Independent accountancy and business advisory firm has secured significant investment from ‘business champions’ Sumer Group Holdings Ltd.
The move sees it become part of one of the top 15 mid-market accountancy businesses in the UK, employing over 1,000 people in more than 40 offices around the country and puts it on course for quadrupling turnover within five years.
As part of the acquisition by Sumer Group, Monahans will continue to operate with complete autonomy under Managing Partner Simon Tombs, with additional resource to fuel its ever-growing presence in the region.
Sumer Group is a fast-growing professional services firm dedicated to championing SMEs across the UK and Ireland.
Monahans was chosen as the founder firm to kick-off its mission to empower businesses and help local communities prosper financially and Sumer Group has gone on to invest in seven other firms across the UK.
With Monahans already achieving significant organic year on year growth, the investment will allow it to reach its goal to quadruple turnover in the next five years, as it facilitates the acquisition of other firms in the South West region.
Simon Tombs said: “We are confident it is the right move for our firm and all our colleagues. We are dedicated to helping our clients achieve their ambitions. Being part of Sumer will help us bring even more expertise to that.”
Monahans has already used this increased capital to acquire Swindon-based accountancy practice David Starbuck Limited, the first in a series of strategic partnerships in the region.
A family-owned firm that was founded by Chartered Accountant David Starbuck in 2008, David Starbuck Limited has specialised in helping small and medium-sized businesses achieve their financial goals.
The new client portfolio will continue to be managed by James Starbuck, with support from Helen Rowland and Sarah Rumbold, who also join from David Starbuck Limited as Associates, with responsibility for client account preparation.
The portfolio will be led by Clare Bowen at Partner level, while David Starbuck will support the transition of his firm and its client roster under the Monahans umbrella for a six-month period.
Mr Tombs 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 said: “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.”
Warren Mead, Sumer Group CEO and Co-Founder, added, “Monahans is the perfect partner firm to launch our investment plans. As we grow our regional footprint, we are committed to helping businesses navigate turbulent times and seize opportunities.
"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. We are excited for what the future holds for the partnership and for the clients that will benefit from it.”
With this increased investment and bolstered support from a powerhouse, Monahans can double its efforts to remain at the side of businesses and individuals, dedicated to putting its clients’ best interests at heart, and guiding them through any hurdles with confidence, clarity, and commitment.
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