Azets acquires Bolton’s Gorilla Accounting to bolster digital offering
Azets, the UK top ten accountancy group, has bolstered its digital offering to clients with the acquisition of Gorilla Accounting, the digital accountancy firm for entrepreneurs, sole traders and small limited companies, and number one ranked accountancy firm on Trustpilot.
Gorilla Accounting was founded by Dan Fallows and Tim Murphy in 2015 and has rapidly grown to employ 45 people, with its headquarters in Bolton.
Fallows will stay on as managing director to drive the business within the Azets family, which TheBusinessDesk.com reported this week has secured further private equity investment from PAI Partners, which supports more than 93,000 clients with business-critical accounting, tax, payroll, audit and advisory services and generates revenues of around £700m.
HgCapital Trust is an existing investor in Azets, which has a stated strategy since it formed the business six years ago to digitalise financial compliance processes for SMEs.
The amount paid has not been disclosed.
Former senior banker Murphy, a director of finance business Seneca, will now return to overseeing investments and working in the debt advice side of the business for the Haydock headquartered group.
Tim Murphy
Murphy told TheBusinessDesk.com: “It’s been a great journey since me and Dan set Gorilla up in 2015 with a really great brand and a real vision to simplify and disrupt the whole world of digital accounting. There’s a real opportunity now for Dan to grow Gorilla even more within an ambitious group like Azets, especially with their client base, contacts and national reach.”
Gorilla’s reputation has been built as demand for flexible accounting amongst self-employed contractors, freelancers, and those operating as limited companies has grown in recent years.
To capitalise on its reputation and strong demand for specialist tech-enabled accounting services, Gorilla Accounting will retain its brand as part of Azets Group.
Azets identified Gorilla Accounting as a leading, digital-first accountancy firm, with experience and ambition. The private equity backed firm said it shared strong alignment in values and focus on providing quality service.
As part of the acquisition, Azets’ SME clients will benefit from enhanced digital services, while Gorilla Accounting clients will gain access to additional accountancy advice and services, including wealth management and tax planning, from Azets’ network of specialist advisors across the UK.
Dan Fallows will now take on the role of Managing Director of Gorilla Accounting within Azets. He said: “We founded Gorilla with the ambition of modernising and digitising the accountancy market for small companies and individuals seeking a hassle-free, personalised service – and we’re delighted that Azets has recognised Gorilla as best in class for those that want an online, digitally served accounting solution.
“This acquisition begins a new chapter in Gorilla’s growth story and provides our clients and people with exciting new opportunities as part of a growing international accountancy group.”
Peter Gallanagh, Azets UK CEO, said: “I’d like to welcome Gorilla and our 45 new colleagues into the Azets Group. Gorilla is highly successful and well-run technology-led business, with a strong brand presence and excellent reputation. That’s why we have chosen Gorilla to lead on further developing our digital offering to SMEs, entrepreneur-led clients and consultants.
“Azets has invested heavily in digital technology to underpin our personalised client services. Our two businesses are aligned culturally and having both grown exponentially in recent years. Gorilla complements our strategy to serve SMEs better through the delivery of digital accounting services, and we look forward to working successfully together.”
Sean Lightfoot, Corporate Partner at Hill Dickinson, provided legal advice to Gorilla Accounting. Convex Capital, led by Isaac Asamoah, James Edge, Indy Singh and Harriet Shaw, advised Gorilla Accounting on the deal and corporate finance.
