James Dow

The flotation gives the company a market capitalisation of £21.4m, based on a share price of 100p.

DSW Capital operates a platform business model that it says provides a flexible and autonomous alternative to traditional accounting and professional services firms. It currently has 19 licensee businesses with 82 fee earners.

The Aberdeen office of Dow Schofield Watts was founded in 2019 by Tom Faichnie and Melanie Clark, both of whom have backgrounds in Big Four accounting firms, and offers services including corporate finance and due diligence.

For the year ended 31 March 2021, DSW Capital received an average licence fee of 14.7 per cent of licensee revenues and generated operating profit of £1.7 million and operating cash flow of £0.8 million. The three-year historical Dow Schofield Watts network revenue CAGR to FY21 was 22 per cent.

James Dow, CEO of DSW Capital, said: “We are delighted to announce our IPO and admission to AIM, which are important milestones for DSW Capital.

“The successful fundraise will support our strategy to capitalise on the substantial growth opportunities presented in the changing UK accounting market and our vision to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses.

“The success of our model is demonstrated by the rapid rise of the DSW Network up the sector rankings. We believe our new quoted company status will help raise the profile of DSW further, enabling us to accelerate the growth of our Network.”