Thu, 17 Sep 2020 | BUSINESS SALE
Scottish accountancy firm Goldwells has expanded with the acquisition of two Moray-based finance businesses. With the acquisitions of Moray Tax Specialists and Chris Banks Bookkeeping, Goldwells has taken its presence in Scotland to eight offices across the North and North-East.
The acquisition of Moray Tax Specialists represents Goldwells first foray into the town of Elgin. The company will be headed by Ewan Edwards, who has led Moray Tax Specialists with his wife for over three years. Chris Banks will shortly retire from his firm.
Ewan Edwards commented: "I am delighted to be joining the Goldwells team to be able to expand our service offering to clients in Moray and the Highlands.”
"It has been a busy time for accountancy firms and tax specialists who have been helping clients with the government’s coronavirus business support schemes, and now as businesses look to take workers off furlough, we are able to offer advice to ensure businesses move forward in a positive and healthy financial position."
Goldwells Managing Director Gary Addison commented: "We have wanted to expand in Moray and Elgin in particular for a while now and so I am delighted to join with Ewan and Chris to bring a full financial service to the people and businesses in the area.”
"Moray is an exciting and vibrant place with a variety of industries and companies large and small. Our expertise in supporting businesses across the north and north-east will enable us to serve the area well. I am particularly pleased to have Ewan on the team as his expertise in complex tax issues and investigation work in particular is impressive."
Goldwells’ offices in the North and North-East of Scotland are in Bucklie, Elgin, Grantown-on-Spey, Inverness, Kingussie, Nairn, Peterhead and Tain. In its most recent accounts, to the year ended September 30 2019, the company’s fixed assets were valued at £1.3 million, up from £1.2 million a year earlier, while current assets were valued at close to £850,000, with net assets at over £700,000.
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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