Firm on lookout
Core-Asset sees IR35 change as acquisition opportunity
Betsy Williamson: time is right
Recruitment agency Core-Asset Consulting says changes in taxation for contractors is opening up acquisition opportunities to help it crack Scotland’s burgeoning fintech sector.
The Edinburgh-based firm which focuses on finance, asset management, accountancy and the legal sector, is inviting IT or tech boutiques to discuss potential tie-ups.
Betsy Williamson, founder and managing director, said: “There are so many reasons that the timing is right for this – not least because the IR35 changes in tax law for contractors will hit squarely where small, specialist tech recruiters are conducting business.
“IR35 is likely to have a major impact on them and they will be taking some serious financial hits unless they have gone through the large amounts of work need to get into shape for it.
“Obviously we are doing our own research of the market, but we’d be extremely keen to hear from any IT or tech boutiques who could see themselves being a part of Core-Asset Consulting.”
She said the firm is well established in financial services. However, the next big area of opportunity is mainstream fintech.
Cost cutting helped turn a steep loss in 2018 into a record profit in 2019.
Accounts for the year to the end of June 2019 showed post-tax profits in excess of £500,000 on a 45% increase in turnover.