Fri, 15 Mar 2024 | BUSINESS SALE
Mid-tier advisory firm Sedulo Group has expanded into Birmingham with the acquisition of R&D tax advisory BTA Services. The deal forms part of Sedulo’s aim of doubling in size over the next three years, a strategy centred around establishing new city centre bases across the UK.
The acquisition of BTA Services will add to Sedulo’s existing operations in London, Liverpool and Manchester. The group is aiming to reach close to £20 million in revenue over the next 12 months, with acquisitions playing a key role in this goal.
Sedulo plans to use Birmingham as its Midlands base and says it is on the hunt for a more permanent home in the city. The group is also recruiting consultants with expertise in banking and financial planning and is expecting to announce more key hires.
BTA is a tax credit specialist that has completed more than 1,100 R&D claims with revenue in excess of £10 million across close to 400 clients. The company was founded by Eric McClenaghan in 2018 and, following the takeover, McClenaghan will remain as an advisor to the business.
Following the acquisition, Sedulo founder Paul Cheetham-Karcz (pictured above), said: “We have been looking for an acquisition for a while that allows us to enter a new territory. BTA Services gives us a perfect foothold into the Birmingham area, and we are already on a recruitment mission to add to the existing members.”
“Over the past two years, we have substantially increased the sophistication of our R&D offering, with the recruitment of Josh Perry and Andy Nixon from top six firms leading the team.”
Cheetham-Karcz continued: “The landscape has become more difficult to navigate, but we have developed our offering. As a result, we are in a perfect position to acquire strong firms like BTA Services and add some additional expertise. We look forward to the next 12 months, which should see us edge towards £20 million in revenue.”
Eric McClenaghan added that becoming part of the Sedulo Group would provide the company’s staff with “fantastic career opportunities” and said the deal “can positively contribute to the breadth and depth of the R&D team at Sedulo.”
He continued: “BTA clients will continue to be looked after by our familiar team and will now have a range of additional services available to them.”
Find out more about recent M&A trends in the UK's financial advice sector
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