Edinburgh accountancy & insolvency business taken over by English firm on national acquisition drive

Edinburgh-based insolvency and business advisory firm MLM Solutions has been acquired by SKS Business Services, an international accountancy firm based primarily in London and the south east of England.

In an announcement, SKS said MLM will merge into its existing insolvency specialists, Benedict MacKenzie, with both brands being retained.

The takeover has been announced as one of four accountancy practices acquired by SKS in recent weeks and forms part of a wider acquisition drive stretching into the autumn with the aim of rapidly creating a national network facilitated by a £10 million “war chest” secured in June from Shard Credit Partners.

As well as MLM, the firms already recently acquired by SKS are:

With these acquisitions SKS now has more than 4,000 UK SME customers serviced by 60 senior staff through its UK branches and an offshore operating model with 150 professional support staff located in North-West India.

As a group it will have an annual fee income equivalent of £7 million.

Maureen Leslie of MLM Solutions said: “The new practice is committed to investing in the latest technology and working practices which will allow us to increase our levels of customer service and satisfaction whilst remaining true to our values. I am looking forward to working alongside Carrie James at Benedict Mackenzie, having built a mutually productive working relationship whilst I was President of the IPA. I am confident that moving forward we will continue to strengthen this relationship and achieve a modern and innovative practice.’’

Carrie James, of Benedict Mackenzie, who is currently Vice-President at the IPA, added: “I am delighted to have the opportunity to continue to work alongside Maureen. The merger makes perfect sense as we have a shared value of ensuring we deliver practical advice with the best interests of all concerned. We look to positive solutions for SME clients and ensure that they never feel pressurised to use our services.”

Sanjay Swarup, founder and managing director of SKS, said: “Our aim is to continue to rapidly expand our presence nationwide; we now have offices in London, Surrey, Kent, Sussex, Berkshire and Scotland, and a good pipeline of further acquisitions being worked on. Our target is to be a top-20 accountancy firm within the next few years and it is well in our sights thanks to the funding available and the competitive edge provided by our back-office in India.

“These acquisitions are the first in a long pipeline of opportunities that we are pursuing to further strengthen our portfolio. With this in mind, we are keen to hear from accounting and insolvency practice owners who are looking to exit, or part exit their practice and ensure a positive legacy is retained.”

Shard Credit Partners CEO, Alastair Brown, said: “SKS is delivering on its promises, rapidly building a healthy, cash generative business. The high street accountancy sector has been long overdue for the sort of efficient and respectful consolidation being successfully delivered by SKS and we are delighted to be supporting it.”

Sanjay Swarup added: “SKS provides its customers with high quality outsourced services at competitive prices, putting them on a more equal level with larger corporates, which have outsourced such functions for over a decade.”