North East Professional Services Sector Expands with Strategic Acquisitions
The North East's small and medium enterprise (SME) landscape is experiencing significant transformation following two major acquisitions within the region's professional services sector. Newcastle-based Trusted Business Partner has completed the takeover of Yarm's MGF Asset Finance, while professional services group S&W has acquired Northumberland-based Peppercorn Tax. Both deals, announced in November 2024, are set to strengthen the region's financial and tax advisory capabilities while creating new employment opportunities.
Trusted Business Partner Bolsters Commercial Finance Offering
In a move that signals continued confidence in the North East's commercial finance market, Trusted Business Partner has acquired MGF Asset Finance. Although the financial details remain undisclosed, the acquisition has already led to the creation of two new positions. Maxine Fox joins as operations director, while Nicolle Kane takes on the role of assistant relationship manager, bringing nearly 15 years of banking sector experience to the expanded team.
James Clinghan, managing director of Trusted Business Partner, described the past year as "transformational" for the business. He emphasised that despite rapid growth, maintaining core values remains paramount. "Everything we do is built upon integrity, transparency and our determination to see our clients succeed," Mr Clinghan stated, highlighting that recent hires align with this commitment to service excellence.
Mark Forbes, director of MGF Asset Finance, explained that after building a substantial database of growing businesses across the region, finding the right successor for his retirement was crucial. "I have known James for nearly 20 years and Trusted Business Partner lives up to its name," Mr Forbes commented, noting that the company's reliability gave him confidence in the transition. MGF has shown significant growth since its establishment in 2018.
S&W Strengthens Regional Presence with Tax Advisory Acquisition
Simultaneously, professional services group S&W continues its expansion across the North East with the acquisition of Peppercorn Tax, based in Dissington Hall, Northumberland. The tax consultancy and accounting firm serves individuals, businesses and trusts, bringing specialist expertise to S&W's growing portfolio.
This transaction represents the latest in a series of strategic moves for S&W, which previously acquired three Haines Watts offices and Leathers LLP in 2023. The Peppercorn deal brings eight staff members into the S&W fold, including directors Emma Glover and Kelly Morgan.
Andrew Wilkes, CEO of S&W, described the acquisition as "a significant step in our strategy to continue growing in key regional markets." He acknowledged support from Apax Funds in enabling investments that strengthen the business and expand its client base.
Donna Bulmer, regional managing partner at S&W, highlighted how the acquisition enhances their tax advisory offering. "The Peppercorn team brings deep technical expertise and a proven track record of building trusted client relationships," she said, noting the alignment in service commitment between both firms.
Kelly Morgan, director at Peppercorn Tax, expressed enthusiasm about joining S&W, citing shared values and the opportunity to access a broader suite of services for their clients. "We are confident that the broader suite of services that will now be available to our clients will enhance the support we can provide," she stated.
Regional Business Landscape Strengthened
These acquisitions demonstrate continued investment and consolidation within the North East's professional services sector. Both transactions are expected to deliver enhanced service offerings to SMEs across the region while creating sustainable employment opportunities. The moves also reflect growing confidence in the North East economy as established firms seek to expand their market presence through strategic acquisitions.
With both Trusted Business Partner and S&W committing to maintaining the core values and expertise that made the acquired firms successful, clients of MGF Asset Finance and Peppercorn Tax can expect continuity of service alongside access to expanded resources and capabilities.
