PracticeConsultingAbbey Protection to buy consultancy Accountax for £4.4m

Abbey Protection to buy consultancy Accountax for £4.4m

Accounting consultancy Accountax in cash deal with listed professional insurance group

Professional insurer Abbey Protection is to buy accounting, tax and
employment law consultancy Accountax in a deal worth £4.4m.

The listed supplier of legal and professional fees insurance products to SMEs
will acquire all of the issued shares in Accountax Consulting, Accountax UK and
Accountax Law in a cash deal. Abbey protection has insisted that all of the
senior management team will remain with the company and expects the group to
contribute revenues of £2.5 million in 2009.

‘The acquisition will give Abbey Protection an additional range of services
and products to market through our own accountancy practice clients,’ said Colin
Davison, chief executive of Abbey Protection. ‘This deal represents an important
milestone in our strategy of organic growth and the acquisition of complementary
businesses, and we are confident of continued success for the enlarged group.’

Dave Smith, the director and majority shareholder in Accountax, had
previously helped fund the case involving Geoff and Diana Jones of Arctic
Systems in the husband and wife tax battle against the then Inland Revenue.

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