Meridian sell VAT reclaim business to VAT IT Group
Meridian Global Services have sold their foreign VAT reclaim business carried out by Meridian VAT Processing (International) to VAT IT Group S.A.R.L.
Meridian haven’t sold out entirely, the business that has been sold to VAT IT consisted of the Foreign VAT reclaim services only and they will continue to provide their other services. This is a change of direction for the company as reclaiming foreign VAT was where the group originally grew from. They’re selling of the family heirlooms to refocus on VAT Compliance, VAT Consulting and associated services.
“This has been a tough decision to make, as foreign VAT reclaim was the origin of the Meridian Group business way back in 1990. We have a strong, fast growing compliance business and we are well placed after this transaction to build on this success even further.”
– Mark O’Riordan Meridian Global Services CEO
What makes the sale interesting, is that as well as offering end-to-end VAT recovery solutions, VAT IT also compete with Meridian with a VAT registration service, along with compliance, filing assistance and consultancy.
Concentration on core competencies.