Double acquisition for private equity-backed accountancy firm

Private equity backed Monahans has expanded its footprint in the South West with the acquisition of a brace of accountancy and insolvency practices.

The move is part of an ambitious growth strategy after Monahans was given a significant investment from the fast growing private equity backed Sumer Group in May 2023.

The acquisition of McGills Chartered Accountants and The Insolvency Company come will mark a 30% increase in the firm’s headcount to nearly 200 staff.

The acquisition of Gloucestershire-based McGills adds three South West locations – in Cirencester, Malmesbury and Fairford – to the Monahans portfolio, taking its office number to 10. McGills’ team of three partners and 30 staff will transfer over as part of the deal.

Monahans’ managing partner, Simon Tombs, said: “McGills has been providing excellent financial and business advice to organisations in the Cotswolds for more than half a decade, with an unrivalled reputation in the region. The firm complements Monahans in its expertise and shares the same focus on providing an excellent service for its clients.”

The Insolvency Company’s founders, Gareth and Stephanie Buckley, will also join Monahans as partners, while its team is due to move into the firm’s Taunton office over the coming months.

Tombs added: “These acquisitions present great opportunities for our teams, consolidating extensive knowledge and experience, and broadening our reach across the south-west region in line with our growth plans.”