Tue, 13 Aug 2024 | BUSINESS SALE
An accountancy firm based in the South West has grown its headcount by a third and expanded its presence in the region with the acquisition of two local firms. Swindon-based Monahans has acquired McGills Chartered Accountants and The Insolvency Company.
The deals form part of Monahans’ growth strategy, after the company received a significant investment from Sumer Group. Monahans was acquired by private equity-backed accountancy consolidator Sumer earlier this year, with investment from the group earmarked to drive the company’s ambitions of quadrupling its turnover over the next five years.
The company will operate with complete autonomy as part of the Sumer group and will be backed to make its own acquisitions. Upon its acquisition by Sumer, Monahans acquired fellow Swindon firm David Starbuck and has now expanded further with its latest acquisitions, which increase its overall headcount by 30 per cent.
The acquisition of McGills, which is based in Gloucestershire, adds three locations in Cirencester, Malmesbury and Fairford to Monahans’ portfolio, bringing its total number of offices up to 10. The deal will also see McGills’ three partners and 30 staff transfer to the company.
McGills is well-established in the region, having been founded in 1966. The company provides accountancy and business advisory services to clients across the Cotswolds, predominantly serving SMEs and owner-managed businesses.
Monahans’ managing partner, Simon Tombs, said: “McGills has been providing excellent financial and business advice to organisations in the Cotswolds for more than half a decade, with an unrivalled reputation in the region. The firm complements Monahans in its expertise and shares the same focus on providing an excellent service for its clients.”
Following the acquisition, McGills partners Simon Nuttall, Helen Jones and Sharla Dandy will become partners at Monahans.
Simon Nuttall commented: “We are delighted to be joining forces with the team at Monahans. They have a great culture, which reflects our own beliefs and drive for quality, as well as a shared dedication to our clients. We think this move will be great for us, our clients and our local communities.”
The Insolvency Company, which is based in Taunton, is a rescue services business that provides a wide range of debt advice, with the acquisition set to enhance Monahans’ business recovery and insolvency practice. The Insolvency Company team will move into Monahans' Taunton office over the coming months, while founders Gareth and Stephen Buckley will also join as partners.
Gareth Buckley said: “Monahans has a longstanding history of impeccable client service through the south-west and a commitment to its culture across its multiple offices. It is the perfect partner to help our friendly and professional team build on its offering, supporting those experiencing financial difficulties or seeking to navigate their company through administration or liquidation.”
Simon Tombs added: “These acquisitions present great opportunities for our teams, consolidating extensive knowledge and experience, and broadening our reach across the south-west region in line with our growth plans.”
Read more about the trends driving a continuing wave of consolidation in the UK accountancy sector
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