PracticeAccounting FirmsVantis gets boost for acquisition trail

Vantis gets boost for acquisition trail

Listed accountancy and advisory business Vantis has received formal approval for a £7m debt facility, giving the company the financing to acquire 'individual firm, teams and fees'.

Link: Vantis buys specialist consultancy business

The new arrangement increases the firms’ total debt facility to £10m. Vantis said future acquisitions would be funded by a mixture of cash and equity depending on the size of the deals.

Vantis chief executive Paul Jackson said: ‘I am delighted that we have negotiated new increased facilities to enable us to roll out our acquisition strategy.’

According to the current Accountancy Age Top 50, Vantis is the 24th largest accounting firm in the UK.

The company also announced that it was moving its year-end from 31 December to 30 April, meaning that it will submit its first full set of annual results next year.

This, Vantis said, would give the results more clarity, as there would be a full year contribution from its four founding firms which were acquired when Vantis listed on the Alternative Investment Market, the small-cap index, in May 2002.

A trading comment will be made on 30 September and will confirm that the performance of the four founding firms is in line with expectations, Vantis confirmed in a statement.

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