London based accountancy firm makes acquisition via seven-figure HSBC support

A London based international accountancy and consultancy firm has expanded with the support of HSBC UK.

Affinity Associates has utilised a seven-figure finance package from HSBC UK to acquire Flemmings, a multi-disciplinary business advisory group.

The HSBC UK backed deal sees 28 Flemmings employees become part of Affinity Associates, taking the total number of employees to one hundred in the UK. In addition, the business’s Croydon site will join Affinity Associates’ network of global offices.

Alongside this acquisition, Affinity Associates has switched its primary banking to HSBC UK, as part of a deal to fund future strategic acquisitions following a successful period of organic growth.

Dharmesh Amin, director at Affinity Associates, commented: “We are delighted to welcome Flemmings to the Affinity Associates family. Its shared values and collaborative approach to business make the two organisations an ideal fit, and we are looking forward to seeing what can be achieved together.

“We also want to thank HSBC UK for its support in making this acquisition happen. We are excited about the future as we start making our growth plans a reality.”

David Cox, relationship manager at HSBC UK, added: “With the current economic situation, it has never been more important for businesses to keep track of their finances. We are pleased to welcome and support Affinity Associates as it continues to grow its business and provide valuable financial support to SMEs across the UK.”

Established in 1987, Affinity Associates has fourteen offices globally and provides a wide range of services, including bookkeeping and financial accounting, statutory audits, taxation, and financial services.

The group can be considered amongst the top 100 accountancy firms in the UK. With “ambitious” growth plans Affinity Associates are targeting to be amongst the top 50 accountancy firms in the UK within two years.

Founded in 1989, Flemmings is an award-winning multidisciplinary business advisory group of Chartered Accountants, Financial Advisers, Property Consultants, and Wealth Managers.

Having trained in excess of 130 Chartered Accountants since inception, Flemmings has been recognised as a “significant source of new talent” in the industry by three ICAEW presidents.

By Matthew Neville – Senior Correspondent, Bdaily