Azets acquires £12m turnover Garbutt + Elliottby
Accountants and business advisory group Azets is back on the acquisition track with their latest find of one of Yorkshire’s largest independent chartered accounting firms.
Azets has today announced its acquisition of specialist Yorkshire-based accountancy firm Garbutt + Elliott.
The firm is widely regarded as one of the largest in its area and boasts a turnover of £12m. Established in 1896, Garbutt + Elliot is now trading as Azets (formally Baldwins/Cogital) with immediate effect, granting the group a regional presence in York and Leeds.
The acquisition will add over 200 people in business support and client-facing roles to the Azets team, including 15 partners.
This is the first time Azets will have expanded into Yorkshire, adding the area into its network of 80 UK offices. The acquisition will see the top 10 firm enhance its key services lines including audits and accounts, payroll, corporate finance, tax, and private clients, with an additional sector specialism in the food and beverage industry.
Existing Garbutt + Elliot clients will now gain access to specialist advisors across the UK and internationally in restructuring and insolvency, forensics, data analytics and cybersecurity.
Clients will also benefit from Azets’ investment in tech, with digital platforms such as cloud-based portal CoZone providing an advisory-rich service that focus on supporting businesses growth and delivering commercial information.
As the fastest growing accounting firm in the UK, Azets has big plans for the future of their conglomerate which they have supported through their continuous acquisition of various firms throughout the course of the past few years.
As we ease into post-pandemic business as usual, we might see Azets picking up even more finds in their expansion spree.
Chris Horne, CEO of Azets, said:
“I’d like to offer a warm welcome to Garbutt + Elliott as they join Azets at an exciting time in our growth.
“We believe strongly in the local delivery of services, whilst giving businesses in Yorkshire the opportunity to benefit from our breadth, depth, and experience as an SME focused international accounting, tax, audit, advisory and business services group.
“Acquiring Garbutt + Elliott is a significant milestone on our journey to increase revenue by 50% in the next five years.”
Russell Turner, managing partner at Garbutt & Elliott, said: “We’re incredibly proud of our heritage and motivated to deliver success throughout the next chapter as part of the Azets family. Having first established 125 years ago, we retain our position as one of the largest chartered accountancy firms in Yorkshire, boosted by joining a UK top 10 firm with shared values and beliefs in providing a personal approach to supporting the needs of local and regional businesses.”
Across its network of offices, Azets supports c.120,000 clients across the UK and Europe. Clients include enterprises, SMEs, large scale business, public sector, and private clients, across multiple sectors.