South West accountancy firm Monahans has been acquired for an undisclosed sum by business advisory company Sumer Group.
Monahans, which has offices in Swindon, Bath, Trowbridge, Taunton, Chippenham, Frome and Glastonbury, said it would continue to operate with "complete autonomy" under managing partner Simon Tombs following the deal.
The firm said the investment from Sumer Group would help with its ambitions to quadruple turnover in the next five years as it facilitates the acquisition of other firms in the South West region.
Mr 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.”
Warren Mead, Sumer Group chief executive and co-founder, said Monahans was the "perfect partner firm" to launch Sumer Group's investment plans.
"As we grow our regional footprint, we are committed to helping businesses navigate turbulent times and seize opportunities," he said. "The expertise of the Monahans team will greatly enhance this offering in the South West."
Monahans has already used its increased capital to acquire Swindon-based accountancy practice David Starbuck, which was founded in 2008. The new client portfolio will continue to be managed by James Starbuck, Monahans said, with support from Helen Rowland and Sarah Rumbold, who also join from David Starbuck 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.”
Mr Starbuck added: “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 offeed 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.”
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