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Fusion Consulting has acquired Hatfield-based Lovetts Accountants, an established practice with over 600 clients and more than 15 staff, bolstering its Fusion Accountancy division.
It comes as Fusion secured an M&A war-chest from SME Capital in October 2022 in a bid to disrupt the professional services sector. This latest transaction is one of five strategic acquisitions that the group has completed during 2023.
The Lovetts acquisition takes the group to run-rate revenues of £7m with over 90 staff across six offices.
According to Fusion, Lovetts was chosen due to its “loyal and diverse” client base ranging across many different sectors, its audit practice, and the expert team it has built since it was established over 30 years ago.
It added that the Lovetts client base will now benefit from being able to tap into a broader range of skills and experience whilst continuing to retain the personal relationships built directly with the existing team.
As part of this transaction, Fusion has also acquired HBB Audit Limited, which adds Audit and Assurance services to the Fusion service offering.
Mitch Young and Adam Maurice formed Fusion Consulting in 2015 to cater for the Private Client and SME sectors, providing a broad range of services including International Taxation, Business Advisory, Accounting, Financial Services, Legal Services, Recruitment and Digital Marketing.
Adam Maurice, director of Fusion, said: “I am delighted to announce our latest acquisition. Lovetts has a well established client base which will benefit from our 360o advisory services and I am very pleased to also announce Chris Garbett’s promotion to Head of Fusion Accountancy – Hatfield. I look forward to welcoming Chris, Paul and the rest of the Lovetts team into the group.”
Paul Skipper, managing director of Lovetts, added: “I believe that this represents a really positive move for our clients and for our staff and is something that we have been working towards over the last few years.
“For our current clients we can carry on looking after each of you as individuals whilst being able to offer you a broader range of services and for our prospective clients we have so much more to offer than you will get elsewhere.”
