Accountancy firm grows via acquisition in Munster market

MC2 Accountants acquires Parfrey Murphy as part of ambitious growth plans in Cork and Munster

Pamela murphy, MC2; Seamus Parfrey, Parfrey Murphy; Mary Blyth, Parfrey Murphy, and James Loughrey, MC2.

Demand for audit, accounting, tax and corporate finance divisions is soaring among Munster businesses, says one of the region’s most rapidly expanding accounting firms.

James Loughrey, a partner at MC2 Accountants, says the demand for professional advice is growing in Munster. This confidence also underpinned Cork-based MC2’s recent decision to acquire of Parfrey Murphy Chartered Accountants.

The move means that Cork-based MC2 is now one of Munster’s largest financial services firms, having positioned itself for growth in terms of scale, experience and expertise.

“MC2 provides clients with a full suite of end-to-end financial and business solutions. The addition of Parfrey Murphy will complement MC2’s experience and bolster its financial and accounting service solutions,” said Mr Loughrey.

The acquisition of Parfrey Murphy has seen all its employees and partners join MC2. The new expanded team now comprises 52 employees across the firm’s audit, accounting, tax and corporate finance divisions.

James Loughrey said: “We have ambitious growth and development plans and this move helps us to accelerate delivery of those plans.

“We believe that Parfrey Murphy’s talented team, service offering and its excellent reputation make it a perfect fit for MC2. It provides us an opportunity to combine our services and skills to ultimately benefit our clients.” 

The move coincides with An Taoiseach Micheál Martin’s confirmation at the recent Cork Chamber 2022 Annual Dinner that Cork’s population is set to grow by 50% by 2030, far faster than the national average.

Mr Martin said the government is committed to invest €165bn in regionally balanced growth before 2030 under the National Development Plan and Cork will be among the principal beneficiaries as the city will attract an array of business, residential and retail investment.

In recent times, Cork-based MC2 has advised on transactions including the 54-unit Barters Wood housing estate in Blarney, Cork, the Arbutus housing development of 16 residential townhouses in Montenotte, Cork, the shareholder buyout of Vienna Woods Hotel, and hotel deals for Killaloe Hotel & Spa, Poulaphouca House & Falls and The Abbey,.

MC2 provides clients with a full suite of end-to-end financial and business solutions. The addition of Parfrey Murphy will complement MC2’s experience and bolster its financial and accounting service solutions.

Seamus Parfrey, of Parfrey Murphy, said: “I am delighted that Parfrey Murphy is joining forces with a firm as progressive as MC2. For some time now, we have been considering our options for the delivery of the next phase of Parfrey Murphy’s development and MC2 really is the perfect partner.

“This move creates new, exciting opportunities not just for our team but for our clients also as our expanded firm will offer a wider range of advice and expertise. Client service is our driving force.”