Investee Company – Ascot Drummond
Investee Company Country – UK
Investee Company Business Type – Provides online-only accountancy services
Type of Financing – Expansion
Equity Providers – Mercury Private Equity
Equity Leader (Individual) – Trevor Bayley, Mercury Private Equity
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £6.25 million
Total Deal Value – £6.25 million
Other Advisors – N/A
Comments – The UK’s only online-accountancy firm, Ascot Drummond, has secured an investment of £6.25 million from Mercury Private Equity.
Richard Mathews, director of Mercury Private Equity, accounted for Ascot Drummonds success by pointing to the fact that it is functioning “in a largely undervalued market, where clients are very poorly served”. The new funding is intended to initiate increased developments of services and create further products for new markets.
Ascot Drummond was established in 1998 by Dr Humphrey Drummond. Since that time it has continued to build a sound client base to the point where it now deals with 450 clients, most of whom fall within the IT sector. Services provided include book-keeping, accounts, payroll, company formation, statutory requirements and tax considerations. Once sent, the up-to-date financial and other business information is made available over the Internet 24 hours a day, 7 days a week.
Dr Drummond, company chief executive, commented after the announcement of the new investment: “This is a very exciting development in our history”.
Plans for the £6.25 million include a new operations division based in Dundee, as well as a considerable IT recruitment drive. Currently the firm has its headquarters in London, as well as an office in Pakistan, commissioned to handle back-office activities including data entry and software development.