A Swansea-based accountancy firm has taken on a Llanelli counterpart, following a six-figure loan from the Development Bank of Wales.
Unity Accountancy bought Quotanet supported by a £280,000 loan from the Wales Flexible Investment Fund. The deal allows former Quotanet owner Roger Bowen to pursue other business interests, while bringing seven members of staff and a local client base of more than 700 businesses under Unity’s management.
Unity was launched by digital accounting expert Cerith Williams and co-director Ben Ruddle in January, 2023. It uses AI technology and cloud-based accounting software to provide business customers long-term financial and tax advice based on real-time data. By automating traditional processes, Unity can focus on value-added service for its customers, along with identifying trends and guiding financial planning using live intelligence.
Cerith and Ben hope Quotanet, which was established in 2004, will be the first of many business acquisitions for Unity, and look forward to using their data-driven approach to advise Quotanet’s longstanding customers. They plan to make their next acquisition before the end of the calendar year.
Cerith said: “We’ve been ahead of that trend in the sector which has seen more and more accountants provide pro-active business advisory services for their clients, rather than reactive, end-of-year audits. It’s not just that we’ve adopted that approach, but that we’ve got the technology and the know-how needed to use it.
“Taking on Quotanet as our first acquisition was an obvious growth step for us. We’ve always planned on growing through acquisition, but their strong local networks and experienced team made them the ideal choice. We’re really grateful for the support we’ve had from the Development Bank of Wales to complete the buyout.”
Sally Phillips, Investment Executive at the Development Bank of Wales, said “Bringing together Unity’s expertise with Quotanet’s extensive client base will mean SME customers in this part of south-west Wales will have access to high-end, data-driven intelligence, which will support business growth in the area in turn.
“We’re glad to have brought these two leading financial services together, and look forward to Unity’s further growth as they take on future acquisitions.”
Financed by Welsh Government, the Wales Flexible Investment Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
