Wed, 26 Oct 2022 | BUSINESS NEWS
Accountancy and tax services firm SKS Business Services has secured £48 million in financing to fund its ongoing buy-and-build acquisition strategy. The financing package, comprised of debt and equity, has been provided by European investment company Kartesia.
SKS was founded in 2007 and now provides accountancy, tax and finance services to more than 12,000 UK-based SMEs. Over the past five years, the firm’s fee income has increased 415 per cent, from £3.5 million to £18 million in 2021.
A key part of the company’s growth has been its buy-and-build acquisition strategy, which has seen it acquire and integrate 14 accountancy practices and two insolvency practices over the past eight years. The new financing will be used to continue this growth plan, with the company seeking to acquire and integrate larger high-street accountancy firms, typically with turnover of £1 million to £10 million, over the next two to three years.
SKS Business Services founder and CEO Sanjay Swarup commented: “SKS welcomes Kartesia both as a shareholder and a debt partner. The new financing will enable us to continue our decade-long buy and build approach to rapidly and successfully grow further in the UK accountancy market.”
“Our distinctive approach involves keeping client-facing and advisory roles on the high street, while routine and compliance work is handled efficiently by our own team of accountants and technologists in India.”
“Many high street accountancy firms have realised that they need to follow the large firms and have routine work processed overseas competently. SKS delivers this, and already we have a good pipeline of further mergers in place with practices looking to end their recruitment crisis.”
Kartesia director Guillermo Ferre added: “Accountancy and tax services is a resilient market, and we are very excited to support Sanjay and his team on the consolidation of the space while creating a leading platform capable of offering a broad portfolio of services to its customers.”
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