Leading costs firm Kain Knight has appointed its first chief executive and brought in two non-executive directors to help implement a new growth plan that could see it grow by acquisition.
Peter Petyt, a former corporate finance partner at accountancy firm MHA MacIntyre Hudson in London, assumes the role on 1 April.
He will be focusing on business development, the introduction of new services, and “consolidation opportunities in what is a highly fragmented market”, the firm said.
Mr Petyt is a former deputy chairman of the corporate finance faculty of the Institute of Chartered Accountants of England and Wales.
One of his first moves has been to strengthen Kain Knight’s board of directors, appointing accountant Nick Hood and well-known corporate solicitor Jonathan Metliss as non-executive directors.
Founder Michael Kain, who remains as chairman of the firm, said: “Peter’s is a new role for Kain Knight, and his appointment is vital to our growth plans. In the coming months we will be broadening our range of services, enhancing our technical capabilities and back-office functions, and bringing some welcome innovations to a market that is still getting to grips with the Jackson reforms.
“The post-Jackson world of costs is facing a massive shake-up, with the impact most felt by smaller firms of costs draftsmen and single operators. Commercial clients will look for a full professional service that only larger firms like ours can provide.”
Mr Petyt said: “I am delighted to be joining Kain Knight, which has played a leading role in establishing and developing the specialist legal costs market over the past 35 years. It is a role which will allow me to leverage my business development and financial experience from the last 25 years and my extensive range of contacts in the legal sector.
“It will be a privilege to lead such a strong team as we work with our clients to take full advantage of the new civil costs landscape post the far-reaching Jackson reforms.”