Mon, 04 Dec 2023 | BUSINESS SALE
Shaw Gibbs, an accounting, tax, payroll and advisory services firm based in Oxford, has completed its fifth acquisition of the year with a deal for fellow Oxford-based accountancy Harmer Slater.
The deal bolsters Shaw Gibbs’ geographic reach and brings a “wealth of experience” into the group, with Horner Slater being a well-established practice with two offices. The company provides a wide range of professional accounting advisory, business advisory, tax and assurance services and its customer base ranges from privately-owned businesses, the UK subsidiaries of multi-national firms and AIM-listed companies.
Shaw Gibbs Managing Director Peter O’Connell commented: "This acquisition builds on our long-term vision of strengthening our position as a leading player in the accountancy industry.”
"The addition of two new offices to our group not only extends our footprint but also allows us to provide an even broader range of services to our clients."
The deal is Shaw Gibbs’ fifth of 2023 so far, with its M&A-led growth having enabled it to establish a 290-person practice, with UK offices in Oxford, London, Sutton, Basingstoke, Farnham, Northampton, Teddington and Woking.
Shaw Gibbs’ acquisition drive comes after it secured £10 million in backing from Apiary Capital in November 2022, enabling it to expand through a targeted M&A strategy, taking advantage of widespread fragmentation in the UK’s accountancy industry.
Discussing the sale to Shaw Gibbs, Harmer Slater partner and co-founder Tim Slater said the company had been considering succession options for “the past few years”.
Slater continued: "We wanted to secure the future of the firm by forming an alliance with a practice who could provide benefit to our clients and create new opportunities for our talented teams. Shaw Gibbs stood out as the best fit for us as they aligned to Harmer Slater in their pragmatism and people-centred approach."
Accountancy firms are using acquisitions to bolster their services and expand their geographic presence across the UK
A medium-sized general accountancy firm in Kent, trading for several years and currently home to over 350 clients, is available for acquisition.
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This business offers a robust opportunity with its impressive track record in fire, flood, storm, and subsidence damage repairs for blue-chip clients in the South, featuring a substantial growth rate exceeding 50% annually from 2022 to 2024.
Looking for more businesses? Try our off-market tool.
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