Smith & Williamson team advises on Byte deal

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  • Published: Tue, 23 Feb 2021 17:00 GMT

Smith & Williamson LLP, which is part of the Tilney Smith & Williamson group, has advised the founders of marketing technology agency Byte on its merger with Dept.

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The Smith & Williamson LLP team, which was led by Director Peter Castle and Director Tessa Pudge, provided tax advisory services to the Byte founders and its minority shareholders, as well as tax advice to the company.

Byte, which has offices in London, Berlin and New York, is a Sunday Times Tech Track 100 company that specialises in advertising campaigns, AR, automation and chatbots. The agency’s long-term clients included Spotify, ASOS and Just Eat Takeaway. In 2020, Byte grew its global revenue by 20% following the addition of a number of high-growth clients to its roster, including TikTok, Twitch and Zoopla.

Dept is an international digital agency that works with brands including BOSE, Mizuno and Patagonia and has 27 offices around the world.

Peter Castle, Director at Smith & Williamson LLP commented: “We are delighted to have had the opportunity to assist founders Jamie Kenny and Alex Miller with such a momentous event for the Byte business. Advising on this deal highlights our ambition as a firm to work with growing entrepreneurial businesses and their founders.”

Jamie Kenny, co-founder of Byte added: “Peter, Tessa and the whole team at Smith & Williamson have provided excellent support and advice around tax. They’ve been a brilliant team to work with and helped ensure the tax part of the deal went smoothly.”

Smith & Williamson LLP prides itself on the ability to team together expert personal and business tax specialists to provide a complete and comprehensive tax service. During a transaction this can ultimately protect stakeholder value and help to ensure that nothing falls through the gaps.

About the Tilney Smith & Williamson group

Smith & Williamson LLP is part of the Tilney Smith & Williamson Group. Tilney Smith & Williamson is the UK’s leading integrated wealth management and professional services group, created by the merger of Tilney and Smith & Williamson on 1 September 2020. With £47 billion of assets under management, it ranks as the third largest UK wealth manager measured by revenues and the sixth largest professional services firm ranked by fee income. The Group currently operates through three principal brands: Tilney, Smith & Williamson and online investment service Bestinvest. It has a network of more than 30 offices across the UK, as well as the Republic of Ireland and the Channel Islands. Through its operating companies, the Group offers an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities and businesses. It is uniquely well-placed to support clients with both their personal financial affairs and their business interests. Tilney Smith & Williamson’s personal wealth management services include financial planning, investment management and advice, online execution-only investing and personal tax advice. For businesses, its wide range of services includes assurance and accounting, business tax advice, employee benefits, forensic advice, fund administration, recovery and restructuring and transaction services.

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By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

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