Glasgow's Opulus Financial says accountancy deal is largest to date
The firm is buying fellow Glasgow outfit Nicolson Accountancy on undisclosed terms. Founded by Angus and Sue Nicolson more than 20 years ago, Nicolson Accountancy has offices in Glasgow, Kilmarnock and Stornoway and provides accountancy, tax and payroll services in addition to specialist Norwegian tax and payroll support.
The acquisition, funded by previous backing made by N4 Investments and start-up support from Virgin Money, allows Opulus to significantly expand its footprint as the business continues to expand its Chief Financial Officer (CFO) Solutions offering throughout the country.
Angus and Sue Nicolson will work with Opulus chief executive Matthew Garstang, and the wider Opulus team, to help strengthen the accountancy, tax and payroll element of the CFO Solutions business.
The acquisition of Nicolson Accountancy is the firm’s fourth deal since inception, joining the smaller acquisitions of John Kerr & Co in Saltcoats, Alexander Marshall in Motherwell and Craig Cleland in East Kilbride.
Garstang said: “This is a pivotal acquisition in the growth of Opulus Financial. Nicolson Accountancy is a highly regarded practice in the industry and both Angus and Sue bring a wealth of accountancy and tax experience. Their knowledge will be invaluable to the business going forward as we look to further expand our presence across Scotland.”
Angus and Sue Nicolson added: “We are excited to be working with Matthew to expand the services offered to our clients and help build the wider practice.”
In July, Opulus Financial secured seven-figure investment as it continues to expand its operations.
With a team of more than 40 people based across the west of Scotland, the firm provides a range of financial and operational services to support small and medium sized businesses.
The unspecified seven-figure investment, provided by N4 Investments, the direct investment vehicle of N4 Partners, will allow Opulus to continue building a “highly skilled, multi-disciplinary team” and enable further expansion across Scotland and beyond.
Keith Gibson, partner at N4, said: “At N4, we believe Opulus is well-placed to offer small and medium-sized enterprises a host of tailored financial and operational solutions and we look forward to playing our role in helping the business form lasting and meaningful partnerships with the UK business community.”
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