Tue, 30 Apr 2024 | BUSINESS SALE
Newcastle-based RMT Accountants & Business Advisors has acquired McCowie & Co, in a deal that expands its presence in the rural and agricultural sector. The deal represents RMT’s first acquisition since it became part of Sumer earlier this year.
McCowie & Co was founded in 1970 and has offices in Hexham and Newcastle. The eight-strong firm provides accountancy services for a range of farming, agricultural and contracting businesses across the North East, North Yorkshire and Scotland.
Following the deal, the company will operate a subsidiary of RMT, retaining its existing team to serve its client base.
Peter McCowie, partner at McCowie & Co, said: "We've been operating successfully for more than 50 years and have built a very strong reputation for the firm in specific markets."
"We looked at a number of options for the future of the firm and felt that becoming part of RMT made a great deal of sense for everyone involved."
"It gives our respective clients access to significant new resources and expertise, and we're excited to now be part of a North East business that’s got big plans for the future."
RMT Accountants, which was founded in 1954, provides a full offering of financial and business advisory services. The company joined Sumer in February 2024 and has a number of further regional M&A opportunities under consideration following the takeover of McCowie & Co.
Sumer, which was formed last year in Gatwick, has grown its scale and geographic presence rapidly through acquisitions of accountancies across the UK. It targets smaller and medium-sized regional firms, part of a strategy of creating hubs across the UK, and subsequently provides war chests for these firms to make acquisitions of their own in the surrounding areas.
Following the acquisition of McCowie & Co, RMT Accountants & Business Advisors Managing Director Mike Pott said: "Becoming part of a nationwide organisation like Sumer, with a clear strategy for growth, provides us with new opportunities to bring in additional expertise which will help us achieve our commercial ambitions.”
"We've known the McCowie team for many years and have huge respect for their specialist knowledge and impressive, long-term business performance. We're very pleased to have completed this first acquisition as part of Sumer and are now looking at a number of other potential acquisitions."
A number of UK accountancies are using M&A to broaden their service offerings
Established in 2007, this business specialises in high-quality appointment setting and lead generation services across multiple industries, including contract cleaning, HVAC, insurance, education, and construction.
London based IFA offered with the team looking to remain and client loyalty in place, this business can continue to operate efficiently.
Midland based IFA on the market with just 110 households, this business is able to operate very profitably and you would be bolting on valuable clients and staff.
26
|
Jul
|
Tunnelling construction technology company falls into administration | ADMINISTRATION
A tunnelling construction technology company based in Basing...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
25
|
Jul
|
Occupational health service provider secures PE backing for acquisitions | BUSINESS NEWS
A Hull-headquartered provider of occupational health service...
26
|
Jul
|
Sumer firm RMT completes second deal of the year | MERGER
RMT Accountants & Business Advisors, which is part of the Su...
21
|
Jan
|
MBO at Newcastle market research company | MBO/MBI
Newcastle-based market research company Explain Market Resea...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.