Accountancy firm Kreston Reeves is to merge with its rival Spofforths to create one of the largest financial advisory firms in the South East.

The new business, which will continue under the Kreston Reeves brand, will have a turnover of about £30 million a year and be ranked among the top 25 practices in the UK.

So far, details have not been revealed of who will lead the merged companies, which will have 55 partners and more than 450 staff at 10 locations across the region.

The deal will be finalised on June 1, with more announcements expected in late May.

Kreston Reeves, which rebranded from its former name Reeves last January, has offices in Canterbury, Chatham and Discovery Park, as well as London, Gatwick and Eastbourne. It has 39 partners and 300 staff.

Spofforths does not have a presence in Kent, with bases in Brighton, Chichester, Horsham and Worthing.

Nigel Fright, managing partner of Kreston Reeves, said: “We are delighted by the prospect of this merger, which reflects our mutual ambition to expand in the South East.

“Spofforths is a successful firm that shares our values and strong personal commitment to clients.

“Together, the new firm will be able to offer our people better career opportunities, retaining yet developing the teams we know our clients value.

“We see great potential in joining together in an evolving market where standing still is not an option.”

The new firm will continue to focus on entrepreneurial and growing businesses, as well as wealthy and private individuals.

Its focus is on academies and education, agriculture, charities, healthcare, life sciences, private wealth, professional practices, construction and technology.

Richard Spofforth, managing partner of Spofforths for the past six years, said: “The merger is being undertaken by both firms from a position of strength, with each bringing skills and experience to the other.

“It’s going to be an exciting time for all of us. It’s a joint step forward and together we’re going to build a firm for the future that responds to all the changes around us.”