West End firm HowardKennedyFSI has today (1 May) announced it has acquired Hampstead boutique CKFT, a union that will boost its current revenues from £40m to £45m.
This deal comes months after the firm confirmed in it was in discussions regarding a tie-up with the now-defunct Davenport Lyons. After the talks collapsed in February, it emerged this week Davenport Lyons has since gone into administration and has been been largely taken over by Mayfair firm Gordon Dadds.
Howard Kennedy, meanwhile, has been on a run of consolidation in recent years, having merged with Finers Stephens Innocent in January 2013 creating a £40m firm with 207 fee-earners and 83 partners. However, this combination did dilute the profit per equity partner (PEP) figure by 50% from £259,000 to £129,000. The £5m boost in revenues could move Howard Kennedy several places up the LB100 rankings, making it a top-70 firm.
Of the latest union, Howard Kennedy’s joint managing partner Paul Millett said: ‘We have been working closely with the CKFT team over the past few months and feel that culturally they are a great fit for HowardKennedyFsi. Following the successful merger of Howard Kennedy and Finers Stephens Innocent in 2013, the firm has gone from strength to strength and we believe that joining forces with CKFT will further increase our expertise and capability.’
CKFT managing partner at Daniel Fireman, said: ‘We are delighted that this merger is now live. This is an exciting time for us and we look forward to joining HowardKennedyFsi and working together with them. We believe this move will allow us to broaden and deepen the expertise we are able to offer clients.’