£1m Franchise Re-Sale For TaxAssist Accountants
With stores closing every day on the high street, TaxAssist Accountants, the franchised accountancy practice, have surprised us all with the staggering £1m franchise resale for one of its high street practices.
Set up in 1995, it now has 200 offices and over 42,000 small business clients in the UK and with the network achieving its first million pound resale, they are now achieving a multiple of 1.25 against an accountancy average of 0.8 to 1.0.
Mile Melling bought the Harpenden and St Albans franchise after a 30-year career in financial services, working with companies like American Express, GE Capital and Marsh McLennan. He plans to expand his franchise territory to include Radlett & Shenley.
Melling commented: “The more I found out about the growth and success of the TaxAssist Accountants model and the more I talked to people at the Norwich support centre and around the network, I became convinced that this was the business I wanted to buy into and continue to grow.”
Melling already has more than 850 clients and plans to double that in the next five years.
Karl Sandall, Chief Executive of TaxAssist Accountants, said: “Clearly we are thrilled to have achieved this landmark sale; it is a testament to the strength of our business model that we are achieving these kind of resale figures and still achieving double digit growth year-on-year.
“Three years ago we successfully exported the model to Ireland and now have our eyes firmly set on Canada, the US, New Zealand and Australia. Having an international presence can only help increase the value of our brand.”