Accountancy and business advisory firm, BDO has announced the promotion of 97 people across its team in the Midlands, including three promotions to partner. Effective from 1st November, Vinny Patel, has been promoted in the Transaction Services practice. He is joined by Sannan Khan who has been promoted to partner in the firm’s Forensic Accounting and Valuation Services (FAVS) team, together with the promotion of Claire Hudson in the Business Tax team. Having joined the firm in 2003 as a trainee, Vinny has become an integral part of the regional Transaction Services team, with experience in both acquisition and vendor due diligence on behalf of corporate/trade acquirers, private equity and bank investments, as well as public market transactions. He will be an important member of the partner team in the Midlands, with a particular focus on supporting the continued growth of the firm’s East Midlands region. Claire, who has been with the firm for 10 years, advises large corporates in the £100m+ turnover space all the way through to listed Public Interest Entities (PIEs). She provides UK and international tax advice to a diverse portfolio of large and complex groups, on matters including tax structuring, due diligence and reorganisations, as well as leading on significant compliance engagements. Sannan Khan joined BDO in 2017 and has since built up a strong reputation in complex forensic investigations, leading various accounting and non-accounting investigations, and economic crime risk management matters, both in the public and private sector. With a rise in the level of fraud being reported and subsequent risk assessments, BDO anticipates significant growth in investigation work, with Sannan playing an important role in growing and leading the FAVS practice. Kyla Bellingall, Midlands Managing Partner, commented: “The Midlands tax team has ambitious plans in the next four years which, coupled with impending and far-reaching audit reforms, provides vast potential for growth moving forwards – ambitions which Claire will play a key role in helping to deliver. “Equally, Vinny and Sannan are an important part of two core areas of the business that have significant scope for further growth as we look to expand the regional offering in the next five to 10 years. Claire, Vinny and Sannan should be incredibly proud of their achievements.” In the Midlands, BDO has promoted 87 people in Birmingham, and 10 people promoted in Nottingham. The promotions follow a raft of appointments in the region, including John Rouse who was appointed as partner in the FAVS team, and a duo of Director hires in the Business Services & Outsourcing practice. Bellingall added: “Every promotion and appointment represent BDO’s commitment to investing in our people and the future of our business in the region and nationwide, and we’re delighted to reward those people who have demonstrated true commitment, dedication, and passion in their chosen specialisms. “The raft of promotions we have made across the region is highly indicative of our continued desire to invest in our business while, at the same time, placing us in a much stronger position to support our clients as they attempt to navigate through the current economic climate and significant financial headwinds.”

Leicester College student, Cerys Andrew has been announced as the 2022 National Entrepreneur of the Year and will receive a £5,000 investment from Peter Jones CBE, star of BBC’s Dragon’s Den. Cerys, who has recently completed the Peter Jones Business Enterprise BTEC National Foundation Diploma level 3 at the College, entered the competition which saw her pitch her business idea to a panel of judges, including Peter Jones himself. Based on her love of Irish dancing, in which she competes internationally, Cerys’ business is an Irish dance school, ‘Little Leprechauns.’ Currently, Cerys runs taster sessions and holiday club classes in primary schools. She has plans to turn the business into a franchise and hire and train staff to run their own schools around the UK. The £5,000 investment will help Cerys to expand her business by reaching more customers, conducting market research, and purchasing merchandise for her competing students. Cerys aims to use dance as a way to tackle obesity and promote healthy lifestyles amongst 6-15-year-olds. Cerys commented: “It’s been a big achievement for me getting to the finals, let alone winning! It still hasn’t sunk in! I wouldn’t have been able to get this far without the support from the College and my teachers, and I can’t wait to see where this takes my business in the future.” Peter Jones CBE, Chairman of Peter Jones Foundation, stated: “Cerys is an exceptional talent who pitched an impressive business plan. She is a great demonstration of someone who is creating a business out of a personal passion.” Beena Ghattoraya, Programme Lead, Leicester College’s Peter Jones Enterprise Academy, added: “We are very proud of Cerys here at the Leicester College Peter Jones Enterprise Academy. Throughout the process, Cerys has demonstrated passion and a drive for her business. We are looking forward to having Cerys back at the College to support our future students and we look forward to seeing Cerys start her business with the investment.” David Humpston, who won the competition in 2014, generously paid forward the £5,000 investment he won to provide the investment fund for this year’s winner. Yvette Sexton, Director of Curriculum at Leicester College, said: “The Peter Jones Enterprise Academy course at Leicester College is now in its 10th year and although several students have reached the national finals before, Cerys is our first winner. “Well done to Cerys, a talented individual who has turned her talent and passion into a successful business supported by the Peter Jones Foundation.”

