Hazelwoods

Who are Hazlewoods?

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 380 members of staff across two 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.

What do they do?

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. 

Recent financials

In its financial results for the year ended 30 April 2020, Hazlewoods saw a pre-tax profit of £1.45m, a slight rise from the £1.38m registered in 2019. Furthermore, the firm registered a turnover and operating profit of £2.1m and £1.45m, respectively.

HLB International saw its network revenue grow by 12%, despite the impact of the Covid-19 pandemic. While the overall revenue among UK partners exclusively was not disclosed, the network saw its revenue rise to 3.28bn for the year, denoting the financial security offered to Hazelwoods by HLB.

In the news

Recently, Hazlewoods advised on Initially Yours Limited, Total Promotions Limited and John McHugh (Stretford) Limited by Banner Limited. Supported by MML Capital Partners, Banner Limited is an aspiring “market leader” in uniform and sportswear. 

The negotiation was completed alongside the team at Banner and with Phil Edmonds at Roxburgh Milkins, who has provided legal support to Banner throughout this ongoing acquisitive phase in their strategy. 

In a statement, James Whittaker, director at Hazlewoods, said: “These bolt-on acquisitions demonstrate Banner’s commitment to their growth strategy, strengthening the group’s presence in the South West, North West and East of England. 

“We are delighted to be working with Glenn, Ian and Peter and we look forward to continuing to work with the executive team at Banner and with the wider team of advisers, with a number of deals already in the pipeline.”

Ian Webb, CFO at Banner Limited, said: “James at Hazlewoods has been a trusted adviser throughout all three deals, allowing us to concentrate on the commercial aspects for which we are grateful.

Back to top button