Leeds-based accountancy practice Profit Genie Group has been acquired by Naylor Accountancy Services as the firm establishes its first base in the North of England.
The deal represents Naylor’s sixth acquisition and forms part of its continued expansion strategy, extending the firm’s geographical reach beyond its existing operations in the South of England.
Profit Genie provides accountancy and advisory services to businesses across a number of specialist sectors, including e-commerce, fitness and private education.
As part of the transition, Profit Genie founder Duncan Lloyd will remain involved with the business as a consultant, helping to support clients and the wider team.
Samantha McDonald will take on the role of client manager as the Leeds operation becomes part of the wider Naylor group.
The Profit Genie business is expected to transition to the Naylor Accountancy Services brand during the coming months.
For Naylor, the acquisition provides an established presence in Yorkshire and gives the group a platform from which to continue developing its client base across the North.
The transaction also reflects the continuing consolidation taking place across the UK accountancy profession, with independent practices increasingly attracting interest from larger groups seeking to expand geographically and add specialist expertise.
For Yorkshire’s accountancy market, the deal represents another example of investment entering the region as firms look to establish a stronger presence in one of the UK’s largest professional services markets.
Naylor has indicated that further acquisitions are expected as the business continues its growth strategy.
