A fast-growing accountancy firm is set for further expansion after acquiring a practice in Lincoln. Jackson Stapleton Accountants of Scunthorpe has doubled its staff numbers to 24 with the acquisition of Fawcett & Co. The firm now plans to expand its services to include wealth advisory, legal services, estate agency and marketing to provide a ‘one-stop shop’ for clients. The firm has also secured £300,000 funding from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), to help it invest in new technology and support future growth after the acquisition. Founded around 40 years ago, Fawcett’s is one of Lincoln’s longest established accountancy practices. The acquisition will allow for the retirement of the two senior partners Rob Merriweather and Kevin Smith, who had managed the business since owner Dennis Fawcett retired several years ago. It will also secure the jobs of the remaining staff and create seven new jobs across the Scunthorpe and Lincoln area. Jackson Stapleton was set up in 2017 by Mark Jackson-Stapleton, who has over 20 years’ experience in accountancy. Mark says: “Fawcett’s is a well-established and respected name in Lincolnshire and we are delighted to welcome the team on board. The funding from NPIF and Mercia will help us build on the acquisition and pursue our long-term growth plans. Ultimately we aim to offer a full range of professional services and become the practice of choice for fast-growing companies.” Rebecca Pickering of Mercia added: “Mark is a forward-thinking entrepreneur bringing a fresh approach to the world of accountancy. Jackson Stapleton has grown steadily since its inception and has now doubled in size. The funding will help him to further build the business and pursue his vision to become a one-stop shop offering an integrated service to the region’s business community.”

The Bank of England has announced that interest rates will increase from 0.5% to 0.75%, with the decision coming at a time when consumers and businesses are dealing with a plethora of rising cost pressures. East Midlands Chamber Chief Executive Scott Knowles said: “While another rise in interest rates has been expected since the previous increase in December, this latest announcement comes at a difficult time given all the pressures squeezing margins on businesses right now. “Against a backdrop of growing domestic and global headwinds including Russia’s invasion of Ukraine, it will be viewed by many as a further step in a prolonged period of aggressive monetary tightening at a time when consumers and businesses are struggling under a myriad of rising cost pressures. “Our latest Quarterly Economic Survey for Q1 2022 shows 80% of East Midlands companies expect prices to go up across resources such as staff, raw materials and energy over the next three months, leading to a very real cost of doing business crisis. “Cashflow went into negative territory for three out of 10 of our region’s organisations at the beginning of this year and raising interest rates will be another deterrent to future investment – which ultimately is what enables businesses to improve productivity in order to create growth, jobs and wealth in their communities. “It’s important that the focus should be on using next week’s Spring Statement to tackle this escalating crisis by delaying the national insurance rise and introducing a temporary energy price cap for small businesses. “This would give firms the headroom to keep a lid on prices, protect jobs and make investment that is so vital to sustaining our economic prospects.” Alpesh Paleja, CBI lead economist, said: “With ongoing conflict in Ukraine pushing global commodity prices higher and exacerbating supply chain disruption, the MPC are clearly making moves to counter growing inflation. But they will be walking a tightrope in the months ahead, having to both keep price pressures in-check and manage the impact of tighter monetary policy on economic growth – particularly against a background of rising living costs. “As households and businesses brace for further price rises, targeted support from government will be needed to cushion the blow until the outlook is on a firmer footing. By using the forthcoming Spring Statement to facilitate more investment-led growth – including through the introduction of a permanent investment – the Chancellor can push the UK onto a more ambitious growth trajectory.” Kitty Ussher, chief economist of the Institute of Directors, said: “Business leaders will welcome the Bank of England’s continuing to take action in the face of rising inflation. Unstable prices add to the cost of doing business, and it is therefore important that the monetary authorities do everything they can to bring greater confidence into the system at a difficult time. “Our most recent data from our members shows, however, that expectations of future inflation are still rising, so it may be that further corrective action will be needed in the months ahead, depending on how the UK economy is affected by fast-moving events elsewhere in the world.” Martin McTague, national chair of the Federation of Small Businesses (FSB), said: “This move will mean higher debt costs for many firms at a moment when soaring overheads are threatening futures. “The economic consequences of the pandemic are still being felt by small businesses, whose ability to make up for lost time and income has been undermined by a vicious cycle of rising costs. “A lot of small firms have had no choice but to increase prices in response, but this isn’t always an option, especially in sectors still trying to entice customers back, such as hospitality and tourism, and their suppliers. “At the same time, consumer confidence has plunged and the cost-of-living squeeze has intensified, with record fuel prices and sky-high utility bills meaning loss of disposable income. “Small businesses increasingly feel that the Government is indifferent to the cost pressures they face. The planned hikes to national insurance and dividend taxation taking effect in a matter of days, alongside an income tax threshold freeze, will, for many, be the final straw. “Next week’s Spring Statement is the Government’s last chance saloon to mend relations. Increasing the Employment Allowance, upping the small business rates relief threshold on rates, and taking action on surging fuel and utility bills would all help. “‘Pay as you grow’ options to spread the pressure of debt repayments should be opened up to users of other state-backed loan schemes beyond just bounce-backs. We urgently need to see the Chancellor ease the pressure on the five and a half million small firms and sole traders on which our recovery will depend.”