Private equity backed BK Plus has acquired Cheltenham based Andorran Chartered Accountants in the second acquisition of the year
This follows private equity firm Palatine’s investment in BK Plus last September and indicates the Midlands based firm’s focus on rapid growth which has seen two acquisitions since the funding boost six months ago.
Andorran was set up in 1998 and is headed by co-founder and managing director, Roger Downes (pictured left), with a team of 15 staff. The firm will retain its name and will not be rebranded as BK Plus, continuing to operate out of its current office in the Manor Business Centre in Cheltenham. All staff will be part of the deal, and senior manager Cinzia Hensley is promoted to partner in the practice.
BK Plus was set up by former Baldwins’ (now Azets) directors Shaun Knight and David Baldwin in February 2021, and focuses on providing ‘local expertise and advice to the SME sector in their local area using local partners and staff’.
The latest move marks a strategic expansion into the Gloucestershire region with the acquisition of Andorran. This follows the February deal with Liverpool based Abrams Ashton.
BK Plus reported fee income of £8.5m for year end March 2023 and profit of £709,656, and has increased revenue by over 60% since FY22, prior to the injection of private equity capital. The firm has 16 partners and 108 staff. The two acquisitions are likely to add at least £3m to total fee income.
Roger Downes, managing director of Andorran said: ‘Aligning with BK Plus presents an opportunity to enhance the value we deliver to our clients, drawing on the additional resources and expertise BK Plus brings. We are excited to join forces and continue our commitment to the Gloucestershire business community.’
Cinzia Hensley, who is promoted to partner, said: ‘Joining BK Plus enables us to bring expertise to a wider audience while maintaining our strong local and regional presence. This is a new chapter in our business which we are looking forward to developing.’
Shaun Knight, CEO of BK Plus, stated: ‘This acquisition enables us to further extend our reach into the south west region of the country, reinforcing our commitment to the SME sector.
‘Andorran’s reputation and operational excellence in Gloucestershire provide a strong foundation for our combined future growth. We look forward to working with Roger, Cinzia and the team at Andorran.’
Pictured (l-r): Roger Downes, MD of Andorran, Ian Gould, acquisitions director of BK Plus, Cinzia Hensley, partner of Andorran, Shaun Knight, CEO of BK Plus