123 Consulting Merges with Galbraith RushbyJune 30, 2023
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To our valued clients, colleagues and business associates:
It is with great pleasure and no small sense of excitement and pride we announce that Galbraith Rushby has recently concluded a merger transaction with 123 Consulting and TGS South Africa. The merger is an exciting growth opportunity for both highly regarded professional firms, expanding our national footprint in the Western Cape and into the Gauteng province.
123 Consulting is a well-established, highly respected firm based in Gauteng as well as two offices in the Western Cape. The experienced team of currently seven directors, headed by Carla Johnston has many years of experience in looking after the accounting, tax, payroll, secretarial and advisory interests of its valued clients. Their main focus is on owner-run businesses across a wide range of industries. Their clients are respected entrepreneurs with a similar operating style to that of our valued clients. The merger is therefore a very good fit, both in size and in organizational culture.
123 Consulting has an independent relationship with TGS South Africa. TGS South Africa is a network firm of TGS Global, the network has offices currently in 55 countries and more than 4200 professionals on the team. The audit staff of Galbraith Rushby and companies that require or want auditing services will be amalgamated with the TGS South Africa team. TGS South Africa has a very experienced audit team headed by Fabrizio Aldrighetti who we look forward to introducing you to.
The 123 Consulting and TGS South Africa team currently have two Cape Town offices, one based on Tokai and one based in Somerset West. We will be consolidating the Tokai office with our Woodstock office in the short term. We are also very pleased to announce that not only would Jeneen Galbraith and Michael Rushby both be appointed as directors of the 123 Consulting board but Chantal Thompson from the audit department and Lizette Janse van Rensburg from the tax department have also been put forward as directors as well. Genna Lezar from our audit team has been put forward as a director of the TGS South Africa group. We are very excited about the opportunities his creates for them all and we wish them well.
Over the past few years, the auditing and advisory industry has undergone enormous transformation. The levels of required compliance by government and professional bodies have increased the administrative burdens on professional Firms. The changing legislative landscape in the fields of company law, tax law and financial reporting standards has made it essential for a modern firm to invest in highly skilled professional staff members to meet these challenges. There has also been increasing regulatory pressure on professional firms to separate their audit and non-audit offerings.
The globalization of clients and the increasing complexity of their businesses and reporting systems has added to the pressure for firms to source and retain highly skilled team members. Cross border tax for clients working in multiple tax jurisdictions is getting more and more complex. The days of the sole practitioners and the small accounting and audit firms are limited and eventually, these firms will give way to market forces and will either close or amalgamate with larger players in their market.
The Executive Teams at Galbraith Rushby and both 123 Consulting and TGS South Africa have been aware of these changes for some time and we have been working to re-invent ourselves constantly to meet the challenges in our market and to ensure that we remain relevant to our clients in addition to complying with the regulatory challenges. These regulatory challenges, especially in the taxation and audit spaces require a high level of skill and a larger support team to navigate clients through them professionally.
The full complement of our Executive Teams remains in place at the helm of the merged Firm. We continue to invest enormous resources in the appointment and retention of a very skilled professional team. They are specialists in their field and bring the highest levels of competence and added value to our clients. In addition, we remain committed to acquire the latest IT-technology and operating systems so that we remain on the cutting edge of innovation, using this to improve our efficiencies and thereby remaining cost-competitive in our market.
This merger now propels us firmly into the range of mid-tier firms in South Africa, employing a strong team of highly skilled professionals, all of which are focused on one thing – Giving our clients the very best levels of professional advice and service at the most optimal cost.
We trust you will welcome this significant milestone in our organizations’ histories and in our long standing relationships with our valued clients. This is a new chapter and the beginning of a journey for us, we will remain focused on client service levels and keeping that personal touch in which you all have direct access to all levels of staff, including directors. We view this as a very positive step forward for you, the client because we are here only to provide services to you.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)