City accountants acquires rival after financing deal
AN accountancy practice in Hereford has expanded after it secured finance to complete the acquisition of a city rival.
Knipe Whiting Heath & Associates has used a £100,000 European Investment Bank (EIB) loan from Lloyds TSB Commercial to acquire Phillips & Co.
As a result of the deal, the business has grown from seven to 16 employees with the entire team from Phillips & Co being retained.
Established in 1982, Knipe Whiting Heath & Associates works primarily with SMEs. It specialises in property and non-residency tax.
The newly-expanded firm now has three offices in the city but the plan is to consolidate the team under one roof.
The financing will also enable the firm to continue investing in the business with new technology being utilised to link the three offices into a single entity.
The £100,000 EIB loan from Lloyds TSB Commercial came via the European Investment Bank scheme, which provides financial support to UK-based SMEs with fewer than 250 employees.
Jane Humby, director at Knipe Whiting Heath & Associates, said: “The acquisition of Phillips & Co provides us with a group of experienced and reputable staff to join our hard-working team whilst enabling continuity for clients. We have advanced the technology used across the company, allowing the accountancy and tax services our clients receive to remain of the highest standard.
“Our offices will eventually merge into one larger site, and as we develop our business further we are committed to investing in local talent. We presently have five trainees and intend to expand this in the future.”
“We found the support and guidance of the Lloyds TSB Commercial team invaluable. The loan allowed us to progress and look towards a positive future and achieve our ambition of expanding the business.”
Neil Herbert, relationship manager for Lloyds TSB Commercial, said: “Knipe Whiting Heath & Associates has a fantastic reputation in Hereford and is a talented firm of accountants that presented us with a strong plan for the solid growth and improvement of the company.
“The acquisition has created a growing, confident team who provide a professional service to a wide range of clients. The intention to move forward with the creation of one larger site shows much promise for the future of the business.”
