Norwich-based TaxAssist announces Australian expansion deal
PUBLISHED: 09:45 21 October 2015 | UPDATED: 12:24 22 October 2015
A Norwich-based accountancy firm is eyeing a record year after it announced expansion plans in Australia.
TaxAssist, which was founded in Norwich 20 years ago, has announced a new master franchise in Queensland, and plans for further offices in New South Wales.
It comes as the firm, which employs 40 people in its Broadland Business Park headquarters, is on track to reach a turnover of more than £33.2m – up from £29.8m last year.
Phil Sullivan, group operations director, said: “We have been advertising for some time now in Canada, Australia and the USA for people who would be interested in buying the franchise rights to run the TaxAssist model in those countries.
“If all goes to plan we will be looking to open 40 offices within the region.”
The company provides tax advice to small businesses including hairdressers, shop owners and decorators.
Last year, it was bought for an undisclosed sum in a management buyout which saw the company 32pc owned by franchisees, 53pc by senior managers and 15pc by business partners.
Now, accountants and business partners Terry Murphy and Celeste Godwin will be taking on the regional master franchise licence for Australia.
They already have six practices in Queensland and New South Wales which will be rebranded as TaxAssist.
And while the group is planning expansion across the world, Mr Sullivan said the firm was committed to expanding closer to home.
“We would love to open more in Norfolk,” he said.
“We wish we could dictate where the inquiries come from, but we are confident over the next few months we will have a few more in Norfolk.”
TaxAssist currently has 200 franchises in the UK and 22 in Ireland.
There are two TaxAssist Accountants operating in Norfolk, one on Aylsham Road in Norwich and one in Attleborough.
“We’re delighted to be launching in Australia, which has a burgeoning franchise sector, with business format franchises worth the equivalent of some £31bn,” says Karl Sandall, chief executive of The TaxAssist Group.
“But it does not yet offer our unique packaged accounts and tax service for small businesses, so we feel confident we can exploit that opening in the market.”
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