The company, which focuses on tax and accountancy services for small businesses, achieved the milestone despite a backdrop of well-publicised recent high street failures. The re-sale figure represents a multiple of 1.25 on gross recurring fees, against the accountancy industry average of around 0.9.
Karl Sandall, chief executive of TaxAssist Accountants, said: “Clearly we are thrilled to have achieved this landmark sale; it is a testament to the strength of our business model that we are achieving these kind of re-sale figures and still achieving double-digit growth year-on-year.
“Three years ago we successfully exported the model to Ireland and now have our eyes firmly set on Canada, the U.S., New Zealand and Australia. Having an international presence can only help increase the value of our brand.”
Mike Melling has taken on the franchise in question, which currently comprises a shop in Harpenden and an office in St Albans, and plans to expand by opening two additional shops in his new territory, which will include Radlett and Shenley.
Mike joins the network following a 30-year career in financial services and operational consultancy. With a global background including spells with American Express, GE Capital and Marsh & McLennan, Mike wanted a family business that his wife Penny and twin children Katherine and James could become involved in, as well as the opportunity to build a long-term asset. He plans to double the current 850-strong client roster he inherited over the next 5 years.
“The more I found out about the growth and success of the TaxAssist Accountants model and the more I talked to people at the Norwich support centre and around the network, I became convinced that this was the business I wanted to buy into and continue to grow,” he says.
TaxAssist Accountants was set up in 1995 with the express aim of dispelling the stuffy accountant image and instead offering a welcoming, straight talking approach, with accountants in shop-front offices on the high street. The network now consists of over 200 offices which serve more than 42,000 small business clients in the UK alone.