Thu, 01 Jun 2023 | BUSINESS NEWS
Accountancy business Duncan & Toplis is set to embark on a growth strategy incorporating M&A activity after securing investment from private equity firm Blixt Group. The company, which was founded in 1925, will also use the funding to invest in its team, expand its service proposition and leverage technology to drive new opportunities.
Duncan & Toplis provides services including wealth management, payroll, HR, marketing, accountancy, tax advice, audit and assurance to both businesses and individuals. The company was founded in Nottingham before relocating to Grantham and expanding throughout the East Midlands.
Commenting on the new funding, managing director Adrian Reynolds said that the firm's new growth strategy would accelerate its progress, adding that Blixt is “an ideal partner for us because they share our focus on culture and growth for the right reasons.”
Reynolds added that Blixt’s funding “means that in the next few years, we can achieve what we would have hoped to achieve in ten-plus years”.
Blixt CEO Carl Herring said that, following the investment in Duncan & Toplis, it was seeking to partner with “other like-minded accounting firms to help accelerate growth." Last month, Blixt invested in another East Midlands firm, Nelsons, through its legal arm Lawfront.
Blixt, which is headquartered in London, is a European private equity firm that has access to more than €250 million in long-term institutional investor funding. The firm focuses its investments on growing businesses in the UK’s wealth management, legal services and accounting sectors.
Read about M&A in the financial services industry.
Find out more about driving acquisitive growth through private equity funding.
Accounting firms are utilising M&A to broaden their service offering.
Available on the market a well-established solicitors’ firm in Stoke on Trent area looking for a sale or merger.
A well-established solicitors’ practice (limited company) in central Leicester, with turnover c£600K, low overheads and 40% profit margin.
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