Acquisition

EQ adds Douglas Home & Co in expansion plan

Craig Nicol with Victoria Ivinson, middle, and Sheryl Macaulay

Scottish accountancy firm EQ is acquiring Douglas Home & Co in a move that will increase the number of offices to 10 across Scotland and northern England, with a combined workforce of 210.

The deal marks EQ’s first move in a plan to triple its turnover over five years. Douglas Home & Co will rebrand as EQ, boosting its £5m turnover by 50%. Sheryl Macaulay and Victoria Ivinson will join the EQ executive board.

Douglas Home & Co. has 80 staff in Edinburgh, East Lothian, Alnwick, the Borders, and Penrith in Cumbria. It has built an agricultural client base over four decades, mirroring EQ’s roster.

EQ, which currently has offices in Dundee, Forfar and Glenrothes, sold a major stake to Sumer last year, providing the funds to execute its growth plan to raise turnover from £11 million to £30m.

Sumer is a mid-market accountancy practice, mainly serving small and medium-sized enterprises across the UK and Ireland.

EQ Accountants CEO Craig Nicol, who was previously managing partner at Thorntons, said: “The merger with Douglas Home & Co. realises our ambitions to be a consistently progressive, successful and growing firm.”

Iain Gordon, the firm’s chairman, added “The merger marks a significant milestone for both firms.

“Whilst Edinburgh and Lothians remain a key focus, combined resources will give us a footprint within the north of England, growing our business potential in this vibrant market and we’re looking forward to driving growth in the area.”

Darren Thomson, managing director at Douglas Home & Co. said: “We’re incredibly motivated about the journey ahead.”



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