Accountancy Business Drives Growth with Funding from Barclays Acquisition for Durham Based Professional Firm

Posted on the 26 June 2019

Accountancy Business Drives Growth with Funding from Barclays Acquisition for Durham Based Professional Firm

A County Durham based accountancy business has launched with a new name following buy-in from a new partner with funding from Barclays. 

Local Accountants Paul and Laura Smith have successfully negotiated a deal to become the new partners of former Stanley and Spennymoor based practice Murray and Lamb and the new partnership will now be known as Smith & Co Accountants. Based at Royal Road, Stanley, and Whitworth Terrace, Spennymoor, the practice serves clients from a broad sector of businesses offering all aspects of accountancy services.

Paul and Laura Smith, Partners, Smith & Co Accountants said: “It’s been a long held dream to be partners of an accountancy practice and securing this deal with Barclays has enabled us to fulfil this locally. We’re looking forward to this exciting new chapter of business and we have always enjoyed working with local businesses to see how we can support them and help them grow.”

“The funding from Barclays offers us the flexibility to expand as we continue to invest in both people and premises as part of our growth journey. With the move toward online accounts platforms and making tax digital this put us in a strong position to take the business in an exciting new direction and provide strong support to our clients both regionally and nationally.”

Smith & Co Accountants employ fifteen people locally and turnover for the current year is expected to exceed £1m for the company.

Michael Watson, Barclays Business Relationship Manager put together the funding package for the deal and said: “It’s great to be able to support a local business that is thriving and expanding for the future and contributing to the local economy. Paul and Laura are well known locally, are very experienced accountants and the future looks bright for this well managed and ambitious practice.”