The TaxAssist Group marks 10 years since pioneering franchisee-assisted buyout

The transaction saw directors, franchisees across the UK and Ireland, members of the senior management team, employees from within the franchisee network and long-standing external business partners come together to acquire the organisation from its founder, John Westgarth.

While management buyouts involving franchise operations had taken place previously, the TaxAssist transaction is believed to have been the first in the UK to involve franchisees as partners in the buyout.

The deal established the distinctive ownership structure that continues to underpin The TaxAssist Group today, with franchisees holding a significant shareholding in the business and playing an important role in its long-term development.

Daren Moore FCCA, TaxAssist Group Chief Executive Officer, said: “Our current group shareholding structure is a positive legacy of this transaction. The spirit of FaMBO lives on.

“We’re really proud of all that has been achieved by the network and the innovations we’ve launched over the last decade, with much to look back on and celebrate.

“We have seen significant growth over the last 10 years and currently have more than 270 franchise territories operating across the UK and Ireland, serving over 100,000 clients at more than 400 locations.

“Our UK network fee income has more than doubled to £61m and we are now a far larger and robust business, with a dominant position in our core markets.

“We have also been working on expanding the range of TaxAssist services our franchisees can offer to their clients. In recent years we have launched several TaxAssist-branded complementary services. This has changed how we can help and support TaxAssist clients, as well as providing additional income streams to our network of accountants. We’ve also recently refreshed our branding to emphasise that we can do more for clients than just accountancy and tax services.

“Our success is not just UK based. Our Irish network continues to record superb sales figures, with growth trends remaining stable and very strong. Currently their fee bank stands at 7.77 million euros, with over 7,000 clients. The TaxAssist Group also maintains an international presence in Australia and Canada.

“We have also started to build our own accounting practices. Since 2019, The TaxAssist Group, has been successfully operating a company-owned practice. This experience gave us the confidence to complete a significant acquisition in 2024, taking a majority stake in the largest TaxAssist Accountants franchised practice in our network. This is the first of a small number of planned strategic acquisitions. As well as generating profit for the Group, directly owning and running franchised territories will enable us to share our experiences, refine processes and test ideas with the network so everyone can benefit.

“This is a further example of what we believe franchising is really about – it’s a partnership, where we work together to drive growth and profitability. We will always stay true to these principles.

“We know that the world around us is changing – the development of technology, impact of software and expectations of clients have all accelerated over the past decade and we expect this to continue. What hasn’t changed are the key strengths that make TaxAssist what it is today. We respond to the challenges around us and make sure we can capitalise on the opportunities we see to the benefit of all in the network.”

Over the decade since the FaMBO, The TaxAssist Group has expanded its operations, developed its portfolio of complementary services and strengthened its presence across the UK, Ireland and international markets.

The anniversary provided an opportunity to reflect on the progress made since the buyout while recognising the partnership between the Group and its franchisees that remains central to the TaxAssist model.

Ten years on, the principles behind the FaMBO continue to influence the Group's approach to growth: combining the independence and entrepreneurial drive of local business owners with the scale, expertise and long-term support of a wider organisation.

August 2024