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Hazelwoods

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Background Summary

This accountancy firm has been based in Cheltenham for over 100 years, with a long history of advising local businesses of all sizes from start-ups through to corporate organisations. Currently, Hazlewoods employs over 520 members of staff across three locations in Gloucestershire. 

As part of its efforts to support its local community, Hazlewoods work alongside the Gloucestershire Growth Hub, a government-led organisation that encourages an improvement in growth and wealth in the county’s business community. The hub provides support to over 2,500 local businesses at various stages of their development.

Furthermore, Hazlewoods is a partner of HLB International, a global network of independent professional accounting firms and business advisers. Founded in 1969, HLB now has 2,195 partners and 32,000 staff in 159 offices around the world. In the past year, the group generated around 3.28bn in revenue among all of its affiliate partners.

Hazlewoods provides a variety of services, ranging from offering business advice to accountancy work. Among the firm’s accounting services are financial reporting, audit and assurance work, financial planning and accountancy solutions.

In terms of business-related services, Hazlewoods offers business recovery and insolvency advice to clients, payroll solutions, management information. 

Financials

In its financial results for the year ended 30 April 2023, Hazlewoods posted an annual turnover of £34m, which was in line with the previous year. The company also posted an operating profit of £14m.

Recent Coverage

Recently, Hazlewoods advised on the successful £18.1m management buyout of Smart Numbers Ltd by YFM Equity Partners. The YFM backed buyout secured the future of this fast-growing Southampton-based communications company.

Furthermore, Experian ranked Hazlewoods Corporate Finances as a top 10 UK adviser, having successfully closed 112 deals in 2023. Despite a 12% decline in overall M&A activity across the UK, Hazlewoods remained active and optimistic, emphasising tailored solutions for clients amidst economic challenges. The firm’s workforce has grown to over 530 employees, with the corporate finance team expanding to over 40 specialists, indicative of their sustained growth and expertise.

In a recent transaction, Hazlewoods supported FluidOne in acquiring Computer and Network Consultants (CNC), enhancing FluidOne’s presence on the south coast and elevating annual revenues for its Business IT division to £37m. Hazlewoods’ role in providing financial and tax due diligence underscores its contribution to successful acquisitions and strategic expansions within the IT sector. James Whittaker, a corporate finance partner at Hazlewoods, highlighted the dynamic nature of FluidOne’s business and the pleasure of collaborating on transformative deals.

Furthermore, Hazlewoods advised HGEM, a guest experience management company based in Bath, on its acquisition by Volaris Group. HGEM, serving over 5,000 sites across the UK, including prominent hospitality brands, joined Volaris to leverage its scale, industry expertise, and product portfolio. Rich Grover, Hazlewoods’ corporate finance director, expressed satisfaction with the completed transaction, while Steven Pike, HGEM’s managing director, emphasized the acquisition’s potential to bolster HGEM’s mission and innovation efforts.

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