Tayside and Fife-based accountants EQ will add 80 staff through a merger which expands its geographical footprint.
EQ – which has offices in Dundee, Forfar and Glenrothes – said the deal with Douglas Home & Co is the first step to the business tripling its turnover in the next five years.
Douglas Home & Co has seven offices in Edinburgh, southern Scotland and the north of England.
It has annual sales of around £5 million and will rebrand as EQ as part of the deal.
EQ boss on accountants merger makes sense
EQ’s aggressive growth ambitions follows selling a majority stake to private equity business Sumer last year.
EQ chief executive Craig Nicol described why the merger with the accountants was attractive.
He said: “The geography was important to us – we see Edinburgh as a real growth area for us.
“They also have a similar client base around the Borders and in the north of England.
“We realised when we sat down with that they had a similar culture and outlook on looking after clients with the same appetite for growth as well.
“We are delighted to do the deal. It brings on board 80 people and £5m of turnover into the larger EQ business.”
EQ hope for more acquisitions
Mr Nicol, who was previously managing partner at Thorntons before joining EQ last year, said funding is in place to do more acquisitions.
He previously said he hopes to grow EQ from turnover of £11m to £33m within five years.
“We are hoping to do a smaller deal in the summer,” he said.
“We’ve still got a number of conversations ongoing which are progressing well.
“The three pillars we are looking at for acquisitions are extending our geographical reach, adding a new specialism we don’t have at the moment and looking at businesses where the partners are looking to retire.”
Douglas Home & Co history
Douglas Home & Co has delivered accountancy support for more than four decades. Its strong agricultural client base, mirrors EQ’s roster.
The firm’s managing director Darren Thomson, who will become a partner in EQ, said: “We’re incredibly motivated about the journey ahead, knowing that our shared dedication to service excellence and putting clients first will ensure a smooth transition.
“This collaboration isn’t just about growth. It’s about ensuring our clients continue to receive exceptional service without any disruptions, while also paving the way for exciting new opportunities.”
