ACCOUNTANTS and business advisers Levy Gee is set to embark on an acquisition trail in the north west.

The move comes after it was announced the firm, which has offices in Peter Street, Manchester, is to be bought by the newly-formed Numerica Group, which intends to float on the Alternative Investment Market later this year.

Numerica is being set up with the goal of buying accountancy practices and merging them with Levy Gee, the 18th largest in the country with turnover of £27.6m.

The Manchester branch, with nine partners and a total of 60 staff, has an annual turnover of £3.6m, growing at an annual rate of about 30 per cent. Two new partners have joined so far this year.

Levy Gee specialises in services to medium sized firms and small PLCs.

Talks are understood to be already underway with a number of potential targets.

Expansion

Manchester managing partner Daniel Finestein, 36, said: ‘‘This is all about expansion. We have been growing at a rapid rate and intend to continue that growth.’’

Staff are expected to be offered share options in Numerica. Bosses believe it will be a way of attracting and retaining quality staff.

Julian Synett and Derrick Woolf, the London-based Levy Gee managing partner and senior partner respectively, will become executive directors at Numerica.

Mr Synett said: ‘‘I’m delighted Levy Gee will be the anchor business of this exciting new venture. We believe this structure is the ideal way for us to further develop our business, extend the range of services to our clients and enhance career opportunities for our staff.’’

The venture reflects increasing interest in setting up companies to buy out accountancy practices catering for SMEs.

Tenon, which floated almost 18 months ago, has since acquired firms with turnover totalling more than £50m including north west outfit Lathams, which was bought in April.

Tweet