Northcoders focused on growth with support from Garbutt + Elliott

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Leeds and York accountancy, advisory and audit firm Garbutt + Elliott has played a key role in the recent floatation and growth plans of Northcoders Group plc, (AIM: CODE) through the provision of technical advisory and tax structuring services.

Northcoders, which is based in Manchester and Leeds, recently announced its IPO on the Alternative Investment Market (AIM), the London Stock Exchange’s market for smaller growth companies. Garbutt + Elliott will continue to support the group following its appointment through ongoing accounting and taxation support, as the group focuses on its growth ambitions to create a substantial network of Northcoders hubs across the UK.

The IPO team at Garbutt + Elliott was headed by Alex Hird, Director of Technical + Innovation and Becky Maguire, Tax Partner, assisted by Sarah Moore, Technical Accounting Senior, and Angela Mikola, Senior Tax Advisor. Garbutt + Elliott have been involved in a number of high-profile Initial Public Offerings (IPOs) across the country, as well as performing accounting advisory, valuations, tax structuring and data analysis projects for a range of quoted and unquoted companies.

Founded in 2016, Northcoders Group offers training and software development solutions to individuals and corporates, both in person at its regional hubs and through its own online platform. It has also been a fully-accredited apprenticeship provider since December. Training programmes are currently provided from its regional hubs in Manchester and Leeds with plans to expand with two further hubs in Birmingham and two other locations with Liverpool, Newcastle and Sheffield as potential targets. Northcoders Group raised £3.5m by floating on AIM which will enable it to access the capital it requires for further growth.

Charlotte Prior, Chief Financial Officer at Northcoders Group, said: “There’s no doubt that the IPO process is complex, particularly from a financial accounting perspective, and it brought a host of new requirements. We engaged Garbutt + Elliott due to their expertise, hands-on nature, and ability to work as an extra member of our team – and they nailed it. The process would have been much more onerous without their involvement, and I was very reassured by their presence and unwavering support throughout.

“The team and its reputation continues to go from strength to strength as it continues to support the ambitious growth plans of businesses like Northcoders, and we would highly recommend them to any businesses looking to follow our lead.”

Alex Hird, Director of Technical and Innovation at Garbutt + Elliott said: “We are delighted to have supported the Northcoders team during this exciting period of development for the business, delivering all the accounting and tax structuring work needed for the recent IPO. Chris Hill, Charlotte Prior and the wider Northcoders team are a great group of people offering quality training, and we wish them every success with their future growth strategy. We hope to continue to provide an integrated service that meets the needs of the market, whilst ensuring that Charlotte can focus on running the business rather than doing the external reporting.”

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