MBO leads to decade of success

Investment Executive

We share relevant third party stories on our website. This release was written and issued by Fergusons & Peters.

Swansea accountants Fergusons & Peters are celebrating 10 years of helping businesses to grow and develop.

A Management Buyout in 2008 saw Tracey Jones and Dean Beniamous take over the firm from founder Keith Ferguson.

In May 2017 Fergusons, based in Gorseinon, took another important step when it acquired Pontardawe practice Harvey Peters & Co, in a six-figure investment supported by Tata Steel subsidiary UK Steel Enterprise and Development Bank of Wales (then Finance Wales).

A year on, and the new practice Fergusons & Peters is increasing staffing levels and its client base, and looking at further expansion.

Key to success has been introducing the latest accounting technology to the new firm and helping clients move into the new era of digital tax.

“We have introduced the latest methods such as Xero Cloud accounting across the larger practice and this has been a great success,” said Director Tracey Jones.

“The team and the clients see the advantages of working in this way. We gain an overall view of their businesses, which means we are in the best position to advise on tax planning, or potential cash-flow issues.”

With 17 staff working in their two offices, the firm plans to add a further three to the team in the near future to cope with the growing demands of new business.

Clients are of all sizes, from sole-traders to large corporates, and cover a wide range of sectors.

Fellow director Dean Beniamous, said: “We have a wide range of expertise and a wealth of experience in many areas of business.

“We are immensely proud of the level of service and the commitment we give our clients. We are small enough to be closely involved with our clients, yet large enough to have a range of skills at our disposal.”

Support from UK Steel Enterprise and Development Bank of Wales has been vital to the firm’s success.

“We are very grateful for the support we have received, without which we could not have developed the practice as we have,” added Tracey Jones.

Martin Palmer, Investment Executive with UK Steel Enterprise, added: “We are delighted to have been able to support Fergusons & Peters. The firm is assisting local businesses at a time when HMRC is changing the tax regime, and helping them to adapt to this.

“The practice itself is also expanding and adding skilled jobs, and this can only be a good thing for the local economy. We wish them every success and hope we will be able to support further plans in the future.”

David Knight is an Investment Executive with the Development Bank of Wales’ micro loan team.

He said: “Small established businesses like Fergusons & Peters are at the heart of our local economy and community. At the Development Bank of Wales, we’re pleased to have been able to support their growth as they invest in future expansion; developing much needed services and creating new highly skilled jobs. We wish the team every success.”

Decade of success: from left Martin Palmer Tata Steel subsidiary UK Steel Enterprise, Tracey Jones and Dean Beniamous of Fergusons & Peters