High street accountancy franchise network TaxAssist completed its first million-pound office resale last year and has since seen "rapid growth" in the practice.
In early October last year, financial services and consulting expert Mike Melling bought the Harpenden and St Albans franchise from Mark Fordham at a multiple of 1.25 of revenues.
Melling told AccountingWEB that the new practice under his management will continue to trade under the TaxAssist brand and that there were no out-of-the-ordinary terms and conditions associated with the resale. However, he confirmed that "various measures were put in place to ensure a smooth transition", including client events and a handover period where Fordham has been present. Since completion the practice has continued to grow.
Despite a backdrop of high street and retail failures, he has already expanded the territory to include Radlett and Shenley, and is looking to double the 850-client base over the next five years. Since October the number of clients has already risen by 50 up to 900 in total.
Last month he told whichfranchise.com: