Macdonald Henderson advises Opulus on acquisition of Glasgow’s Nicolson Accountancy
Macdonald Henderson has advised financial solutions provider Opulus Financial on the acquisition of Glasgow-based Nicolson Accountancy, in its largest acquisition since launching at the end of last year.
Founded by Angus and Sue Nicolson more than 20 years ago, Nicolson Accountancy has offices in Glasgow, Kilmarnock and Stornoway and provides accountancy, tax and payroll services to more than 2,000 clients throughout the UK, Europe and the US. Its operations also include specialist Norwegian tax and payroll support.
The acquisition by Opulus has been funded by a seven-figure investment made by N4 Investments earlier this year, and start-up support from Virgin Money.
Opulus said the deal will “significantly” expand its footprint as it continues to build its business, which provides a range of financial and operational solutions to small and medium-sized firms.
Matthew Garstand, chief executive of Opulus Financial, said: “This is a pivotal acquisition in the growth of Opulus Financial,” chief executive Matthew Garstang said.
“Nicolson Accountancy is a highly-regarded practice in the industry and both Angus and Sue bring a wealth of accountancy and tax experience. Their knowledge will be invaluable to the business going forward as we look to further expand our presence across Scotland.”
This is the fourth acquisition by Opulus since its inception, joining smaller deals for John Kerr & Co in Saltcoats, Alexander Marshall in Motherwell, and Craig Cleland in East Kilbride.
Mr Garstang added: “Macdonald Henderson have supported Opulus Financial since the beginning, providing expert legal advice throughout. The highly professional team led by Ryan Macready and David Beveridge have worked with us on structuring our business and completing four acquisitions in quick succession. We look forward to continuing to work with them as the business continues to grow and expand”.
Macdonal Henderson concluded: “We are pleased to have advised Opulus on this exciting acquisition trail to date, and wish the Opulus management team and all stakeholders in the combined business every success for the future.”