Funding deals facilitate growth for professional firms

A pair of North West professional services firms are set to expand after gaining new funding packages.

Accountancy firm Booth Ainsworth has agreed a new 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 a 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.”   

Meanwhile, chartered insurance firm Rowlands & Hames is now planning regional expansion following a management buy-out.

The Fylde-based corporate broker has been taken over by managing director John Isles and financial director Andy Farnworth in a deal funded by HSBC.

The business, which has 18 staff and has turnover of £1m, has been sold by Bob Willis, who is remaining as a non-executive chairman role.

John Isles said: “Rowlands & Hames is a strong brand in the Blackpool and Fylde area and we want to make sure we look to leverage the quality service we provide by expanding further into Preston, East Lancashire, Yorkshire and Cumbria, which we see as offering significant growth.”

FD Andy Farnworth added: “Our business has gone from strength-to-strength and we are in the business of being there when our clients need us.

“It is this principle that has helped grow Rowlands & Hames and it is an ethos we want to build upon. Despite the current economic situation, we are pleased to have won several major corporate clients as a result of our broking expertise and service proposition.”