Membership organisation 2020 has added a merger and acquisitions (M&A) broking service to its practice management arm to support the accountancy profession in this area.

2020 director Gordon Gilchrist said: 'There are a significant number of firms with an ageing partner group, an increasing number of entrepreneurial firms looking to acquire blocks of fees and the banking sector is still cautious about funding such transactions.'

The new service, called 2020 Practice Exchange, has hired five newly retired partners of mid-tier firms as directors: Ian Wenman, former managing partner of Oxford-based, Shaw Gibbs, Nick Hilton (Moore Stephens), Malcolm Hurst (Hurst & Co), Bill Davidson (RSM Tenon and Scott Oswald) and Ross Wilson (RSM Tenon and Williams Allan).

Gilchrist said: 'Our strategy has been to select people who have led transactions in their own firms. First and foremost, they understand how lonely it can be in making critical practice decisions. They also have the right personal attributes to lead on practice sales and purchases, possessing gravitas and empathy and being commercial, articulate, dynamic and innovative.'

2020 Practice Exchange managing director, Ian Wenman said: 'We appreciate that it's not all about doing deals at any cost. It's about helping firms achieve their long term goals, so only when it is right, will we recommend a particular buy, sell, or merger transaction.'