St Helens-based accountancy firm Colin Tunstall and Associates has been acquired by a local accountant with support from Liverpool-based funding provider MSIF.
Michael Nelson has bought the business from its owner and founder Colin Tunstall, who will continue to undertake some consultancy work with the firm.
The business was set up 35 years ago and provides a range of accountancy services to individuals, sole traders, partnerships and limited companies.
MSIF provided a £9,800 loan as part of a larger funding package. The money from MSIF is through the Start Up Loans Programme for which MSIF is an approved delivery partner.
Mr Nelson said: “I’m originally from Cumbria and worked for Armstrong Watson which is a top 30 accountancy practice. I moved to Haydock a few years ago for family reasons but continued to commute to Carlisle."
“Colin was introduced to me through family friends. For health reasons he decided to take a step back from the business and asked if I would be interested in buying him out."
“The business has a good reputation and a diverse client base so I jumped at the opportunity and approached MSIF for funding. They were extremely helpful and the loan was processed very quickly."
“During my time at Armstrong Watson I managed a corporate services team. My strategy for growing the business is to attract more corporate clients and I will draw on my past experience to win work in this sector."
MSIF investment manager Andy Jones said: “Mike is a highly experienced chartered accountant. I am extremely confident that his knowledge and drive will enable him to significantly grow the company.”
Colin Tunstall Limited currently employs 4 staff but this is expected to double during the next three years as the business grows.
MSIF is an approved delivery partner for the Start Up Loans Programme. The government-funded scheme provides loans to assist with start-up costs as well as free mentoring support and exclusive business offers from partners such as Regus, Paypal, ebay and Intuit.