As EY Partners prepared to vote on whether to separate the company into two businesses, they banked an extra £800,000 in average distributed profit; over and above their annual salary (an increase of over £50k on the previous financial year. The accounting giant achieved revenue growth across all of its service lines in the UK. Consulting grew by 33%, followed by Tax, Assurance and Strategy and Transactions which generated growth of 15%, 11%, and 10% respectively. EY has also seen strong demand across all its industry sectors with stand-out performances from Consumer Products (26.4% growth), Private Equity (26.1%), Energy (21.3%) and Financial Services (13.6%). Hywel Ball, EY UK Chair comments: “This has been a record year of growth in the UK, driven by the long-term investments we’ve made in our business and strong client demand. The decisions we’ve made in recent years, whether that’s continuing to recruit during the pandemic, expanding the Partnership, or the significant financial investments we’ve made in acquisitions and new technologies, have underpinned the extraordinary growth we’ve seen this financial year. These results also demonstrate the strength and resilience that we will continue to bring to navigating the current turbulent economic environment successfully. “With companies facing a convergence of challenges, from climate change and the pandemic to economic uncertainty and shifting consumer habits, we’re investing in the talent, skills and services needed to help our clients transform, grow and build trust with their stakeholders. “Over the last financial year alone we’ve recruited over 5,500 people across all parts of our business, with 37% of roles based outside of London, and appointed 120 new equity Partners. We’ve expanded our range of services in areas including technology consultancy and sustainability through acquisitions and the launch of EY Carbon. Plus, we’ve invested over $1bn globally in audit quality, supported by a refreshed investment strategy here in the UK. “Our legacy as a single organisation has been exceptional and we’re in a strong period of growth for our business. I’m proud that, against this backdrop, we are taking the opportunity to review the shape of our business in the UK and globally to ensure we’re well positioned to build on this success into the future.”

Global wealth management group Kingswood have acquired Lincoln-based JCH Investment Management Limited , which manages over £105m of client assets over 240 clients.

A deal was secured at £3.5m with part of the consideration being tied to performance targets.  Initially £2.1m will be paid, once regulatory approval has been granted and the balance paid payable over a two-year period, subject to the achievement of pre-agreed performance targets. The Acquisition remains conditional on regulatory approval. In the year ending 31 July 2022, JCH generated revenue of £901k and profit before tax of £406k.

Kingswood Group assets under advice (“AuA”) totals over £10 billion from a combination of both global retail and institutional clients.

David Lawrence, Kingswood Group CEO, commented: “I am delighted to announce the acquisition of JCH. Led by John Hebblethwaite, over many years JCH have built deep and enduring relationships with their clients and John and his team have a strong cultural alignment with Kingswood.

 “This Acquisition also allows us to consolidate our existing footprint in Lincolnshire and in doing so create a scalable hub from which to grow. On completion, the existing Kingswood team will co-locate with the JCH team at their Lincoln premises.

 “Kingswood continues to be an acquisitive business and has a further five purchase transactions under exclusive due diligence that we expect to close in the coming months.”

John Hebblethwaite JCH commented:“We are delighted to be joining the Kingswood Group. This is an exciting development for the business, providing additional expertise, capability, and funding to continue our long-term track record of providing a best-in-class service for our clients. Kingswood shares our vision and beliefs of empowering its employees to provide excellent client service and this move gives the perfect outcome for both our clients and team for their future prosperity.

 “I spent over two years investigating our options for a possible merger or sale, looking to find a ‘partner’ that would enable us to take all aspects of our business forward for the benefit of clients and staff alike. I am confident that Kingswood, as a major leading advice business, have the team and culture to be able to do this. We have been very impressed with the depth of quality in their management team.

 “This is an important and positive step forward for JCH, as Kingswood share our fundamental ethos on providing an exemplary service to clients first and foremost.

 “Their focus on service with great client outcomes, combined with understanding that our team are the heart of the business, giving them the opportunity to thrive and grow, made the decision to join them an easy one.”

MEIF Maven Debt Finance has achieved a key milestone, lending £80 million to ambitious businesses across its two debt funds since Maven was appointed as Manager. The Funds, which are part of the Midlands Engine Investment Fund (MEIF), have been supporting growth focused SMEs across the East & South East and West Midlands since their launch in 2018. Access to finance has long been a barrier to growth for many smaller companies and the MEIF is helping improve the finance landscape for Midland based businesses in order to realise the region’s potential to achieve economic growth through enterprise. MEIF Maven Debt Finance has now backed over 150 businesses across the two regions providing the essential capital required to support a wide range of funding requirements such as boosting working capital, investing in new products & services, or moving to larger commercial premises. The funding has also directly helped to create more than 700 jobs. Businesses who have benefitted from debt finance through the Funds include Eskuta, an e-bike supplier to established brands such as Dominos and Pizza Hut, which has significantly increased sales since MEIF’s backing nearly 3 years ago. Whilst fleet software services provider, Chevin Fleet, was able to utilise the funding to exploit new commercial opportunities on a global scale. More recently, the Funds have backed a number of pioneering and innovative businesses including Maeving, a manufacturer of fully electric motorcycles and BatFast, a sports technology business which recently won Best Technology for Fitness and Participation at the 2022 Sports Technology Awards. Jonathan Lowe, Investment Director at Maven in the East and South East Midlands said: “We are delighted to have achieved this significant milestone for MEIF loans across the Midlands. Businesses have faced and continue to face major challenges in recent times, and we’re pleased to have played a part in their resilience and growth. With further MEIF funds available to deploy, we remain keen to support SMEs with their finance needs.” Richard Blount, Investment Director at Maven in the West Midlands adds: “The continued success of the funds is evident both from the continued demand for funding from SMEs based across the West Midlands and East and South East Midlands and the growing number of success stories across the Fund’s portfolio. “Furthermore, given the increasing economic challenges being faced by businesses, the continued deployment of finance by the funds to support SMEs across the Midlands, is increasingly important to ensure economic growth, and to protect and increase employment across the region.” Mark Wilcockson, Senior Investment Manager at the British Business Bank concludes: “Maven have played a fundamental role delivering debt finance to businesses across the two regions supported by MEIF. This has enabling over 150 businesses to access finance options to support their growth, enabling the creation of new jobs, funding expansion projects and filling gaps in working capital.”