Baldwins expands into new region with HSBC-backed acquisition

A MIDLANDS accountancy firm has targeted national growth by making a major acquisition out of its home region.

The move by Baldwins Accountancy Group to acquire North-East-based Rowlands Accountants is part of a strategic plan to grow its annual turnover to £40m.

The latest deal, which was supported by a funding package from HSBC, is the 14th acquisition made by Baldwins in the past year.

Staff at Rowlands’ seven offices in Hexham, Ponteland, Portobello, Crook, Sunderland, Alnwick and Yarm will be incorporated into Baldwins, taking group staff numbers above 550.
The acquisition has also created a new national service line called Baldwins Restructuring & Insolvency, led by Rowlands Accountants’ head of insolvency Andrew Little, and the service will be rolled out across all 26 offices in the Baldwins group.

David Baldwin, director at Baldwins, said the deal was a very significant acquisition and took the firm’s expertise to another part of the UK.

“We had a detailed nationwide plan for acquisitions in 2016 throughout the UK and Rowlands Accountants was very much in our minds since they are one of the largest independent accountancy firms in the North East,” he said.

“Bringing together two strong regional brands means we are adding new services to their clients including payroll, auto enrolment, banking and insurance services, and corporate finance as well as adding value to Rowlands’ existing specialist tax offerings.

“We are particularly excited to have launched Baldwins Restructuring & Insolvency which is an area that will be offered across our 26 offices for the first time.”

He said the firm would look to make further investment in the region in the coming months as it continued to have faith in the local economy.

Eric Brannigan, senior partner at Rowlands Accountants, now part of Baldwins, said both had the same core values and aspirations.

He said: “Joining Baldwins means we will be offering our wide range of clients even more services to aid the growth of their businesses.”

Simon Adcock, HSBC’s Head of Professional Services, said: “We are delighted to have provided this structured funding, in support of regional expansion.”

Pictured from left are: David Baldwin – Baldwins Accountants, Andrew Little – Baldwins Restructuring & Insolvency, Eric Brannigan – Rowlands Accountants, David Waugh – Rowlands Accountants, Don Taylor – Rowlands Accountants, Dawn Walton – Alnwick Accountants, David Nairn – Rowlands Accountants, Alan Hynd – Rowlands Accountants and Shaun Knight  – Baldwins Accountants.