SKS Business Services, an accountancy firm based in Richmond, has received £10m in financial backing to support its expansion into the North East from Shard Credit Partners.
Currently, the firm has a presence in the East of England, North West, South East and London.
In total, Shard Credit Partners has committed £20m to support SKS’s acquisition goals as it aims to be a top UK accounting firm.
From finance arranged by Shard Credit Partners, SKS has completed ten acquisitions since May 2018, including Thompson Jones in September 2019.
Heads of terms have been signed on by its first deal in the region, which is expected to be completed in September 2020.
Alastair Brown, Shard Credit Partners CEO, said: “As it builds upon its highly successful acquisition-led growth strategy, we are excited to be supporting the next phase of SKS’s expansion as it moves into the North East. The region is an area of focus for Shard Credit Partners.
‘‘In the past 18 months we have completed four management buyouts in Newcastle, Leeds, Durham and Liverpool. We have deployed investment commitments totalling £46.8 million in the North East and North West regions.’’
He added: ‘‘Despite the economic conditions, we see lots of investment opportunities in the area in the coming months.”
Sanjay Swarup, SKS’s managing director, said: “Shard Credit Partners’ financing has been instrumental in our acquisition strategy. We are developing a reputation of helping accountancy and insolvency firms merge with us seamlessly with minimum client attrition.
‘‘Our modern working practices have allowed us to deliver high-quality services, on time and without disruption, to our clients during the pandemic. We are proud of the fact that both the increase in Shard Credit Partners’ commitment by £10 million and talks with potential firms wanting to merge with SKS happened during the height of lockdown.’’
He added: ‘‘This interest reflects the momentum that SKS has developed over the last several years.”