EQ Accountants Merges with Douglas Home & Co.

15th April 2024

The strategic move significantly increases the value of the business, boosting turnover by 50%

Scottish accountancy firm, EQ has announced its merger with Douglas Home & Co. The pivotal move marks EQ’s first phase in a strategic expansion plan to triple its turnover in the next five years.

Propelling the company’s footprint regionally, the merger with Douglas Home & Co. will increase the office count to 10 locations across Scotland and into Northern England, with a collective workforce of 210 dedicated professionals.

This transformative alliance will usher in a new era as Douglas Home & Co. rebrands as EQ, boosting the company's turnover by 50%.

Douglas Home & Co. has established a strong presence with 80 staff across southern Scotland and Northern England with offices in Edinburgh, East Lothian, Alnwick, the Borders, and Penrith, delivering accountancy support for over four decades. With a strong agricultural client base, mirroring EQ’s roster, there were clear synergies between the two firms.

EQ, which currently has offices in Dundee, Forfar and Glenrothes, sold a major stake to Sumer last year, providing the funds to execute an ambitious growth plan to triple turnover from £11 million to £30 million in the next 3-5 years.

Sumer is the UK and Ireland’s leading mid-market accountancy practice delivering professional support to small and medium-sized enterprises (SMEs) across the UK and Ireland. It is a top 15 UK accountancy practice on a mission to champion SME businesses and offer local delivery supported by national expertise.

Craig Nicol, CEO at EQ Accountants, said: “The merger with Douglas Home & Co. realises our ambitions to be a consistently progressive, successful and growing firm. From our first conversations, it was immediately evident our working styles and cultures aligned, especially a commitment to delivering first class client services. We will come together as one team, one EQ sharing best practices and creating opportunities for our clients, our people and our firm”

Commenting on the merger, Darren Thomson, Managing Director at Douglas Home & Co. said: "We're incredibly motivated about the journey ahead, knowing that our shared dedication to service excellence and putting clients first will ensure a smooth transition. This collaboration isn't just about growth; it's about ensuring our clients continue to receive exceptional service without any disruptions, while also paving the way for exciting new opportunities. I am also delighted that Sheryl Macaulay and Victoria Ivinson will both be taking a seat on the EQ Executive Board driving future strategy.”

Iain Gordon, Chairman of EQ, said: “The merger marks a significant milestone for both firms, solidifying our position as a leading regional player in the accounting and business advisory sector. Whilst Edinburgh and Lothians remain a key focus, combined resources will give us a footprint within the North of England, growing our business potential in this vibrant market and we’re looking forward to driving growth in the area.”

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