The latest in a line of mergers for the fast-growing practice Streets Chartered Accountants sees a coming together of two highly successful, pioneering tech powered firms, which focus on innovation in delivering assurance and financial management, especially for Fin Tech start-ups and scale-ups.
Streets, a top 40 UK professional service firm, has revealed that the boutique practice of Mitch Consulting Limited, which provides outsourced accounting and finance solutions centred around the use of cloud-based programmes and digital platforms, has merged with the firm’s Bristol practice Streets Steele, which has developed an industry leading virtual finance office service for clients running a fast moving, dynamic and rapidly growing business.
When asked about the merger, Mark Mitchell, co-founder of Mitch Consulting Limited, said: “With a background and career in the financial management of technology related businesses including some very large and well known companies, we founded Mitch Consulting in 2014, based on a clear understanding of the need to support start-up and scale-up enterprises. In particular we recognised that many such businesses could benefit from a CFO and finance team but couldn’t afford them.
“Through the use of a technology stack using the latest in accountancy and financial management software and more contemporary ways of working, we found we were able to provide an affordable and highly effective solution. An experienced team of highly qualified accountants with relevant industry experience has also ensured that we have been able to offer high end and specialist advice and support.
“For our practice to grow and as part of our own succession planning, we needed to consider the next steps for the business. We spent some time considering the options as well as potential firms to join up with. The decision was very much focused around a shared vision and appreciation of our business model, especially around the need to embrace technology and realise its benefits in terms of looking after and working with clients.
“With its established virtual finance office service and appetite and enthusiasm for innovation, we were delighted to enter into discussions and ultimately come together with Streets.
“We particularly like the opportunities that the merger offers for the continued growth of the business and the opportunities it offers existing and future team members. We also see the merger benefiting clients through their ability to access additional services, including specialist personal and business tax planning, specialist R&D tax reliefs, banking & finance and corporate law.”
Looking at what the merger means to Streets, the firm’s Managing Partner, Paul Tutin, said: “The merger of Mitch Consulting with Streets is one of five mergers we have completed in less than 6 months. This, the latest one, was particularly exciting as it has enabled us to build on our focus to drive innovation in the delivery and provision of service for our clients both now and in the future.
“We fully recognise the importance of embracing technology and the role it can play in meeting the need for effective and meaningful financial reporting and management for all businesses, especially those operating in the fast-moving Fin Tech sector.
“Having Mitch Consulting join us, along with our dedicated VFO team in Bristol, provides a real boost to our service offering and helps to set us apart from our competition. We are truly excited about the opportunities this merger provides and developing an industry leading service.
“This latest merger with Streets means that the practice now has 27 offices, over 60 Partners and directors, more than 350 members of staff and annualised fee income of more than £39 million.
“We are also currently in discussions with a number of firms around potential mergers, with hopefully a number of further announcements over the next few months.”
Streets Law, the firms dedicated corporate and commercial law offering led by Managing Director and Solicitor Adam Aisthorpe, undertook the legal work on behalf of Streets for the merger, including drafting the sale and purchase agreement and dealing with the due diligence process in collaboration with internal colleagues in the tax and audit teams at Streets.
The firm’s in house law team has now completed 10 mergers for Streets in the last 3 years, whilst at the same time advising the Streets client base on M&A transactions worth in excess of £250 million in that time. Streets Law also advises clients on business restructuring and refinancing transactions, MBOs, shareholders agreements and a variety of commercial contracts.
Ashton Legal, Norwich and Corporate and Commercial Solicitor Jasmine Allen acted on behalf of the sellers, Mark Mitchell and Jane Mitchell, on the sale of the practice to Streets.
