Hungry Champion eyeing more deals
NORTH WEST accountancy group Champion is hungry for more acquisitions, after taking on two North West firms in the last 15 months, despite a 25% fall in profits.
Although the Worsley-headquartered group saw pre-tax profits decline to £203,588 for the year to the end of June 2008, turnover increased 21% to £6.23m.
The acquisition of Blackpool-based Haworth Moore accountancy practice in Blackpool in July 2007 added £906,000 to turnover.
It bought the firm for £420,000, with an initial cash payment of £170,000 and the remainder to be paid over a two year period. Haworth Moore’s revenue for the year to the end of March 2007 was £800,667.
And in September 2008, after the financial year end, Champion acquired Robinson Rose, an accountancy firm directly adjacent to the company’s Preston office.
It bought the business from administrators for £17,000, with an initial payment of £10,000 and the remainder to be paid after six months. The company, which had a turnover of £212,803 to the end of February 2008, will be carried on through division Champion Business Advisors.
The acquisitions take the number of fee earners across the group to 149, from 129 at the same time last year. The company is looking to acquire more accountancy firms.
Chairman Kevin Philbin said: “In these uncertain times we will look to grow organically and will still actively seek further acquisitions of the required quality. At the same time we will take whatever cost cutting measures are necessary to maintain profitability.”
In October the group took full ownership of Champion Business Advisors, having acquired director John Stokes 43% stake for £160,000. Mr Stokes resigned as a director and employee of the company.
