Thu, 22 Jun 2023 | BUSINESS SALE
WoodWhite Accountants, the Reading-based accountancy firm, has been acquired by fast-expanding professional services group Xeinadin Group Limited for an undisclosed sum.
WoodWhite, founded in 1998 by Paul Worthington, is a full service practice having made its mark in dispensing professional advice, alongside tailored accountancy and tax solutions to businesses of all sizes. WoodWhite is a technologically progressive accountancy firm, well suited to the digital push from increasing client expectations and government drives in areas such as tax. Increasing the digitalisation of its service offering is a primary organic growth lever for Xeinadin. WoodWhite had 21 staff at the time of acquisition and its last filed accounts to 31 March 2022 showed net assets of £469,000.
The majority of the shares in the company were owned by Worthington and his senior management team, including Chief Operating Officer Emma Newnham, Business Development Director Chris Paterson, and Director of Client Services Keith Westran. It has not been revealed whether Worthington (60) will be staying on post-acquisition.
This is the fourth acquisition made this year by the Xeinadin Group, highlighting the group’s sustained success in expansion through acquisition, as well as organic growth.
In 2023, Xeinadin also acquired Poppleton and Appleby, ClearVision and Kenneth Easby, expanding its national footprint and bringing additional expertise into the group whilst maintaining its focus on becoming a trusted advisor for founder-owned businesses.
Tom Lightowler, a Xeinadin Group director, said: "Digital transformation is creating a lot of activity within the accountancy services market. A lot of businesses are coming to Xeinadin to help them on this journey as they recognise it is well placed to lead this transformation."
Xeinadin has over 130 locations across the UK and Ireland and provides over 40 service lines to over 50,000 clients, predominantly small and medium sized businesses, and their owner-managers. A fast-growing, acquisitive group, it is one of the professional services market’s leading businesses, with more than 1,700 employees.
Read our recent Insight on the latest M&A trends in the accountancy sector - Accounting firms broaden their focus to stay relevant
This well-established West Midlands IFA, managing £200m in funds under management, offers a highly profitable client base with an average household value exceeding £400k.
An exclusive opportunity to acquire a prestigious ultra-high-net-worth independent financial advisory business in Kent, managing £70m in funds under management.
An established Northern Ireland IFA presents a unique opportunity with £500k in recurring revenue and an average client value exceeding £350k, offering a portfolio of highly profitable clients.
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