A new acquisition has been made by Gordon Dadds Group for £4m

Gordon Dadds Group plc, a London-based legal and professional services business, has announced its acquisition of corporate tax advisory business and certain assets of CW Energy LLP (CWE) for a total initial consideration of £4m.

This will be payable in cash over a five-year period. Additional consideration may also be payable, and is dependent on the performance of the business. The acquisition will be funded from existing cash resources.

This acquisition is in line with the company’s strategy for acquisitions as set out in the August 2017 admission document and aims to further the company’s intention to expand its tax advisory business which touches all business divisions. The board expects that the acquisition will be immediately earnings enhancing.

Adrian Biles, chief executive officer of Gordon Dadds, said: “I am delighted to have completed our first acquisition after Gordon Dadds’ successful IPO in August.

“CW Energy LLP is a highly profitable business which will enhance the group’s activities and will provide further opportunities for cross-selling services. Such acquisitions ensure that Gordon Dadds is always providing a premium service which caters to all our clients’ needs.”

CWE was established in 1990 by a team who had previously worked together in the corporate tax department of one of the Big Four accounting firms. It specialises in the oil and gas industry, working with blue chip clients, as well as advising on other aspects of UK and international taxation.

CWE will continue to operate from its existing London offices, with the group’s administrative and support functions to move onto its systems. This mirrors the approach adopted with the company’s acquisition of the Alen-Buckley LLP business in June 2017.

Phil Greatrex, managing partner of CWE, added: “We are delighted to join the Gordon Dadds group [and] believe this enhances the long term sustainability of our business.

“We are excited to be working with Adrian and his team to broaden our client base and develop new commercial opportunities.”