People and firms: Smith & Williamson completes acquisition of BTG Tax

Begbies Traynor Group plc has completed the sale of BTG Tax, the group’s tax business, to Smith & Williamson. The tax consultancy comprises 56 employees and partners, located mainly in Birmingham, London and Manchester.

Begbies Traynor Group announced in July that it was planning to sell the tax division in order to focus on its core skills.

‘We are pleased to have secured the sale of this non-core business in line with our strategy,’ said Ric Traynor, Executive Chairman of Begbies Traynor Group. ‘We believe it will be better taken forward under Smith & Williamson’s ownership, given their strength within the tax market.’

Traynor said in July that in spite of the tax division’s improved financial performance, profitability had been constrained by a reduced demand for tax planning services.

Smith & Williamson said the enlarged firm would employ almost 300 tax professionals across all offices and generate income of about £40m from tax business. Kevin Stopps, Managing Director of tax and business services, said there would be ‘an excellent strategic fit between the new team and Smith & Williamson’.