The directors of WHK Group Limited (WHG) are pleased to advise that agreement has been reached to acquire the Perth based accounting firm, Hayes Knight (WA) Pty Ltd, under purchase (tuck-in) arrangements with existing member firm WHK Horwath Perth. Core member firm, WHK Horwath Perth has reached agreement to acquire and merge with Hayes Knight WA, a highly regarded accounting firm with 4 directors, 24 staff and annual revenue of around $3.5 million.
The merged firm will have 14 principals, around 110 staff and annual revenue of approximately $18 million, consolidating its position as a pre-eminent mid-tier accounting firm in the growing Perth market. The acquired business will continue to operate from its existing premises in the inner Perth suburb of Osborne Park, under the name WHK Horwath Perth. This city fringe office will allow for future growth of the merged firm without having to expand the existing CBD premises. The transaction is expected to be effective from 1 April 2010 and involves the payment of cash and the issue of approximately 630,000 WHK Group shares.
This transaction is consistent with WHK Group’s growth strategy of supporting the development and expansion of core member firms into major businesses with a competitive advantage through scope and scale of operations as part of a national listed business and financial services group. When completed, this transaction will increase total acquired revenue in the current financial year to approximately $5.8 million.