North East accountancy secures buy-in thanks to Barclays funding

A County Durham accountancy firm has launched with a new name following buy-in from a new partner thanks to funding from Barclays.

Local accountants Paul and Laura Smith have negotiated a deal to become the new partners of Stanley and Spennymoor-based practice formerly known as Murray and Lamb.

The newly named Smith & Co Accountants serves clients across a range of sectors, offering all aspects of accountancy services, and is expected to exceed £1m in turnover for the current year.

Currently employing 15 people in its offices, the firm aims to use the investment to expand the business.

Partners Paul and Laura Smith commented: “We’re looking forward to this exciting new chapter of business and we have always enjoyed working with local businesses to see how we can support them and help them grow.

“The funding from Barclays offers us the flexibility to expand as we continue to invest in both people and premises as part of our growth journey.

“With the move toward online accounts platforms and making tax digital this put us in a strong position to take the business in an exciting new direction and provide strong support to our clients both regionally and nationally.”

Commenting on the funding, Barclays business relationship manager Michael Watson added: “It’s great to be able to support a local business that is thriving and expanding for the future and contributing to the local economy.

“Paul and Laura are well known locally, are very experienced accountants and the future looks bright for this well managed and ambitious practice.”