North East firm Dickinson Dees and South West firm Bond Pearce are discussing a potential merger which would catapult the combined firm into the UK’s top 40.
In a statement Dickinson Dees’ managing partner Jonathan Blair said: “Our strategies, cultures, sector capabilities and geographic footprints appear to be sufficiently complementary as to warrant consideration of whether, in a rapidly consolidating market, a merger of our two firms would facilitate the execution of their respective strategies.”
“Both Bond Pearce and Dickinson Dees have clearly articulated strategies. By merging the two firms we could take a major step towards fulfilling our longer term strategic goals, implementing now a client and values driven merger to create a firm in the top 30 in the UK capable of delivering the strength in depth and specialist skills required by our clients, be they large corporates, major organisations or high net worth individuals. It is that opportunity that we now wish to explore,” added Bond Pearce’s managing partner Victor Tettmar.
Both firms recorded turnover of £46m in 2011-12. Dickinson Dees’ revenue hit £46.1m, a slight increase on the previous year, with average profit per equity partner (PEP) of £235,000. Bond Pearce’s turnover was £46.5m, also with PEP of £235,000.
Bond Pearce has offices in Aberdeen, Bristol, London, Plymouth and Southampton. Dickinson Dees, meanwhile, has two Newcastle offices and one in the Tees Valley, as well as bases in Leeds and London. It closed down its York office in June last year, transferring all staff to Leeds.
Talks between the firms have reached the stage of building a business case but the discussions are still in very early stages and due diligence has not yet begun.
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