Optionis acquisition builds tax expertise

BUSINESS services and accounting firm Optionis, which specialises in acting for freelancers and contractors, has made a strategic acquisition.

The Warrington-based company has acquired tax rebate solutions specialist, Arnsco, for an undisclosed sum.

The deal is the fifth takeover to be completed by the firm in the past two years, and follows December’s acquisition of London-based tax specialist Brian Alfred Associates.

 

Hounslow-based Arnsco, which employs 24 staff, specialises in processing tax returns for Construction Industry Scheme (CIS) and Pay As You Earn (PAYE) workers. 

 

Following the deal, the Arnsco brand will be maintained and will sit within Optionis’ SME division, ClearSky Business, led by newly appointed managing director of SME, Robert White.

 

White said: “We are committed to building our presence in the tax rebate solutions market, as part of our strategy to build on and extend the services offered to SMEs and their employees.

 

“Arnsco’s expertise in providing tax and accountancy services, when sitting alongside our recent Brian Alfred acquisition, means that we are well placed to deliver a market-leading tax return service to CIS construction workers and other PAYE-based employees.”

 

The acquisition takes Optionis’ head count to 350 across several UK sites.

 

As well as ClearSky Business, the £314m turnover group is home to Parasol and ClearSky Contractor Accounting. Between them, the latter two divisions provide support to tens of thousands of contractors and freelancers every year.

 

In January 2014 Optionis completed a secondary buyout backed by investment firm MML Capital Partners.

 

Law firm DWF advised Optionis on the Arnsco acquisition, while financial and tax due diligence was performed in-house. Arnsco was advised by Ward Hadaway and Ibis Consult.