A York accountancy firm has secured a six-figure loan from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its continued growth following its acquisition of another local practice.
The funding for Change Accountants is the first deal in York by the £660m Northern Powerhouse Investment Fund II. The Fulford-based firm has recently doubled in size with the acquisition of Sunley & Co in Acomb.
The two practices – which between them employ 12 staff and serve around 800 clients – will continue to operate as separate brands under the direction of Change Accountants’ founder Stacey McVeighty. The funding will enable her to strengthen the management team and invest in technology and training to continue the growth of the business.
A qualified accountant with over 25 years’ experience, Stacey established the practice in 2014. Change Accountants has been paperless from the start, and prides itself on keeping up to date with the latest technology and on being a fair employer, offering staff benefits such as unlimited holidays.
In addition to the standard services such as accounts, tax, VAT and payroll, it produces specialist data to enable clients to create reports such as carbon calculations to comply with the requirements of tender frameworks.
Stacey McVeighty said: “The acquisition of Sunley & Co will boost our growth through the addition of an experienced team and enable us to benefit from economies of scale. The funding will allow us to build on that by investing in new technologies and skills to ensure we stay at the forefront of developments in the changing accountancy landscape.”
Andy Clough of Mercia added: “Stacey has built up a successful practice that has been growing steadily and has now doubled in size following the recent acquisition. The loan will enable her to further develop the expertise and services the business can offer as Change Accountants begins a fresh chapter in its growth story.”
