Opulus expands east with George & Co deal
Linda Leaworthy, Lesley Stewart and Matthew Garstang
CFO solutions group Opulus has expanded east with the acquisition of George + Co, the long-established firm of chartered tax advisers and accountants in Edinburgh.
George + Co has two directors and five employees with a turnover in excess of £600,000. Under the terms of the deal, it will continue to trade under its own name and service its clients from its office in Rutland Street.
Opulus was formed as a joint venture between founder Matthew Garstang and investment and advisory partnership N4 Partners to provide a range of business services to support SMEs. There are plans to roll out legal, HR and IT offerings.
Mr Garstang said the latest deal marks the firm’s entry into the east of Scotland business services market.
“As part of our ambitious expansion plans, this deal gives us a firm foothold in Edinburgh from where we are actively seeking to secure further acquisitions throughout the east of Scotland,” he said.
Linda Leaworthy, director at George + Co, said the deal would give the firm access to a broader range of business advisory expertise.
The acquisition marks the latest stage in the growth plan set out by Glasgow-based Opulus after it joined forces with Wylie & Bisset accountants and business advisers in February to create a ‘hub and spoke’ model of business advisory services.
Opulus has previously acquired Glasgow-headquartered Nicolson Accountancy, John Kerr & Co in Saltcoats, Alexander Marshall in Motherwell and Craig Cleland in East Kilbride.
SME Capital, the institution founded to provide bespoke funding for established SMEs, has provided a £10 million growth capital facility to support further expansion plans of the enlarged group.