Accountancy firm hits £100m revenue milestone
Sumer, the UK’s leading mid-market accountancy practice has said it has reached more than £100m in revenue just 12 months after its first acquisition.
The practice delivers services to the UK’s small and medium-sized enterprise (SME) communities with more than 40 offices and a team of over 1,000 colleagues.
Backed by substantial investment from Penta Capital and BlackRock, Sumer’s strategy is to form regional Hubs throughout the UK, focused exclusively on the SME market.
Cowgills joined the group last week and is the biggest practice to join so far. The 23 partner and 200 employee strong practice will retain the Cowgills name and the Sumer deal now provides a ‘war chest’ for making acquisitions of accountancy and advisory businesses across the North West.
Its next most recent acquisition was of EQ Accountants, a Scottish practice with over 140 staff and 16 partners, based in three offices in Tayside and Fife – Dundee, Forfar and Glenrothes.
The Hubs announced so far include: RT Marke & Co, Monahans and Carpenter Box in the South West; RMT Accountants & Business Advisors in the North East; RT Marke & Co, Jerroms in the West Midlands; Simmons Gainsford in London; Cowgills in the North West and EQ Accountants in Scotland.
Warren Mead, chief executive officer of Sumer, said: “Sumer is shaking up the UK accountancy sector, and we’ve only just started. We’ve joined forces with outstanding regional firms who share our vision to champion entrepreneurs and owner-managed businesses. We are different because we are embedded in local communities, yet we’re able to provide our clients with the benefits of a national scale.”
