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Northampton-based Cottons Group has been approved a loan of an undisclosed amount from OakNorth Bank to aid in the firm’s acquisition programme, as well as to refinance existing acquisition debt.
The news comes as the accounting and auditing market is forecasted to grow at a compound annual growth rate (CAGR) of 2.2%, reaching £6.3bn by 2027 by a drive in growing M&A activity and increasing IT and telecommunication adoption.
OakNorth Bank’s loan will support the firm’s acquisition programme of accountancy practices, which include Roberts and Co and J R Watson and Co, as well as helping provide a “tailored” facility for future unidentified acquisitions.
It is reported that since establishing in 1983, the firm has scaled to over 100 employees across offices in its Northampton HQ, as well as Rugby, Daventry, Milton Keynes, Market Harborough, and London.
Will Smart, managing partner of Cottons Group, said: “At Cottons, our people and our personalised approach are our greatest assets and we’re committed to offering our clients reliable, first-class service at every step in their business journey.
“This bespoke debt facility from OakNorth will help propel Cottons forward, as we look to continue scaling the business further through acquisitions, helping us to build upon our well-established branch network and strong long-term relationships with clients.”
Dale Cowdell, associate director of debt finance at OakNorth Bank, added: “Cottons is a well-established and well-respected, full-service accountancy practice, that has a strong focus on quality and a personalised approach.
“With the accounting and auditing market set for significant growth over the next five years, driven by factors such as increasing M&A activity, Cottons is in a perfect position to capitalise on this opportunity. We look forward to supporting them again in the future.”
