PwC Ireland has announced the acquisition of boutique tax practice Twomey Moran to boost its PwC private offering.
The transaction was effected on 11 October 2022. Twomey Moran is one of Ireland’s largest independent advisors on tax matters working with leading private businesses, families and high-net-worth individuals.
PwC said the firm’s 19 staff bring PwC Private’s full complement of tax professionals servicing Irish private and family businesses and high net worth individuals nationwide to over 100 people.
Twomey Moran’s Dave Moran and Paul Morris are joining PwC as partners.
“Together with Twomey Moran’s co-founder and managing director, Kieran Twomey, they look forward to driving the combined business forward,” said a PwC statement.
In Association with
Susan Kilty, tax leader at PwC, commented: “Twomey Moran will strengthen our combined ability to deliver an unrivalled service to Ireland’s private business, family business and high-net-worth individuals across the country. In particular, it will also provide continued excellent career opportunities for our people working at PwC Private.
“We are excited about teaming up with Twomey Moran. With huge growth potential, this strategic acquisition positions PwC as Ireland’s leading professional services practice dedicated to private business, which will operate as PwC Private nationwide.”
Kieran Twomey, who is staying with the business, added: “Joining PwC Ireland presents great opportunities for our people and our clients. For our people, unrivalled career opportunities in the PwC network; for our clients great growth opportunities as well as access to PwC’s full service offering.”
Kieran Twomey co-founded Kennelly & Twomey in 1997. In 2010, the business split into two separate businesses, one being Twomey Moran, managed by Twomey in Cork and Dave Moran in Galway.
Moran (50), formerly a tax adviser with Ernst & Young and Bank of Ireland Private Banking, joined Kennelly & Twomey in 2001 and became a director n 2004. They formed Twomey Moran in 2010, and one of Moran’s claim to fame is that he once cycled from Geneva to Monaco for charity.
Paul Morris (43) read science at TCD and was with KPMG until 2014, where he was a director in the corporate tax team.
The shareholders in Twomey Moran & Partners were Kieran Twomey (57%), Dave Moran (38%) and Paul Morris (5%).
The company had five directors prior to the sale, who shared €1.1m in emoluments in the year to July 2021. No dividends were paid in FY21 after a payout of €295,000 the previous year.
The total payroll outlay in FY21 was €1,840,000 and the company booked a net profit of €380,000. Net worth in July 2021 was €1.1m.
Photo (l-r): PwC partners Paul Morris, Susan Kilty, Colm O'Callaghan, Mairead Harbron, Kieran Twomey, PwC Private and Dave Moran. (Pic: Maxwell Photography)
