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Kreston Reeves

Background Summary

The firm was founded by James Worsfold in 1821, in 1840 it was re-named Worsfold & Sons when his son joined and they moved to Canterbury.In 1861 the group amalgamated with Henry Hayward and became Worsfold & Hayward operating as auctioneers, accountants and architects. In 1877 the firm listed in the accountants directory.

In 1936, the firm merged to become Neylan & Co and in 1967 merged with Reeves to become Reeves & Neylan. In 1999, the group merged with Brian Elvy & Co. The following year, it amalgamated with Coach House Insurance Consultants, who became Coach House Financial Services Ltd and ultimately Kreston Reeves Financial Planning Limited.

In 2010 the company became Reeves having merged with FW Stephens – bringing accountancy, business advice and financial services together under one umbrella. Finally in 2015, the firm took the name Kreston Reeves to better reflect its membership of the Kreston network. The next year it merged with Spofforths, creating one of the largest accountancy and financial advisory firms in the South East of England.

The group is run by Tim Levey, chairman and head of business advisory, Nigel Fright, managing partner and Darren Hurdle, corporate finance director and Michael Cook, head of audit and financial reporting.

The firm operates out of eight offices across the South East of England and employs over 400 people.

The group offer a variety of services such as:

Audit and assurance – The specialist team provides an independent Accountant’s Report on the service charge expenditure, auditing service charge accounts if the lease stipulates that they must be audited. They also prepare summaries of relevant costs in accordance with section 21 of the Landlord and Tenant Act 1985. Prepares the company’s corporation tax return and provides personal tax advice, completes trust tax returns on any taxable income arising from the service charge trust, prepares and files the company’s statutory accounts with Companies House.

Financial – The group’s financial expertise includes, fund managers, insurance brokers, insurance intermediaries, financial advisors, stockbrokers, lessors and lenders, payment services, corporate finance houses, private equity houses, property funds.

The compliance team also provides specialism in compliance monitoring, drafting compliance documentation, including manuals, GABRIEL reporting, business continuity plans, ICAAP reports, money laundering training, assistance with authorisation systems and controls reviews.

Financials

For the year ended 31 May 2023, the company posted a turnover of £44.5m, an increase of 11%. Alongside this, the company posted an operating profit of £11.2m and a profit before tax of £11.08m.

Recent Coverage

Most recently, Kreston Reeves advised A4P Consulting on its sale to the US-based company, LabConnect. A4P is headquartered in Discovery Park, Sandwich, Kent, with a wholly-owned subsidiary in Appenzell, Switzerland and serves a wide variety of clients across a broad range of therapeutic areas.

Furthermore, Kreston celebrated significant achievements, including its B Corp certification and continued commitment to environmental, social, and governance (ESG) principles over the past year. Alongside maintaining carbon neutrality, the firm implemented progressive policies such as top-tier maternity leave and term-time contracts, reducing its gender pay gap, and scoring well in employee engagement surveys. Aligning with United Nations Sustainable Development Goals, Kreston Reeves actively supports health, education, inequality reduction, and climate action.

In a separate development, Kreston Reeves advised the management buyout (MBO) of Cave Direct Ltd, the UK’s leading craft beer wholesaler. The MBO saw founders Colin Gilhespy and Louise Smale sell the business to the management team while remaining involved as directors. The new board, led by Neil Kitching as managing director, underscores continuity and family involvement in the business. Partner Scott Miles emphasised Cave Direct’s success and its potential for future growth, facilitated by a robust succession plan and strategic guidance from Kreston Reeves.

Furthermore, Kreston Reeves played a pivotal role in advising Cykel AI on its successful listing on the Aquis Stock Exchange, raising £1.75 million. Cykel AI specializes in Natural Language Processing (NPL) technology, enhancing digital task efficiency through AI. Led by corporate finance associates and partners, Kreston Reeves supported Cykel AI through its IPO process, reflecting their expertise in facilitating listings and mergers for tech-driven businesses.

Lastly, Kreston Reeves promoted Tom Boniface to partner, recognising his exceptional contributions to the firm’s private client tax division and global mobility services. This promotion aligns with the firm’s broader strategy of nurturing talent and expanding its service offerings across London, Kent, and Sussex. Nigel Fright, managing partner, commended Boniface’s commitment to the firm’s growth and client service excellence, highlighting the overall culture of professional development and advancement within Kreston Reeves.

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