UK-based Shaw Gibbs bags €11.4M to provide financial advisory services to SMEs, HNIs

Oxford-headquartered Shaw Gibbs, a provider of essential accounting, tax, payroll, and related advisory services, announced on Thursday, November 3, that it has raised £10M (approximately €11.48M) in a fresh round of funding.

The investment was made by London-based Apiary Capital, a lower mid-market private equity firm. The firm invests in the education, healthcare, financial, business, and technology services sectors. It seeks to acquire platform companies in attractive markets and supports management teams to accelerate growth through roll-ups, roll-outs, and strategic acquisitions. 

Apiary Capital closed its first fund at £200M in June 2018 and typically invests in businesses valued between £10M and £75M.

Nicki Boyd, Partner at Apiary Capital, says, “Peter and his team have created an enviable business underpinned by best-in-class client service and a strong culture. We are delighted to be supporting them as they now look to capitalise on the strong platform they have built through a targeted buy-and-build strategy.”

Accountants and business advisers

Shaw Gibbs is a provider of essential accounting, tax, payroll, and related advisory services to over 4,000 SMEs and high-net-worth individuals. The company has over 100 team members and is led by experienced industry operator Peter O’Connell, who has been Managing Partner since 2016.

Shaw Gibbs is a part of DFK International, an organisation that was founded to exchange best practices and encourage global expansion. It has 219 member businesses and 467 locations spread throughout 101 countries.

With a more than 90-year history, the company’s clientele is mostly high-growth, entrepreneurial firms and private people in London and the South of England.

Capital utilisation

Shaw Gibbs competes in a sizable, expanding market that has typically maintained stability across the cycle. The industry is still quite fragmented, with over 40,000 accounting companies in the UK. With Apiary’s financing, Shaw Gibbs says it will be able to expedite its ambitious expansion goals through a focused M&A campaign. 

The investment will also make it easier to provide more services to both current and potential customers.

O’Connell says, “We are very proud of the business we have built, supported by a loyal team and entrepreneurial client base, and are convinced that Shaw Gibbs is ideally placed to capitalise on the compelling consolidation opportunity in the sector. In order to achieve our ambitious growth plans, we recognised that we needed a like-minded partner to support the next chapter of our growth and I am delighted to have found that in Apiary.”