Accountancy firms in Midlands merger

ONE of the country's largest independent regional accountancy firms has been created by the merger of two East Midlands practices.

The link between Cooper-Parry Watson Sowter & Co, the largest firm in Derby, and Prior & Palmer, one of the most prominent practices in Nottingham, is further evidence of the shake-up in the profession in the wake of the recession and the pressure on audit work.

Alan Woods, previously managing partner of Cooper-Parry, who will be managing partner of the merged firm, said he saw opportunities for a bigger regional firm to pick up clients from larger international practices.

In addition, he felt the merger put the firm in a good position to benefit from the economic prosperity predicted for the East Midlands region.

The new firm, known as Cooper-Parry Prior & Palmer, was formed on 1 September.

It has 16 partners, 200 staff and annual gross income of about pounds 6m, and is a member of the International Group of Accounting Firms, the 100-strong group that is one of the largest accountancy networks in the world. Mr Woods is chairman of the European group of the network.

The new firm sees its strengths as private company insolvency and small management buyouts.