Merger announcement

THE PUBLIC AUDIT AMENDMENT ACT: GROUNDBREAKING FOR SOUTH AFRICA IF PROPERLY IMPLEMENTED
January 23, 2019
NON-RESIDENT SELLERS OF IMMOVABLE PROPERTY
February 19, 2019

The Executive Teams of 1.2.3. Consulting, Brincon, Wolfe-Coote and Xstream Accounting are delighted to announce the merger of our firms. The merger is an exciting growth opportunity for each of the highly regarded professional advisory firms, expanding our national footprint in the Western Cape and Gauteng provinces.

Brincon, Wolfe-Coote, Xstream Accounting and 1.2.3. Consulting are equally well-established, successful and dynamic firms that have been in business for over 25 years. The profile of our clients, the culture of our staff and commitment to client service are closely aligned to our shared values and, as such, we are confident that this merger will be a marriage of opportunity for all stakeholders.

The benefits of a merger of this magnitude include the expansion of our operational and technical capabilities, as well as facilitating compliance with the increasing administrative burden on professional firms. It is essential for modern firms to adapt to these industry changes and equip themselves to embrace future challenges. The globalization of clients and the increasing complexity of their businesses and reporting systems have added to the pressure for firms to source and retain highly skilled team members. 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. We are ensuring that we remain ahead of this curve.

There won’t be any significant change in the way we do business and all our team members will remain on-board. The benefits for both clients and staff will however be substantial. The two firms are very successful individually, but to transition into the future we have both realized that joining forces will go a long way to deal with our challenges and will provide a superior service offering to our clients.

The benefits of being part of a larger national and international firm include:

  1. Access to a new and diverse range of skills of partners and senior staff across the practice.
  2. Training and skills development of our staff will improve within the joint firm. The result will be an enhanced quality service to our clients.
  3. Shared resources in a larger firm allow for better systems, controls and ultimate efficiency of the practice.
  4. Better coverage through offices in Somerset West, Cape Town, Bryanston and Bedfordview as well as access to the 50 TGS Global Network offices.

Our partner group are experienced, reputable and have the same work ethic, work quality and service commitment that we have prided ourselves on for over 25 years. We are pleased to welcome Rolindie Eales as a new member of the Executive Team and as a Director of 1.2.3. Consulting.

The new combined Consulting Firm will operate under the name of 1.2.3. Consulting. The full complement of our Executive Team remains in place at the helm of the new Firm. The merger now propels us into the upper range of mid-tier firms in South Africa. Jointly, 1.2.3. Consulting Group will now employ over 120 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 prestigious clients.

Our focus remains on managed growth, both organically and acquisitively. In the very near future, we will bring you further announcements on expansion initiatives. These initiatives will add further value to our clients and will continue to move us forward on our progressive road to professional success and longevity.

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)