South West accountancy firm Monahans has secured ‘significant’ investment to launch an acquisition strategy as it targets a quadrupling of its turnover over the next five years.
The firm, which has seven offices including in Bath, received the funding from Sumer, the nationwide partnership of accountancy firms it joined last May.
Part of the investment – details of which have not been disclosed – has already been used by Monahans to acquire Swindon-based accountancy practice David Starbuck Ltd.
Monahans, which has an office in Swindon, said the takeover would be the first in a series of strategic partnerships in the region.
Family-owned David Starbuck Ltd was founded in 2008 to specialise in supporting small and medium-sized businesses.
Founder David Starbuck will support the transition of the firm and its client roster under the Monahans umbrella for six months.
Its client portfolio will continue to be managed by James Starbuck with support from Helen Rowland and Sarah Rumbold, who have joined Monahans as associates and will have responsibility for client account preparation.
The portfolio will be led by Monahans partner Clare Bowen.
Monahans managing partner Simon Tombs, pictured, said: “It is great to acquire a firm that shares the same vision and ethos as Monahans.
“The reputation of the firm is impeccable and we are excited to offer our shared expertise to the region.”
David Starbuck added: “The opportunity to join such a historic, well-respected firm has been extremely compelling for us, what with Monahans’ established presence as the leading practice in the South West.
“Capitalising on Monahans’ extensive resources will see us increasing the level of services offered to our clients and we are excited to see what the next chapter holds as we continue to assist them with achieving their business goals.”
Monahans, which has achieved significant organic growth over recent years, became the first firm to gain funding from Sumer last May when it launched its investment strategy. Sumer has since gone on to invest in seven other firms across the UK.
At the time of the Monahans link-up Sumer Group CEO and co-founder Warren Mead described Monahans as the perfect partner firm to launch its investment plans.
“As we grow our regional footprint, we are committed to helping businesses navigate turbulent times and seize opportunities,” he said.
“The expertise of the Monahans team will greatly enhance this offering in the South West as the firm builds on its reputation of being trusted advisors to local business communities.”
Earlier this week Sumer said it had hit revenue of more than £100m just 12 months after its first acquisition and was now a top 15 UK accountancy practice.
It now has 40-plus offices employing more than 1,000 staff.
Each firm in the Sumer network is a separate legal entity and retains full autonomy.
Monahans, whose services span corporate finance, tax consultancy, audit and payroll, also has offices in Chippenham, Frome, Glastonbury, Trowbridge and Taunton.
