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The MBO will bring together the North East and Yorkshire regions of Haines Watts and will facilitate the retirement of managing partner Peter Bancroft.
Partners, Donna Bulmer, James Sutton and Jonathan Scott led the MBO.
The new regional leadership team are targeting a eight-figure regional turnover over the next five years.
Bulmer said: “We’re very excited about this next stage of our long-term strategic plan in the North East and Yorkshire. This MBO is the product of several years of sustained growth across our Newcastle, Darlington, and Leeds offices.
“Peter has done a fantastic job of building the Leeds office from the ground up, and we’re keen to develop it even further. At the heart of our plan is a focus on people and getting the very best out of our now 50 strong team, whether that’s providing bespoke training or developing future leaders with our CMI accredited leadership development programme.”
The MBO follows a 25% increase in turnover for the North East offices of Haines Watts and a recent £30,000 investment to refurbish the firm’s Darlington office.
Sutton added: “Our Leeds clients will benefit significantly from access to a strengthened team of specialists while dealing with the same, familiar people for everyday accounting matters.
“With experts in R&D tax credits, not-for-profit services, creative tax relief and corporate finance, we are better placed to support the evolving needs of our clients and assist them with the challenges they face as they grow in our vibrant region.”
Bancroft, who has been with the firm for over three and a half decades, said: “I am very proud of the work that has been put into growing our Leeds office and I am confident this will continue under the leadership of James, Donna and Jonathan.
“I’d like to say thanks to all those people I have met over the years and who have made my working life so enjoyable.”
Haines Watts is a advisor to owner-managed businesses in the UK. The firm provides business owners with the tax, compliance, corporate finance, and strategic business advisory services they need to grow.