Expanding financial services group Opulus has estended its network in Scotland with the acquisition of a long-established accountancy business based in Edinburgh.
George+Co has become the latest in a string of Scottish firms to join up with Opulus, a joint venture between founder Matthew Garstang and investment group N4 Partners set up to provide business services to small and medium-sized businesses.
Based in Edinburgh's West End, George+Co has an annual turnover of more than £600,000. Under the terms of the deal, its two directors and five members of staff will continue to operate under the George+Co name from their office in Rutland Street.
“As part of our strategic plan to spread our geographic footprint throughout Scotland, we are delighted to secure this deal which marks our entry into the east of Scotland business services market with a location in the heart of our capital city," Mr Garstang said.
READ MORE: Glasgow's Wylie & Bisset hails deal as 'major step forward'
“As part of our ambitious expansion plans, this deal gives us a firm foothold in Edinburgh from where we are actively seeking to secure further acquisitions throughout the east of Scotland.”
The deal follows the announcement in February that long-established Glasgow accountancy firm Wylie & Bisset has joined Opulus to offer a range of services to regional accountancy practices. The partnership is supported by a £10 million growth capital facility secured from SME Capital.
Donald McKinnon, managing partner at Wylie & Bisset, said: “As full-service accountants and business advisers, we operate as a ‘hub’ to provide a range of service lines and support to a network of regional ‘spoke’ accountancy practices within the wider Opulus group for the benefit of our clients. We are delighted to welcome George+Co to the group.”
READ MORE: Opulus continues Scottish expansion with deal for Nicolson Accountancy
These latest deals follows previous acquisitions by Opulus of Glasgow-headquartered Nicolson Accountancy, John Kerr & Co in Saltcoats, Alexander Marshall in Motherwell, and Craig Cleland in East Kilbride.
Linda Leaworthy, director at George+Co, added: “We are a highly experienced team and pride ourselves on offering a professional, efficient service in all aspects of taxation and accountancy – an offering that will only be enhanced by our joining the expanding Opulus group and giving us access to a broader range of business advisory expertise.”
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