Streets adds fintech firm to growing portfolio
Lincoln-headquartered Streets Chartered Accountants has revealed that Mitch Consulting which provides outsourced accounting and finance solutions, has merged with the firm’s Bristol practice Streets Steele.
Mitch Consulting’s services are centred around the use of cloud-based programmes and digital platforms.
Mark Mitchell, co-founder of the company, said: “For our practice to grow and as part of our own succession planning, we needed to consider the next steps for the business. We spent some time considering the options as well as potential firms to join up with. The decision was very much focused around a shared vision and appreciation of our business model, especially around the need to embrace technology and realise its benefits in terms of looking after and working with clients. With its established virtual finance office service and appetite and enthusiasm for innovation, we were delighted to enter into discussions and ultimately come together with Streets.
“We particularly like the opportunities that the merger offers for the continued growth of the business and the opportunities it offers existing and future team members. We also see the merger benefiting clients through their ability to access additional services, including specialist personal and business tax planning, specialist R&D tax reliefs, banking & finance and corporate law.”
Streets managing partner, Paul Tutin, said: “The merger of Mitch Consulting with Streets is one of five mergers we have completed in less than six months.
“This, the latest one, was particularly exciting as it has enabled us to build on our focus to drive innovation in the delivery and provision of service for our clients both now and in the future.
“We fully recognise the importance of embracing technology and the role it can play in meeting the need for effective and meaningful financial reporting and management for all businesses, especially those operating in the fast-moving fintech sector.”
The deal means that Streets now has 27 offices, over 60 partners and directors, more than 350 members of staff and annualised fee income of more than £39m.
Tutin added “We are also currently in discussions with a number of firms around potential mergers, with hopefully a number of further announcements over the next few months.”
Streets Law, the firm’s dedicated corporate and commercial law offering led by managing director and solicitor Adam Aisthorpe, undertook the legal work on behalf of Streets for the merger, including drafting the sale and purchase agreement and dealing with the due diligence process in collaboration with internal colleagues in the tax and audit teams at Streets.
Ashton Legal, Norwich and corporate and commercial solicitor Jasmine Allen acted on behalf of the sellers, Mark Mitchell and Jane Mitchell, on the sale of the practice to Streets.