The long-established firm, which employs more than 40 staff at offices in Newport and Abergavenny, now also becomes an independent but integral part of an international network (UHY International) spanning 211 offices across 72 countries, including 18 offices in the UK.

The agreement, confirmed this week, means Peacheys, which is already one of the leading accountancy businesses in the Gwent area, will be able to expand its range of expertise for existing clients and serve a wider spectrum of clients within Wales and beyond.

This is the latest step in a major growth strategy for the practice which celebrates its 80^th anniversary this year. Over the past year it has become an incorporated business and has moved to high-profile new offices on Newport's regenerated waterfront.

In future the business will be known as UHY Peacheys, signifying that it has become part of a Top 20 UK accountancy operation able to draw upon the expertise of nearly 90 partners and 450 professional staff, while at the same time preserving its local roots. Worldwide, UHY member companies employ a total of 6,300 staff.

Peacheys Managing partner Paul Byett said: "UHY has an excellent reputation in the accountancy sector and we are confident that becoming a part of this respected network will be a major boost for the business and deliver clear benefits to existing and future clients."

The link will not only enable the Gwent-based operation to access specialist skills from elsewhere in the group but will give it the opportunity to use its own areas of specialism to serve other UHY clients across the UK.

Mr Byett added: "We feel that we will now be able to compete on a level with the other major accountancy firms operating on a national and international scale.

"Tapping into a national network gives us the benefit of remaining a Gwent business with sound local knowledge and close client relationships but at the same time offering specialist services where needed. UHY has offices in London, Manchester and Glasgow as well as a network of highly-experienced teams across the country, so we will be well placed to service clients with multiple UK sites as well as offering speciality services that we haven't previously," he explained.

Steve Sulley, Peacheys' Marketing Director, said "This tie-in with UHY is a natural next step as it makes us part of a Top 20 UK practice and extends our product offering. We will be looking to grow our market share as a result of this move, and take the practice into new markets."

UHY Peachey's current client base includes many of the best known businesses and organisations in the Gwent area.

Howard Spencer, Chairman of the UHY Hacker Young Group said: "We are delighted to welcome UHY Peacheys to the group and eager to draw on their expertise. This new firm will help to extend UHY Hacker Young's geographical footprint in Wales and we will benefit from UHY Peacheys' understanding of the local market."