Wed, 30 Nov 2022 | BUSINESS NEWS
Chartered accountancy and business advisory firm Cottons Group has secured a loan from OakNorth Bank, which it will use to finance its acquisition drive. Cottons was founded in 1983 and provides services to a range of customers, including large corporations, SMEs, freelancers and contractors.
The firm has over 10,000 customers and more than 100 employees at its Northampton headquarters and across its other offices in London, Milton Keynes, Daventry, Rugby and Market Harborough.
Cottons will use the OakNorth Bank loan to refinance its existing acquisition debt, as well as to fund its acquisition strategy, which sees it target other accountancy practices. The funding will also provide a tailored facility for the firm’s future unidentified acquisitions.
Cottons Group Managing Partner Will Smart said: "At Cottons, our people and our personalised approach are our greatest assets and we're committed to offering our clients reliable, first-class service at every step in their business journey.”
"This bespoke debt facility from OakNorth will help propel Cottons forward, as we look to continue scaling the business further through acquisitions, helping us to build upon our well-established branch network and strong long-term relationships with clients.”
OakNorth Bank Associate Director of Debt Finance Dale Cowdell added: "Cottons is a well-established and well-respected, full-service accountancy practice, that has a strong focus on quality and a personalised approach. As the firm prepares for the next chapter of its growth journey, we're delighted to play a part in its push forward for further acquisitions.”
"With the accounting and auditing market set for significant growth over the next five years, driven by factors such as increasing M&A activity, Cottons is in a perfect position to capitalise on this opportunity."
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