Tue, 01 Jul 2025 | BUSINESS SALE
Private equity-backed accountancy Duncan & Toplis has acquired a 65-strong business based in the East Midlands. The company’s acquisition of Torr Waterfield sees the firm establish its first dedicated office in the city of Leicester, further strengthening its presence across the Midlands.
Duncan & Toplis, which marks its 100th anniversary this year, now operates from 14 locations, with offices in London, Leicester, Boston, Grantham, Derby, Lincoln, Melton Mowbray, Newark, Loughborough, Sleaford, Spalding, Stamford and Skegness.
In 2023, the company secured backing from private equity firm Blixt Group to enable it to embark on an M&A-led growth strategy. Since then, the company has completed a number of strategic deals and says that the acquisition of Torr Waterfield continues its “largest period of growth to date”.
Following the acquisition, Torr Waterfield will now begin transitioning to the Duncan & Toplis brand. All 65 of the company’s staff, including founders Mark Torr and Mike Waterfield, will remain in their existing roles post-acquisition, providing continuity for the firm’s clients.
Duncan & Toplis Chief Executive Damon Brain commented: “This is an exciting step in our continued growth and reflects our long-term ambition to strengthen our presence across the Midlands. Importantly, as we expand into new locations, our focus remains firmly on supporting all our clients – new and existing – with the personal, trusted advice they value.”
Brain added that Torr Waterfield’s team and founders joining Duncan & Toplis meant that the group is now "even better placed to invest in our people, enhance our services and build for the future.”
Torr Waterfield co-founder Mike Waterfield said: “This partnership allows us to continue providing the personal service our clients value, while gaining access to new expertise, wider resources and greater opportunities for our team.”
Fellow co-founder Mark Torr added that joining Duncan & Toplis would provide Torr Waterfield with “the ability to enhance and expand the services we offer, while staying true to the culture and values we’ve built over the past 25 years.”
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