South West accountancy firm Monahans has continued its expansion by snapping up a pair of specialist financial practices in the region.
The addition of Cotswold firm McGills Chartered Accountants and Taunton-headquartered The Insolvency Company increase Monahans’ headcount by almost a third and add a further four bases to its office network.
The firm now operates from 10 locations, including Bath, Chippenham, Trowbridge and Frome.
Monahans has embarked on its ambitious growth strategy after receiving ‘significant’ investment from Sumer, the nationwide partnership of accountancy firms it joined in May last year.
The aim is to quadruple its turnover over the next five years.
The acquisition of McGills and The Insolvency Company follow the takeover in February of family-owned Swindon-based accountancy practice David Starbuck Ltd.
McGills, which was launched in Cirencester in 1966 by Gloucestershire accountant John McGill, has a proven track record with predominantly small and medium-sized firms and owner-managed business clients in sectors such as manufacturing, construction, retail and hospitality.
As well as Cirencester, it also has offices in Malmesbury and Fairford.
Monahans said McGills shared its close set of common values and ethos, with its three partners and 30 staff seamlessly continuing to provide accountancy and business advice to clients in the Cotswolds following the acquisition while also benefitting from Monahans’ wide-ranging experience, with specialist services including audit, insolvency, corporate finance and HR.
McGills partners Simon Nuttall, Sharla Dandy and Helen Jones have taken up the same roles at Monahans.
Monahans said The Insolvency Company’s range of debt advice from its offices in Taunton would enhance its business recovery and insolvency practice.
The company’s founders, husband-and-wife team Gareth and Stephanie Buckley, have joined Monahans as partners, with its team due to relocated to Monahan’s Taunton office over the coming months.
Monahans managing partner Simon Tombs, pictured above, described McGills as having an unrivalled reputation in the Cotswolds for providing excellent financial and business advice.
“The firm complements Monahans in its expertise and shares the same focus on providing an excellent service for its clients,” he said.
He added that as a family-run business, and with 50-plus years of combined experience, The Insolvency Company was “a perfect fit to be a part of the Monahans Group, from the perspectives of both culture and expertise,” while also strengthening its debt advice offering.
“These acquisitions present great opportunities for our teams, consolidating extensive knowledge and experience, and broadening our reach across the region in line with our growth plans,” he added.
Simon Nuttall at McGills said: “We are delighted to be joining forces with the team at Monahans. They have a great culture, which reflects our own beliefs and drive for quality, as well as a shared dedication to our clients. We think this move will be great for us, our clients and our local communities.”
The Insolvency Company’s Gareth Buckley added: “Monahans has a longstanding history of impeccable client service through the South West and a commitment to its culture across its multiple offices.
“It is the perfect partner to help our friendly and professional team build on its offering, supporting those experiencing financial difficulties or seeking to navigate their company through administration or liquidation.”
