PracticePeople In PracticeOnline accountant gets £6m funding boost

Online accountant gets £6m funding boost

A web start-up claiming to be the UK's first online accountancy business has obtained £6.25m in funding from a private equity capitalist Mercury Private Equity.

‘Web accountant’ Ascot Drummond provides services such as the management of accounts, payroll, bookkeeping, taxation issues and statutory requirements.

These can be accessed on clients’ personal websites 24 hours a day, seven days a week from anywhere in the world.

The venture estimates it has a ‘market potential’ of 3.2m small and medium-sized businesses in the UK.

Immediate plans for the investment include a new operations division to be based in Dundee and a major IT recruitment drive.

The venture already has a 450-strong client base.

www.ascotdrummond.co.uk

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor