A fast-growing Scunthorpe accountancy firm is set for further expansion after acquiring a practice in Lincoln.
Jackson Stapleton Accountants has doubled its staff numbers to 24 with the acquisition of Fawcett & Co. The firm now plans to expand its services to include wealth advisory, legal services, estate agency and marketing to provide a ‘one-stop shop’ for clients.
The firm has also secured £300,000 funding from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), to help it invest in new technology and support future growth after the acquisition.
Founded around 40 years ago, Fawcett’s is one of Lincoln’s longest established accountancy practices. The acquisition will allow for the retirement of the two senior partners Rob Merriweather and Kevin Smith, who had managed the business since owner Dennis Fawcett retired several years ago. It will also secure the jobs of the remaining staff and create seven new jobs across the Scunthorpe and Lincoln area.
Jackson Stapleton was set up in 2017 by Mark Jackson-Stapleton, who has over 20 years’ experience in accountancy. Mark said: “Fawcett’s is a well-established and respected name in Lincolnshire and we are delighted to welcome the team on board. The funding from NPIF and Mercia will help us build on the acquisition and pursue our long-term growth plans. Ultimately we aim to offer a full range of professional services and become the practice of choice for fast-growing companies.”
Rebecca Pickering of Mercia added: “Mark is a forward-thinking entrepreneur bringing a fresh approach to the world of accountancy. Jackson Stapleton has grown steadily since its inception and has now doubled in size. The funding will help him to further build the business and pursue his vision to become a one-stop shop offering an integrated service to the region’s business community.”
Sean Hutchinson of British Business Bank, said: “The acquisition will place Jackson Stapleton in a great position for expansion and growth, with the NPIF investment helping to fund the next steps of its growth journey. Debt funding is an extremely effective tool for growth and Jackson Stapleton is a great example of the benefits that can be acquired when accessing finance.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.