A rapidly-growing independent Midlands accountancy firm is expanding into the North East for the first time after acquiring its 14th business in the last 12 months.
Baldwins Accountancy Group has acquired Rowlands Accountants to take its annual turnover to around £40 million as part of its strategic plans for expansion in 2016. The deal was supported by a funding package provided by HSBC.
Staff at Rowlands’ seven offices in Hexham, Ponteland, Portobello, Crook, Sunderland, Alnwick and Yarm will be incorporated into Baldwins which now has over 550 staff.
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 Baldwins.
David Baldwin, Director at Baldwins, said this was a significant acquisition and was taking their 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.
“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, 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.
“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 are delighted to have provided this structured funding, in support of their regional expansion. We look forward to developing our relationship further and continuing to lend our expertise to professional services firms like Baldwin & Co.”