Franchise tax group, TaxAssist Accountants, have announced the £1m sale of one of its high street practices.

The Harpenden and St Albans TaxAssist franchise, previously owned by Mark Fordham, has been purchased by Mike Melling for £1m, a senior accountant with previous experience at American Express, GE Capital and Marsh & McLennan.

Melling saw the practice as an opportunity to develop a family business.

'The more I found out about the growth and success of the TaxAssist Accountants model and the more I talked to people at the Norwich support centre and around the network, I became convinced that this was the business I wanted to buy into and continue to grow,' said Melling.

The practice currently has more than 850 clients. Melling has plans to double that figure in five years.

Karl Sandall, chief executive of TaxAssist Accountants said he was 'thrilled' at the landmark sale.

'It is a testament to the strength of our business model that we are achieving these kind of resale figures and still achieving double digit growth year on year.

'Three years ago we successfully exported the model to Ireland and now have our eyes firmly set on Canada, the US, New Zealand and Australia. Having an international presence can only help increase the value of our brand,' said Sandall.

The new practice under Melling's management will continue to trade under the TaxAssist brand.