Moore Blatch advises Aura Technology on deal with Amicus ITS to create £10m IT solutions provider
Moore Blatch continues to support SKS Business Services Ltd (“SKS”) in the execution of its successful buy-and-build strategy by completing three further acquisitions over the summer of 2019.
SKS is an award-winning firm of chartered accountants providing accounting, bookkeeping, tax, payroll and outsourced finance function services to a range of clients from UK-based sole traders, individuals and partnerships, to SMEs, limited companies and small cap-listed entities. SKS also has an established and growing insolvency business.
SKS has been rapidly accelerating its acquisition and growth strategy and recent acquisitions have significantly expanded the geographic footprint of SKS, which now has a presence across the East of England, the South East of England, London and the North West of England.
During summer 2019, Moore Blatch acted for SKS in relation to the acquisition of Westlake Clark, Baker Watkin and Thompson Jones Business Solutions. Westlake Clark has offices in Southampton, Lymington and New Milton, which are new geographic markets for SKS. Westlake Clark provides accounting, bookkeeping and tax services to more than one and a half thousand clients based predominantly in and around the South of England. Baker Watkins is a firm of chartered accountants based in Stevenage, Hertfordshire. This acquisition provides a strong, stable portfolio of businesses that adds over two hundred and eighty mainly small business clients. Thompson Jones is an accounting practice based in Bury, enabling SKS to further expand geographically by acquiring a highly performing, diversified practice.
These acquisitions will enable the previous owners to successfully exit their businesses over a period of time, whilst realising the value of their enterprise and ensuring that their valued customers will continue to benefit from high quality professional accounting services under the umbrella of a larger group that is expanding in line with its strong nationwide growth ambitions.
The acquisitions were funded under a £10 million senior secured unitranche facility which was committed by Shard Credit Partners Fund I in May 2018. Shard Credit Partners is a UK lower mid-market-focused direct lending fund established to provide flexible long-term growth capital to UK SMEs.
Commenting, Jeremy Over, Partner at Moore Blatch, said, “It is a pleasure to have been able to work with SKS from such an early stage and assist them with their remarkable growth; from acting on the first SKS acquisition, completed in November 2013, to their initial £10 million financing with Shard Credit Partners in May 2018 and various acquisitions in between and to date. We look forward to working with them on many more acquisitions in the future.”
The team at Moore Blatch was led by Jeremy Over (Partner, Corporate) and also included Kirsty Bowyer (Associate, Corporate), Samantha Grose (Trainee Solicitor, Corporate), Stephanie Clark (Solicitor, Employment) and Julian Parkes (Partner, Real Estate).
Sanjay Swarup, Managing Director of SKS, said “SKS’s acquisition-led growth strategy is now proven and continues to drive interest from accounting business owners looking for an exit through a sale. We have a strong pipeline of acquisition candidates throughout the UK and expect to complete several more transactions in the coming months. I would like to thank Moore Blatch for their continued support with our growth journey”.