Surrey-based SKS Business Services has begun spending a £10m ‘war chest’ with the aim of creating a national network and has acquired four accountancy practices in recent weeks, with more in the pipeline for the autumn
The firms acquired are Ramon Lee & Partners based in the City (which will continue to trade under its own name); insolvency/business advisory firm MLM Solutions based in Edinburgh (which will merge into SKS’s existing insolvency specialists Benedict MacKenzie, with both brands being retained); Surrey's Wall & Co, which will merge into SKS-owned Gilroy & Brookes; and Place Fight in Kent, which will merge into Ward Mackenzie, also owned by SKS.
With these acquisitions the SKS group, which operates a shared services offshore model and has acquired several accounting firms across the south-east over the past six years, will have has an annual fee income equivalent of £7m and 60 senior staff through its UK branches, as well as 150 professional support staff located in North-West India.
Sanjay Swarup, founder and managing director of SKS, said: ‘Our aim is to continue to rapidly expand our presence nationwide; we now have offices in London, Surrey, Kent, Sussex, Berkshire and Scotland, and a good pipeline of further acquisitions being worked on.
‘Our target is to be a top-20 accountancy firm within the next few years and it is well in our sights thanks to the funding available and the competitive edge provided by our back-office in India.’
The funding for the deals was provided by Shard Credit Partners, which specialises in supplying alternative finance to UK lower mid-market SMEs.
Alastair Brown, Shard Credit Partners CEO, said: ‘SKS is delivering on its promises, rapidly building a healthy, cash generative business. The high street accountancy sector has been long overdue for the sort of efficient and respectful consolidation being successfully delivered by SKS and we are delighted to be supporting it.’
Report by Pat Sweet
