Tue, 30 Apr 2024 | BUSINESS SALE
Newcastle-based RMT Accountants & Business Advisors has acquired McCowie & Co, in a deal that expands its presence in the rural and agricultural sector. The deal represents RMT’s first acquisition since it became part of Sumer earlier this year.
McCowie & Co was founded in 1970 and has offices in Hexham and Newcastle. The eight-strong firm provides accountancy services for a range of farming, agricultural and contracting businesses across the North East, North Yorkshire and Scotland.
Following the deal, the company will operate a subsidiary of RMT, retaining its existing team to serve its client base.
Peter McCowie, partner at McCowie & Co, said: "We've been operating successfully for more than 50 years and have built a very strong reputation for the firm in specific markets."
"We looked at a number of options for the future of the firm and felt that becoming part of RMT made a great deal of sense for everyone involved."
"It gives our respective clients access to significant new resources and expertise, and we're excited to now be part of a North East business that’s got big plans for the future."
RMT Accountants, which was founded in 1954, provides a full offering of financial and business advisory services. The company joined Sumer in February 2024 and has a number of further regional M&A opportunities under consideration following the takeover of McCowie & Co.
Sumer, which was formed last year in Gatwick, has grown its scale and geographic presence rapidly through acquisitions of accountancies across the UK. It targets smaller and medium-sized regional firms, part of a strategy of creating hubs across the UK, and subsequently provides war chests for these firms to make acquisitions of their own in the surrounding areas.
Following the acquisition of McCowie & Co, RMT Accountants & Business Advisors Managing Director Mike Pott said: "Becoming part of a nationwide organisation like Sumer, with a clear strategy for growth, provides us with new opportunities to bring in additional expertise which will help us achieve our commercial ambitions.”
"We've known the McCowie team for many years and have huge respect for their specialist knowledge and impressive, long-term business performance. We're very pleased to have completed this first acquisition as part of Sumer and are now looking at a number of other potential acquisitions."
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