In joining the now 11-strong Tenzing portfolio, Jeffreys Henry will see funds directed to its sales and digital marketing strategies to facilitate above-market growth.
The firm currently works with over 2,000 businesses and high net worth individuals, using its “one-stop-shop” full service solution to support finance and back office capabilities.
Already operating over an annual core market growth of 5% due to increasing accountancy complexity and the growing number of SMEs, the investment allows Jeffreys Henry to build on its “award-winning status”.
Justin Randall, managing partner at the accountancy firm, acknowledged Tenzing’s “expertise and proven ability” to invest in the field, adding that it will enable the firm to develop its “digitally enhanced service, attract and retain top talent, create an amazing working environment, and expand by acquisition”.
He said: “With their help, we hope to achieve our goal to become the UK’s leading tech-enabled provider of advisory, compliance, assurance and other essential business services to entrepreneurs and high growth SMEs.”
The investment represents Tenzing’s second high-growth business target within its £400m fund II that was raised in 2020.
Christian Hamilton, co-founder and joint managing partner at the Alantra-backed firm, said: “Jeffreys Henry’s model of leveraging technology to enhance the user experience gives it a unique proposition in the market.
“Entrepreneurs across the UK rely on the firm’s expertise to deliver mission-critical services that their business needs to operate, which has resulted in double-digit revenue growth.”
He added that the firm is “super excited” to provide funding that will support Jeffreys Henry in “improving sales effectiveness, enhancing digital marketing and with acquisitions”.