Clydes makes £7m profit from Scottish merger deal as top earner pay drops 22%
Scottish firm Simpson & Marwick brings in £6.9m after merging with Clydes in October 2015
January 20, 2017 at 11:59 AM
2 minute read
Clyde & Co gained £6.9m in profit after merging with Scottish firm Simpson & Marwick in 2015, its latest limited liability partnership (LLP) accounts show.
The firm's LLP accounts for the year to 30 April 2016 reveal the Scots deal, which went live 1 October 2015, brought in £18.1m in turnover in 2015-16 and that Clydes paid £10.8m for the acquisition.
Clydes' highest paid member saw earnings drop 22% from £1.8m to £1.4m, while remuneration for the firm's senior management team eased 4% to £12.5m.
Bank debt increased by 16% to £61.9m, from £53.5m. The bank overdrafts, which account for £1.89m of the debt, are secured by a floating charge over the assets of the group and the LLP.
The firm had an average of 2,857 staff compared to 2,503 the year before. Staff costs also grew 15% to £200.62m.
The average number of partners increased by 26, to 262.
The firm's overall revenue was £447.28m, compared to £396.75m the preceding year – an increase of 12.7%. Its profit available for division among members also increased, by 1.7% to £110.7m.
Clydes gained offices in Edinburgh, Glasgow, Aberdeen, Dundee, Newcastle upon Tyne and Leeds following its merger with Simpson & Marwick.
In October, former insurance head Simon Konsta [pictured] took over from James Burns as the firm's senior partner. Burns took a newly created job as the firm's head of Americas, responsible for the firm's expansion plans in the US and Latin America.
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