across various tax issues, with plans to welcome graduate trainees soon. Hilton and Levine, both from Mazars, bring extensive experience and commitment to client service, aiming to enhance the firm’s tax advisory capabilities and growth.
HMRC data shows that inheritance tax receipts reached £2.1bn from April to June 2024, an £83m increase from the same period last year. Gross tax and NICs receipts for the period were £195.1bn, up by £4.7bn. Income tax, Capital Gains Tax, and National Insurance contributions accounted for £108.3bn, a £1.9bn rise. PAYE IT and NICs receipts were £108.5 billion, a £2.5bn increase. Haysmacintyre’s Majid Hussain noted ongoing uncertainty over future tax impacts due to the recent government change. Despite a slower rate of increase, the individual tax burden remains high, with potential tax changes expected in the autumn.
