Thu, 10 Oct 2024 | MERGER
Professional services group Streets has announced its latest merger, which sees Bury St Edmunds-based boutique practice Mitch Consulting join forces with the firm’s Bristol business Streets Steele.
The merger with Mitch Consulting is the fifth that Streets has completed over the past six months and the tenth that the group’s in-house law team has completed over the course of the last three years.
Mitch Consulting was founded in 2014 and provides outsourced accounting and finance solutions focused on the use of cloud-based programmes and digital platforms. Streets Steele, meanwhile, has developed an industry-leading virtual finance office service aimed at clients running fast-moving, dynamic, rapidly growing businesses.
The merger takes Streets’ staff headcount to more than 350 and boosts its annualised fee income to more than £39 million. According to Managing Partner Paul Tutin, the latest merger means that the group now has 27 offices and more than 60 partners and directors.
Mitch Consulting co-founder Mark Mitchell stated that the practice was founded " based on a clear understanding of the need to support start-up and scale-up enterprises. In particular we recognised that many such businesses could benefit from a CFO and finance team but couldn’t afford them.”
According to Mitchell, the firm has been able to provide an “affordable and highly effective solution” based on the latest accountancy and financial management software, “contemporary ways of working” and a strong, experienced team of “highly qualified accountants with relevant industry experience”.
Mitchell stated that the business had begun to consider succession planning and how it could grow, leading to considering potential firms that it could join up with.
He continued: " The decision was very much focused around a shared vision and appreciation of our business model, especially around the need to embrace technology and realise its benefits in terms of looking after and working with clients.”
“With its established virtual finance office service and appetite and enthusiasm for innovation, we were delighted to enter into discussions and ultimately come together with Streets.”
Mitchell added that the merger offered growth opportunities both for the business and for existing and future staff and that it would benefit clients “through their ability to access additional services, including specialist personal and business tax planning, specialist R&D tax reliefs, banking & finance and corporate law.”
Streets Managing Partner Paul Tutin said: “The merger of Mitch Consulting with Streets is one of five mergers we have completed in less than six months. This, the latest one, was particularly exciting as it has enabled us to build on our focus to drive innovation in the delivery and provision of service for our clients both now and in the future.”
Tutin said that the combination of Mitch Consulting with Streets Bristol business would boost its service offering and help to further set the group apart from its competitors.
He added that Streets was in discussions with a number of other firms around potential mergers and hoped to make “a number of further announcements over the next few months.”
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