A north-east accountancy firm is continuing to expand its client base with the completion of a six-figure acquisition.
SBP Accountants and Tax Advisers has agreed a deal to buyout established Aberdeen business, Norman Gray & Co, which will grow the client base by an additional 500.
Six staff will move across to SBP’s new Aberdeen headquarters in the city’s Queen’s Road as part of the deal. It will increase SBP’s headcount to 41 employees and six partners across its four bases in Aberdeen, Peterhead, Fraserburgh and Banff.
Norman Gray & Co was launched forty years ago and was based in Carden Place prior to the acquisition completing at the beginning of August.
It marks the largest acquisition to date for SBP, which also bought over Andrew Philip Accountants in 2015 and will bring the firm’s client fee turnover to circa £3.2million.
Managing partner of SBP, John Hannah, said: “I have a target list to grow the firm through acquisitions and Norman Gray & Co was a good opportunity for us and it was a very good fit for the business. The two businesses were very similar on client delivery and fee structure, so it should be a simple transition for the clients. Also, the six members of staff moving across as part of the deal will offer client continuity with an emphasis on client care and retention.”
Norman Gray, who has retired following the acquisition, added: “We operated a very personalised practice and SBP had a very similar approach, so I am confident that it is a good move for my clients and team as they remain in good hands. There are a number of long-serving staff moving across to join SBP and this will also be good for them as they become part of a larger team, potentially offering more career growth opportunities.”
The firm, which works with a number of high profile north-east businesses, recently moved into a new Aberdeen headquarters with a £1.1m investment, doubling the size of its city office.