Two expanding regional accountancy firms with Financial Planning arms are to combine following a £20m takeover deal.
Surrey-based Chartered Accountants SKS Business Services has acquired North East-based chartered accountants Bailey Group.
SKS’s acquisition of Bailey Group expands the firm’s geographical reach with the addition of an established base in the North East, the firm says.
Following the takeover SKS Business Services now has 25 offices across the UK and nearly 11,000 SME clients.
Bailey Group has 10 offices, mainly in the North East and North and will now be known as SKS Bailey Group.
The deal gives SKS a presence in five out of the UK’s eight regions and a consolidated group EBITDA of £4.8 million. SKS is based in Richmond upon Thames, Surrey.
The funding for the acquisition was provided by an ‘acquisition facility’ of Ј20 million from Shard Credit Partners. In recent years, SKS has acquired 11 businesses using funding from Shard.
SKS offers a range of accountancy services as well as retirement planning and tax planning and also advises on pensions, savings and investment. Bailey Group offers personal Financial Planning and tax advice among other accountancy services.
Founded in 2006, Bailey Group Chartered Accountants is headed by Christopher Bailey and is headquartered in Peterlee, County Durham.
Three directors will lead the merged business, including the founder of SKS Business Services: Sanjay Swarup, who started the firm up in 2008 alongside Anil Swarup, and Christopher Bailey.
Christopher Bailey, CEO of Bailey Group, said: “Merging with SKS has provided us with the opportunity to offer a service that is focused on business advice, backed up with a range of more sophisticated services.”
“This is important, particularly in the current climate, as so many local businesses are facing financial problems and are looking for practical help and guidance from their accountants to plan for an uncertain future. We look forward to continuing to grow across the North East with SKS.”
Sanjay Swarup, CEO of SKS Business Services, said: “Pooling together complementary strengths from each firm will expand the services on offer to our clients and develop current relationships further. We look forward to gaining expertise from the Bailey Group and look to develop new business opportunities together.”