Optionis buys tax specialist
NORTH West business services and accounting firm Optionis, which specialises in acting for freelancers and contractors, has made a strategic acquisition.
The Warrington-based company has snapped up Brian Alfred Associates, a firm of tax specialists, for an undisclosed sum. It is Optionis’ fourth bolt-on deal in the past 18 months.
Established in 2004, Brian Alfred revolutionised the Construction Industry Scheme (CIS) tax system by introducing speedy electronic rebates. The West London-based firm has around 5,000 clients and 20 staff.
Following the deal, the Brian Alfred brand will be maintained and will sit within Optionis’ SME division, ClearSky Business.
Optionis group managing director Derek Kelly said: “This acquisition is the latest example of our buy-and-build strategy in the SME space. Brian Alfred is a slick and innovative outfit that is already a market leader in its field. I am confident that we will enable the company’s huge potential for further growth to be fulfilled.”
Brian Alfred founder and chief executive Paul Atkin, who is stepping down following the acquisition, said: “It gives me great comfort and reassurance to know that I am leaving the business in safe and capable hands. The Optionis philosophy of sustainable growth aligns perfectly with our own, and I am sure Brian Alfred will go from strength to strength as part of the group.
“I would like to reassure our clients that, post-acquisition, it will be a case of business as usual. Indeed, the only difference they are likely to notice is further improvement in the services we offer them.”
The acquisition means Optionis now employs more than 300 office-based staff across seven UK sites.
EY advised Optionis on the deal, while Brian Alfred was advised by law firm Temple Bright and James Fieldhouse and Steve Woolmer from BDO’s corporate finance team.
Mr Fieldhouse said: “This is a good bolt-on buy for Optionis and one that sees Brian Alfred form part of the group’s long term growth strategy. It is a highly regulated, compliance-led sector and we can expect to see more consolidation in 2015 as large players look to acquire specialist services and build market share.”
