Coventry-based, family-run accountancy firm Shah & Co has made its first move into Leicester with the acquisition of well-known practice, Pinnacle Accountants, in a deal financed by HSBC’s Birmingham Commercial Centre.
The deal was led on behalf of HSBC by senior commercial manager Lance Jeavons.
Shah & Co owner, Haren Shah, has joined forces with former employee, Sandip Kumar, to acquire the practice, which has been operating in Leicester since 1981.
Pinnacle, formerly known as KLM Accountancy Services, was founded by three partners who had all migrated to Leicester from East Africa.
Haren Shah, whose family also hails from East Africa, established his own accountancy practice in Coventry in 1985, where Sandip was an employee before he joined a national practice based in Warwickshire.
Mr Shah’s Coventry operation recently relocated to larger premises to accommodate the firm’s growth.
Since the acquisition, the new partners have widened the range of services they offer to clients to include inheritance tax, trusts and succession planning.
Mr Shah said: “Sandip and I are a good combination. I am nearing 60 so can speak to the owners of small-to-medium sized enterprises who are now looking to exit their businesses whilst Sandip, who is 36, can communicate to the younger generation looking to take over businesses from their parents.”
Mr Jeavons of HSBC added: “We have worked closely with Mr Shah for a number of years and are pleased to be able to support him and Sandip with the acquisition of this well regarded and established accountancy practice in Leicester.”