RBS has provided Booth Ainsworth with a new six-figure working capital facility, which persuaded the fast-growing firm to move from its existing banking partner. The capital ensures the firm can continue to pursue a growth strategy which has seen it make three acquisitions in as many years and grow its fee income by 25%.
Founded in 1959, Booth Ainsworth has grown into one of the largest chartered accountancy firms in Stockport, with 10 partners and 80 staff. In the last three years the firm has acquired three South Manchester accountancy practices; Tatton & Fletcher based in Stockport, Wilmslow firm Elliot Goldman and Bedi James in Cheadle.
Booth Ainsworth's range of accountancy and business specialisms includes corporate finance, tax planning and bespoke advice for professional practices, particularly legal practices and dental practitioners.
David Powell, Managing Partner of Booth Ainsworth, said: "Through a combination of organic growth and acquisitions we have significantly grown the firm during the last three years. We have also made a significant investment to improve our IT capabilities. It is important to have a banking facility in place that supports these developments and allows us the headroom to look at future growth opportunities. RBS provided us with a facility that perfectly matched our financing requirements."
Paul Baxter, Relationship Director at RBS in Cheadle, said: "Booth Ainsworth is a progressive, forward thinking, accountancy practice which has established a strong reputation in the local market. We are delighted to have structured a facility that meets their needs and to welcome them as a new client of the bank."