Search

Order your GoGoDragons! sticker book today

Click here

City firm’s management buyout is a national first

13:35 04 September 2014

Karl Sandall

Karl Sandall

Archant

A regional accountancy network has embarked on a new era after sealing a management buyout (MBO).

shares

Norwich-based TaxAssist has been bought for an undisclosed sum in a deal that will see the business 32pc owned by franchisees, 53pc by senior managers and 15pc by business partners.

The company – which provides tax advice to small businesses – believes it could be the first time in UK history that franchisees have been a key part of a company MBO.

It comes as John Westgarth, who founded the business in 1995, took the decision to retire as chairman and director.

Karl Sandall, chief executive, said: “We believe this is a first in the UK and internationally. Franchise operations have been bought by their management teams, but as far as we are aware never in partnership with their franchisees.

“More than half of our network, including franchisees and their staff, have invested in the business and many more have expressed an interest in buying shares in the future as they are placed on our internal market.”

TaxAssist employs more than 30 people at its support centre on Thorpe Road, with 700 staff employed in its 190 franchises across the country. Together, the overall business has a fee income of £30m.

“We’ve enjoyed year-on-year growth, even through the recession, to build a client base of nearly 50,000 small businesses and now we’ve expanded internationally,” he added.

“Our network of franchisees has tremendous faith in the business model and its continued growth and when the opportunity arose to invest in the whole franchise, we had a fantastic response.”

Joining Mr Sandall in the buyout are directors Sarah Robertson and Phil Sullivan. They will be supported on the board by two non-executive directors, John Chambers, corporate and commercial consultant, and East Anglian solicitors Ashton KCJ representing the interests of franchisees.

Do you have a business story? Contact Ben Woods on 01603 772426 or email ben.woods@archant.co.uk

shares

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Eastern Daily Press visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Eastern Daily Press staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Eastern Daily Press account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Most Read

Featured Pages

Most Commented

Sunny

Sunny

max temp: 18°C

min temp: 12°C

Listen to the latest weather forecast

Digital Edition

cover

Enjoy the EDP
digital edition

Subscribe

Broads Outdoor Festival

cover

Enjoy the Broads
Outdoor Festival
digital edition

Read

Eating Out in the Broads

cover

Enjoy the Eating Out
in the Broads
digital edition

Read

Great Days Out

cover

Enjoy the Great Days
Out digital edition

Read

Get Into Summer

cover

Enjoy the Get Into
Summer digital edition

Read