Growing accountants agree funding deal

ACCOUNTANCY firm Booth Ainsworth has agreed a new funding deal to support its growth plans.

The Stockport-based practice – which has made three small local acquisitions in as many years – has moved its banking facilities to Royal Bank of Scotland, which is providing the six figure working capital facility.

Acquisitions and organic growth at the firm, which has 10 partners and 80 staff, has grown fee income 25% since 2008.

Managing partner David Powell said: “Through a combination of organic growth and acquisitions we have significantly grown the firm during the last three years. 

“We have also made a significant investment to improve our IT capabilities.  It is important to have a banking facility in place that supports these developments and allows us the headroom to look at future growth opportunities.  RBS provided us with a facility that perfectly matched our financing requirements.”

Founded in 1959, Booth Ainsworth’s specialisms includes corporate finance, tax planning and bespoke advice for professional practices, such as legal practices and dentists.

Paul Baxter, relationship director at RBS in Cheadle, said: “Booth Ainsworth is a progressive, forward thinking, accountancy practice which has established a strong reputation in the local market. We are delighted to have structured a facility that meets their needs and to welcome them as a new client of the bank.”