Posted:24-December-2012
Landmark sale for TaxAssist Accountants franchisees
Against a backdrop of high street failures, a mould-breaking accountancy network has bucked the trend, reaching a landmark £1m resale for one of its high street accountancy practices.
TaxAssist Accountants, which provides tax and accountancy services to small businesses, was set up in 1995 with the express aim of dispelling the stuffy accountant image and instead offering a welcoming, straight talking approach, with accountants in shop-front offices right on the high street.
Now with more than 200 offices and over 42,000 small businesses clients in the UK, the network has made its first million pound resale – achieving a multiple of 1.25 against an accountancy industry average of 0.8 to 1.0.
After a 30 year career in financial services and more recently operational consulting, Mike bought the Harpenden and St Albans franchise from Mark Fordham and is expanding the territory to include Radlett & Shenley.
Having worked around the world in senior positions for companies like American Express, GE Capital and Marsh & McLennan, Mike was interested in developing a family business that his wife Penny and twin children Katherine and James could become involved in as well as the opportunity to build an asset for the longer term.
“The more I found out about the growth and success of the TaxAssist Accountants model and the more I talked to people at the Norwich support centre and around the network, I became convinced that this was the business I wanted to buy into and continue to grow,” said Mike.
Mike is thoroughly enjoying the client and business development, with Katherine and James already helping out with extended office opening hours including Thursday nights and Saturday mornings during the peak season. He currently has more than 850 clients and plans to double that in five years.
Karl Sandall, Chief Executive of TaxAssist Accountants said; “Clearly we are thrilled to have achieved this landmark sale; it is a testament to the strength of our business model that we are achieving these kind of resale figures and still achieving double digit growth year on year.
“Three years ago we successfully exported the model to Ireland and now have our eyes firmly set on Canada, the U.S., New Zealand and Australia. Having an international presence can only help increase the value of our brand.”
Interested and want to know more about TaxAssist Accountants?
The TaxAssist Accountants profile outlines all aspects of their franchise opportunity and allows you to contact them for further information or to ask a question.
