Benchmark International is pleased to announce the merger between Peterlee-based Bailey Group and London-headquartered SKS Business Services.
Founded in 2006, Bailey Group is an award-winning independent group of accountancy firms operating 10 practices throughout the UK, providing the preparation of management and final accounts, as well as auditing, cloud accounting, tax advice and planning.
SKS is one of the fastest growing SME-focused finance outsourcing, accounting services and tax/business advisory firms in the UK.
Its biggest merger to date, the aim of the transaction is to allow SKS Business Services to expand into the North East. The addition means that SKS now has a presence in five out of the eight UK regions, including the East of England, the South East of England, London, the North West of England, and now also the North East of England.
Going forward, Bailey Group will now be known as SKS Bailey Group and the combined entity now contains twenty-five offices across the UK and with nearly 11,000 SME clients.
Three directors will lead the business, including the founder of SKS Business Services, Sanjay Swarup, who started the firm up in 2008, alongside Anil Swarup and Christopher Bailey.
As well as increased geographical reach, SKS’s buy and build strategy has delivered strong revenue growth from £5.6 million in June 2018, to over £16.8 million (as at 21 September 2020, pro forma for the Bailey acquisition). With the addition of Bailey, SKS’s consolidated group EBITDA has increased from £1.2 million to £4.8 million in the same period.
Commenting on the transaction process with Benchmark International, Christopher Bailey, Managing Director at Bailey Group, said: “Throughout the process Roger, James and Charlotte kept the deal going – and even though there were obstacles in the way they helped to get over them.”
Sanjay Swarup, Managing Director of SKS, said: “Our merger with Bailey Group merger is a huge leap forward towards attaining our goal of becoming a national firm. SKS’s infrastructure enhances Bailey’s capacity, allowing its accountants to spend more time advising clients through these extra-ordinary times we find ourselves in.
“I find Chris Bailey to be a no-nonsense person who is equally committed to providing business advisory, value for money accounting and tax services to his clients. SKS is all about helping firms such as Bailey Group achieve this quickly and successfully.”
The acquisition funding was provided under a committed facility of £20 million provided by Shard Credit Partners.
Benchmark International is delighted for all parties and wishes them the best of luck for the future.