Second deal for hungry ClearSky
ACCOUNTANCY firm ClearSky, part of Optionis Group the Warrington service provider for SMEs and contractors, has completed its second deal of the year.
It has bought Dorset-based accountancy practice Lofts & Co for an undisclosed sum.
The firm specialises in tax advice to small businesses and wealthy individuals. It has four staff and more than 150 clients.
Under the terms of the deal, Lofts & Co will become part of ClearSky Accounting. Founder Malcolm Lofts will continue to play an active role in the business. It follows the June acquisition of Middleton firm Michael Brookes & Co.
Optionis managing director Derek Kelly said: “This is an extremely exciting point in the growth of Optionis and ClearSky in particular. The acquisition of Lofts & Co, a well-established practice with an excellent reputation and expertise in inheritance tax, trusts and tax planning, will broaden our offering to businesses and individuals.
“Crucially, it will also support our aim of establishing ClearSky as the ‘go-to’ source of fixed-fee advice and guidance for Britain’s small businesses. The deal underlines our determination to grow despite ongoing uncertainty over the resilience of the economic recovery. Our next strategic acquisition is already in the pipeline and should hopefully be completed in late 2013 or early 2014.”
Group turnover at Optionis in the year to April 2012 was £381.2m. The group, which is also home to outsourced employment and workforce management firm Parasol, employs more than 200 head office staff across four sites in Warrington, Manchester, Poole and London.
Law firm DWF advised Optionis on the deal, while financial due diligence was conducted internally.
