Acquisition of Jeffcote Donnison
Praxis has made its fifth acquisition in a ten-month period with the purchase of Jeffcote Donnison's (JD) trust and corporate administration business.
The deal adds the Isle of Man to the independent financial services Group's list of global jurisdictions and also extends its existing operations in London and Hong Kong. The acquisition of JD's UK corporate administration bookkeeping VAT preparation and payroll compliance business includes 19 staff across the three locations who will all transfer to Praxis.
Praxis Group Chief Executive Officer Simon Thornton said that the deal was a natural fit for both parties. 'I'm delighted that we will be able to build on our UK onshore presence which has already exceeded our expectations for the first six months of business. The acquisition also gives us a presence in the Isle of Man expanding our global reach further. Praxis and JD have worked together to provide corporate services to mutual clients over many years and share similar values and cultures. Our clients will benefit from an expanded range of services.'
The deal was finalised on 15 August and integration will take place over the coming months. Praxis now employs around 550 staff globally.
JD Founder Philip Donnison said the opportunity to be part of the Praxis Group offered clients and staff a strong future. 'We've both built our businesses on independence and excellence of service and following the integration this will become even stronger' said Mr Donnison. 'Clients will have access to a wider range of services and our staff will be offered more training and development opportunities.'
Mr Donnison will be a Director of Praxis JD alongside JD Partner Pheroze Sorabjee and Robert Fearis Group Head of Trust Services and Donna Shorto Managing Director of PraxisIFM Corporate Services (UK). Completion of the acquisition of the corporate entities is obviously subject to regulatory approval in the Isle of Man and Hong Kong.
Jeffcote Donnison LLP will remain independent of Praxis and will continue to operate in the UK tax advisory and accountancy business sectors.