Mon, 11 Nov 2024 | BUSINESS SALE
RMT Accountants & Business Advisors, which is part of the Sumer group, has made another acquisition snapping up nationwide insolvency firm KSA Group.
Newcastle-based RMT Accountants & Business Advisors provides the full range of financial and business advisory services through its specialist teams. It works with companies of all sizes within and outside the North East, as well as internationally.
KSA, which has offices in Berwick-upon-Tweed, Gateshead, Edinburgh and London, specialises in pre-insolvency business recovery solutions. It works with the directors and owners of struggling businesses to effect rescues often without the need for a formal insolvency process.
KSA was one of the first UK insolvency practices to take a digital approach to delivering its services via a portal first launched in 2001. They provide a range of free information and advice to business owners who are looking for help.
It is also nationally renowned in its use of Company Voluntary Arrangements (CVAs) for small and medium sized companies, with more than £31 million being returned to their clients’ creditors and HMRC through KSA’s CVA work.
Insolvency is a growth market with the number of companies getting into financial trouble higher this year than in 2023 as economic volatility continues.
The 15-strong KSA team, which includes four directors and two Licensed Insolvency Practitioners, will remain with the company following the acquisition. The combined restructuring team is being led by RMT director and head of recovery & restructuring, Chris Ferguson.
This marks RMT’s third acquisition since it became part of the Sumer Group, the mid-market accountancy practice for SMEs, and made growth by acquisition a key part of its commercial strategy. It bought rural and agricultural specialists McCowie & Co in late 2023 and joined forces with Durham’s Ribchesters Chartered Accountants this Summer.
Ferguson of RMT, said: “Much of the work done by insolvency professionals goes under the radar, with pre-emptive support and advice helping to save hundreds of companies and thousands of jobs across the UK every year. KSA has a particularly strong regional and national reputation in this respect. The team’s skills and experience complement RMT’s existing recovery and insolvency offering extremely well."
Keith Steven, founder and managing director at KSA Group, added: “Our long-term success has been based on working directly with owners and directors to provide a holistic picture of the options available to their struggling businesses and then delivering the support and advice they’ve needed to find the best way to move forward. Becoming part of a larger group will provide continuity for our expert team and a range of new opportunities.”
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