An accountancy firm in Camberley has secured a £300,000 loan from the Enterprise M3 (EM3) Funding Escalator, managed by The FSE Group on behalf of EM3 LEP, to support expansion of the business.
Stewart & Co was established in 1958 and provides a range of financial services to individuals and businesses across the Home Counties. These include bookkeeping, cloud accounting, audit, taxation and wealth management. The loan will support the acquisition of another accountancy practice, including the funding of new hires and working capital needed to service the expanded client base.
Stewart & Co Managing Partner, David Hartley, said: “As a company that works to support other small businesses with their growth strategies, we are well-versed in the funding streams available and this EM3 loan is a great fit for us. Our dedicated FSE Investment Manager understood the proposal from the get-go and was able to offer this market-gap funding where traditional high-street banks could not. We are delighted to be able to now move forward with plans to grow the business further, creating new jobs in the process.”
FSE Investment Manager, Simon Blackbourn, added: “As a financial services provider, Stewart & Co doesn’t fit our usual customer profile but we could see there was an opportunity for business growth that would benefit the EM3 region. With a strong reputation in the local area, high levels of client referrals and a track record of successfully acquiring and integrating smaller accounting firms, the management team is well-placed to maximise this latest expansion opportunity.”
Sue Littlemore, Joint Managing Director at the Enterprise M3 LEP, said: “We are delighted to see Stewart & Co secure its EM3 Funding Escalator loan, which will allow the firm to accelerate its growth plans while securing and creating more jobs. This in turn will help boost the services they offer to help other small businesses develop and grow in our region. We wish David and his team well as Stewart & Co go from strength to strength.”
The Enterprise M3 Funding Escalator is a £10million initiative funded by Enterprise M3 LEP. The escalator includes an expansion loan scheme, a short-term trade loan scheme and an equity growth fund and provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.