RMT Accountants & Business Advisors is growing its presence in the rural and agricultural sector by completing the acquisition of a longstanding North East specialist in the field.
Gosforth-based RMT has acquired McCowie & Co for an undisclosed sum in its first acquisition since becoming part of Sumer, the UK’s fastest-growing accountancy group, earlier this year.
Founded in 1970 by George McCowie, who still acts as a consultant to the firm today, McCowie & Co has offices in Hexham and Newcastle, and acts for a wide range of agricultural, farming and contracting businesses across the North East, Scotland and North Yorkshire.
It has an eight-strong team and is also very active within the creative sector, with film, television and media clients located in the North East, North West and London.
McCowie & Co will operate as a subsidiary of RMT, with the same team continuing to service its existing clients, but with the additional benefit of access to the additional resources and expertise that its new owners can offer.
RMT’s management team currently has several further regional acquisition opportunities under consideration.
Peter McCowie, partner at McCowie & Co, says: “We’ve been operating successfully for more than 50 years and have built a very strong reputation for the firm in specific markets.
“We looked at a number of options for the future of the firm and felt that becoming part of RMT made a great deal of sense for everyone involved.
“It gives our respective clients access to significant new resources and expertise, and we’re excited to now be part of a North East business that’s got big plans for the future.”
Established in 1954, RMT Accountants provides the full range of financial and business advisory services through its accountancy, specialist tax, medical and healthcare, corporate finance and recovery and insolvency teams.
It works with UK companies of all sizes, both within and outside the North East, including a range of international clients.
Top 15 UK accountancy group Sumer is investing in successful accountancy firms throughout the UK to create regional hubs which focus on the SME market and has grown rapidly by completing 12 co-investment transactions over the last year.
Mike Pott, managing director at RMT Accountants & Business Advisors, says: “Becoming part of a nationwide organisation like Sumer, with a clear strategy for growth, provides us with new opportunities to bring in additional expertise which will help us achieve our commercial ambitions.
“We’ve known the McCowie team for many years and have huge respect for their specialist knowledge and impressive, long-term business performance.
“We’re very pleased to have completed this first acquisition as part of Sumer and are now looking at a number of other potential acquisitions.”