- Headquartered in Northampton, Cottons Group (Cottons), provides both individuals and businesses with expert business, taxation and accountancy guidance;
- Established in 1983, Cottons has since scaled to over 100 employees across six UK offices, and has built-up a diverse client base of c.10,000 customers;
- The loan from OakNorth Bank will accelerate the firm’s acquisition programme, as well as refinance existing acquisition debt;
- The Accounting and Auditing market is forecast to grow at a compound annual growth rate (CAGR) of 2.2% to reach £6.3B by 2027, driven by growing M&A activity and increasing IT and telecommunication adoption[1].
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a business loan to Cottons, one of the UK’s leading independent chartered accountants & business advisors. The capital from OakNorth Bank will refinance existing acquisition debt, support the firm’s acquisition programme of accountancy practices – including: Roberts & Co. and J R Watson & Co, and provide a tailored facility for future unidentified acquisitions.
Headquartered in Northampton, Cottons is a fully regulated member firm of the Institute of Chartered Accountants in England & Wales, providing c.10,000 customers, including freelancers, contractors, SMEs, and large corporations, with expert business, taxation and accounting guidance. Established in 1983, the firm has scaled to over 100 employees across offices in its Northampton HQ, as well as Rugby, Daventry, Milton Keynes, Market Harborough, and London. Each of Cottons’ branches is run by highly experienced partners and accountants who have established a strong reputation in their local regions, resulting in a personalised offering that is powered by the resources of a large accountancy practice.
Will Smart, Managing Partner of Cottons Group commented: “At Cottons, our people and our personalised approach are our greatest assets and we’re committed to offering our clients reliable, first-class service at every step in their business journey. This bespoke debt facility from OakNorth will help propel Cottons forward, as we look to continue scaling the business further through acquisitions, helping us to build upon our well-established branch network and strong long-term relationships with clients. OakNorth’s ability to create a truly bespoke package that provided all our funding under one facility has been invaluable.”
Dale Cowdell, Associate Director of Debt Finance at OakNorth Bank, added: “Cottons is a well-established and well-respected, full-service accountancy practice, that has a strong focus on quality and a personalised approach. As the firm prepares for the next chapter of its growth journey, we’re delighted to play a part in its push forward for further acquisitions. With the accounting and auditing market set for significant growth over the next five years, driven by factors such as increasing M&A activity, Cottons is in a perfect position to capitalise on this opportunity. We look forward to supporting them again in the future.”
ENDS
Notes to editors
[1] IBISWorld – Accounting & Auditing in the UK – Market Research Report
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £8.5B, directly helping with the creation of 37,000 new jobs and 27,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588