Accountancy firm merger creates £40m-turnover business

AN accountancy firm has been acquired by an acquisitive Midlands business.

Rowlands Accountants is the latest firm to come under the Baldwins banner, bringing total group turnover to £40m, with staff numbers reaching 550.

The company has offices in Yarm in North Yorkshire/Stockton-on-Tees, as well as several across the North East, in County Durham and Northumberland. It is bringing specialist insolvency operations to the bigger group.

Baldwins Restructuring & Insolvency will be led by Rowlands Accountants’ head of insolvency Andrew Little.

The deal was supported by a funding package provided by HSBC.

Baldwins Accountancy Group has bought 14 businesses in the last 12 months.

David Baldwin, director at Baldwins, said:”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.

“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.

“We are looking to invest further in the region in the coming months which underlines our faith in the local economy.”

Eric Brannigan, senior partner at Rowlands Accountants said: “Both firms have a strong reputation for providing a comprehensive service in all financial matters and this is an opportunity to become an integral part of one of the UK’s leading independent accountancy businesses.”

Simon Adcock, HSBC’s head of Professional Services, said: “HSBC is committed to backing ambitious British businesses like Baldwin & Co.

“We look forward to developing our relationship further and continuing to lend our expertise to professional services firms like Baldwin & Co.”