SJD Accountancy and Nixon Williams in £100 million acquisition
SJD Accountancy, the largest accountancy provider to the contractor market, has been acquired along with the firm Nixon Williams, by Sovereign Capital, a specialist UK private equity firm. The deal, worth £100 million, will see the two businesses operate as part of a larger group. Together, the businesses will serve over 18,000 limited company contractor clients across the UK.
The businesses will continue to operate independently under their respective brands within the new Group structure, receiving the investment and support to further develop their offering and delivering strong customer service. The new group will have a combined fee income of around £25 million per annum, making it the 27th largest accounting business in the UK and one of the largest accountants in the SME market.
The contractor services market is highly fragmented and it is envisaged that the new Group will expand via a mixture of further acquisition and continued organic growth.
Simon Curry, formerly CEO of Powwownow, dabs.com plc, Plusnet plc and a senior director at BT Openworld, has been appointed as Group CEO. Kevin Budge becomes Group CFO, Claire Johnson, Managing Director of SJD Accountancy, becomes Group Operations Director. Julian Carnell becomes Group Sales and Marketing Director. Jeremy Newman, current chair of the Audit Commission and former CEO of BDO International and who was previously Managing Partner of BDO UK, joins as Group Chairman.
SJD Accountancy was founded in 1992 by entrepreneur Simon Dolan, and has achieved 22 years of unbroken growth in the contractor market. Nixon Williams was established in 1995 by Alan Williams and Andy Nixon, and experienced similarly strong growth, reflecting its particular expertise in the IT contractor market.
Both companies offer their clients a breadth of contractor accountancy services including year-end accounts, corporation tax, bookkeeping, payroll services and quarterly VAT calculations. Together, the businesses employ over 280 staff, predominantly comprising qualified accountants and accounting professionals.
Simon Curry, Group CEO, comments: “Both SJD and Nixon Williams are excellent businesses, fully focused on providing clients with a highly efficient service; both businesses receive a significant number of referrals from existing clients and enjoy long term client relationships. The economic landscape has shown continued growth in the contractor market and we look forward to building upon the pace of growth these businesses have achieved.”