A fast-growing Scunthorpe accountancy firm is set for further expansion after acquiring a practice in Lincoln.
Jackson Stapleton Accountants has doubled its staff numbers to 24 with the acquisition of Fawcett & Co.
The Laneham Street firm now plans to expand its services to include wealth advisory, legal services, estate agency and marketing to provide a ‘one-stop shop’ for clients.
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Founded around 40 years ago, Fawcett’s is one of Lincoln’s longest established accountancy practices.
The buy-out allows for the retirement of the two senior partners Rob Merriweather and Kevin Smith, who had managed the business since owner Dennis Fawcett retired from the Brunswick Road base on Carholme Road several years ago.
It will also secure the jobs of the remaining staff, with seven new roles to be created between the two branches.
Jackson Stapleton was set up in 2017 by Mark Jackson-Stapleton, who has over 20 years’ experience in accountancy.
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He said: “Fawcett’s is a well-established and respected name in Lincolnshire and we are delighted to welcome the team on board.
“Ultimately we aim to offer a full range of professional services and become the practice of choice for fast-growing companies.”
The plan is to rebrand the Lincoln office under Jackson Stapleton later this year.
The firm has also secured £300,000 from NPIF - Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, to help it invest in new technology.
Mr Jackson-Stapleton said the funding would help build on the acquisition and allow it to pursue long-term growth plans.
Rebecca Pickering, investment manager at Mercia, said: “Mark is a forward-thinking entrepreneur bringing a fresh approach to the world of accountancy.
“Jackson Stapleton has grown steadily since its inception and has now doubled in size. The funding will help him to further build the business and pursue his vision to become a one-stop shop offering an integrated service to the region’s business community.”
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A debt funding package was pulled together, with Sean Hutchinson of British Business Bank, operator of NPIF, stating it was an extremely effective tool. He said: “The acquisition will place Jackson Stapleton in a great position for expansion and growth, with the NPIF investment helping to fund the next steps of its growth journey.”
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