Tue, 20 Feb 2024 | BUSINESS SALE
Private equity-backed accountancy firm Sumer Group has continued its rapid acquisitive growth after completing a deal for South West accountancy firm Monahans. Following the acquisition, Monahans, which has offices in Swindon, Bath, Trowbridge, Taunton, Chippenham, Frome and Glastonbury, has said it will continue to operate with complete autonomy.
The acquisition and Sumer’s investment will help Monahans’ ambitions of quadrupling its turnover in the next five years and facilitate the acquisition of other firms in the region. Following the deal, the company has already used the new investment to acquire Swindon practice David Starbuck.
Monahans Managing Partner Simon Tombs commented: “We are confident it is the right move for our firm and all our colleagues. We are dedicated to helping our clients achieve their ambitions. Being part of Sumer will help us bring even more expertise to that.”
Sumer Group Chief Executive and co-founder Warren Mead called Monahans the “perfect partner firm” for the group’s growth plans in the region. He added: "As we grow our regional footprint, we are committed to helping businesses navigate turbulent times and seize opportunities. The expertise of the Monahans team will greatly enhance this offering in the South West."
Despite only being founded last year, Gatwick-based Sumer Group has already expanded to more than £100 million in turnover and a staff headcount of around 1,000 following a series of acquisitions. Including Monahans, the group has completed eight acquisitions, most recently with a deal for North West accountancy and business advisory practice Cowgills.
Sumer Group’s acquisition drive sees it target smaller and medium-sized regional firms that share a similar ethos, values and approach. So far, the group has amassed a network of 40 UK offices and supports thousands of UK SME clients.
A core part of the company’s strategy is investing in its platform companies to make acquisitions of their own – illustrated by Monahans’ acquisition of David Starbuck. Following that deal, David Starbuck’s client portfolio will continue to be managed by James Starbuck, with support from Helen Rowland and Sarah Rumbold, who join from David Starbuck as associates, with responsibility for client account preparation.
At partner level, the portfolio will be led by Clare Bowen, while the transition of the company and its client roster to Monahans will be supported by David Starbuck during a six-month period.
Mr Starbuck commented: “The opportunity to join such a historic, well-respected firm has been extremely compelling for us, what with Monahans’ established presence as the leading practice in the South West.”
"Capitalising on Monahans’ extensive resources will see us increasing the level of services offered to our clients and we are excited to see what the next chapter holds as we continue to assist them with achieving their business goals.”
Read more about M&A trends in the UK accountancy sector
The group of three companies is a multi-disciplinary provider of railway equipment and structural design and environmental consultancy services. Providing a turnkey package, the group manufactures and supplies railway signals, point operating equipme...
This practice, established for over 15 years, is available for sale. Practitioner would be available to assist in the transition period to ensure a smooth handover of clients.
This practice, which was established over 30 years ago, is available for sale. Practitioners would be available to assist in the transition period to ensure a smooth handover of clients.
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