100 years and growing: Duncan & Toplis’ legacy, expansion, and future

Founded by accountants Stanley Duncan and Eric Toplis, accountancy firm Duncan and Toplis is celebrating its 100th anniversary this year. Taking us back to the genesis of the company, the duo worked for the firm Mellors, Basden and Mellors in Nottingham and decided to form their own business in 1925. The first office was on Mansfield Road in Nottingham - near what is now the Victoria Shopping Centre. Soon after this, a second office was opened in Grantham at Barclays Bank Chambers (now over The Old Bank) on High Street. Toplis was also the secretary of the Grantham branch of the NFU, and he quickly built a reputation for helping farms and other owner-managed businesses to thrive. However, tragedy struck in the 1930s when Stanley Duncan passed away, but Frederick Miller took on Duncan’s role as a partner and he and Toplis continued to lead the business for many more years. Damon Brain, CEO of Duncan and Toplis says Duncan and Toplis is built on the same principles today as it was 100 years ago, but the ways of working have changed dramatically since then. The first locations were heated by gas fires and each room had a single phone managed by a small switchboard in reception, while external calls were made through the GPO operator. What’s more, everything was done on paper - bank statements, cheques, pay-in stubs and invoices were all delivered to the offices in shoeboxes from clients, or on metal spikes. Each piece of paper had to be sorted and counted, calculations were made using ready reckoners and all accounts were typed, filed and copied using carbon paper. Since then, Brain says there have been “seismic changes” in the industry including the introduction of decimal currency in 1971, VAT in 1973 and the advent of computers and cloud accounting. “Now, we have acquired 14 other businesses throughout the years - both within our accountancy and business services, but also through our companies that specialise in IT, wealth management and legal services,” he says. Additionally, with a commitment to positively impact people, communities and the world around us, the Duncan and Toplis Foundation was established in 2022. Since then, the foundation has helped many organisations within the firm’s local communities. This has supported the provision of palliative care, victims of domestic abuse, community spaces, youth groups, respite for carers and much more. Brain adds: “Fundamentally, we are defined by our team members; a growing collection of dedicated professionals whose skills are invested in and whose values drive the direction of the group.” Celebrating a century in business, Brain adds that empowering businesses and individuals to thrive in an ever-evolving world has been the key to the firm’s longevity and success. “Our team takes immense pride in being a trusted partner to our clients, helping them to achieve their goals through services tailored to their shifting needs. We’ve continually invested in our use of technology to keep us at the cutting edge, ensuring we have all of the tools we need to provide outstanding services,” he explains. As well as providing businesses with the support they need to succeed, the group also prides itself on putting people first. Brain states that the company’s team members are at the heart of absolutely everything they do, and that it helps develop talent, encourage ambitious individuals to progress their careers and expand their professional and personal development, whilst always ensuring “it puts its values of trust, partnership and inclusivity at the forefront of everything”. Also central to the company’s continued growth is “strong and effective leadership and management”, says Brain. “A key development in the last 12 months was our strategic move toward leadership restructuring. The formation of a new executive leadership team represents a shift toward a more structured approach to governance and growth, designed to support our ambitious goals.” Speaking about goals, 2025 has only just begun, and Duncan and Toplis have already hit the ground running with two successful acquisitions, strengthening their position for the year ahead. At the start of February 2025 the firm acquired North London-based firm ALG and just two weeks later announced the acquisition of Derby-based accounting firm Underwood Green. On asking about the strategic reasoning behind acquiring these firms, Brain says: “As we celebrate our centenary in 2025 by reflecting on our achievements, we are also setting our sights on the future and embarking on what will be the biggest period of growth since we were founded. “With this in mind, we are starting the next 100 years as we mean to go on - accelerating our progress in a controlled manner and protecting everything that’s great about the group and what we do, while maintaining our focus on culture and growth for the right reasons.” The group has already stated that it is in active acquisition discussions with other like minded firms. Brain further explains that the acquisitions will mean the group will increase its revenue, but this isn’t about reaching a turnover target or setting about to become the biggest. He says: “Our growth plans mean we can provide a wider range of services with a deeper skillset, to help clients in an increasingly complex financial landscape. It will also provide greater opportunities for our team as they continue their careers with us.” Acquisitions also require smooth integration, and because the values and culture of Underwood Green and ALG matched that of Duncan and Toplis, Brain says that the process of integration was “on the best foot forward from the very beginning”. He adds: “We’re not rushing into things, but taking our time to introduce our new colleagues to the group - with a dedicated team and specific investment to ensure a smooth transition of culture, team, technologies and operations.” Looking at 2025, Brain says that The Duncan and Toplis group is experiencing its biggest ever period of growth, following private equity investment in 2023 and expanding its geographical footprint with the opening of new locations in London and Derby within the last five months. He adds that during 2025 the group will continue to implement its ambitious growth strategy which is primarily focused on strong organic growth, supplemented by a number of highly strategic acquisitions that broaden the service offering to clients and expand the business geographically into new key locations. “Our vision to be the team that clients always choose to work with and where talented people belong remains at the forefront and guides everything that we do, including our future investments - these will be targeted in ways that help us to achieve our purpose, which is to positively impact people, our communities and the world around us,” he says Over the next 12 months the company is also looking to build on its company-wide culture which actively empowers team members to face environmental, social and governance (ESG) concerns head-on, with the aim to reduce our carbon footprint by as much as 90% in the coming years. Duncan and Toplis are currently ‘on the road to Net Zero’ and have appointed a Sustainability Champion to lead the business in this vital field. Brain says that the company is determined to reduce its emissions and build a more sustainable future for its business, the local community and its planet. Looking ahead, Brain also adds that the business also faces numerous macro challenges - from competition and instability in the financial markets to political factors and the demand for talented people. However, he states that the company is well-equipped to confront these challenges “head-on and seize the growth opportunities that lie ahead, guided by its core values, strong client relationships and exceptional team”. According to Brain, the firm has always embraced innovative technology, and that includes artificial intelligence to boost its efficiency, improve our services, free up resources and deliver even greater value for our team and our clients, while being aware of and managing the risks associated with its use. It has also invested in robotics and managed to automate many repetitive tasks, increasing accuracy and also job satisfaction for its team by allowing them more time for more rewarding work types. Despite these challenges, Brain concludes: “Duncan and Toplis will change and grow as we adapt and respond to the world around it, but we’ll preserve and enhance the best of our business and the elements of our culture that are key to our success.”

100 years and growing: Duncan & Toplis’ legacy, expansion, and future

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