Edinburgh accountants George + Co snapped up by rapidly-expanding business services firm Opulus

George + Co, a historic accountancy firm based in Edinburgh’s West End, has been snapped up by a Glasgow-headquartered business that is now looking to ink further acquisitions in the Scottish capital.

Opulus has expanded east with the purchase, terms of which were not disclosed, coming after it swooped on Nicolson Accountancy, John Kerr & Co in Saltcoats, Alexander Marshall in Motherwell, and Craig Cleland in East Kilbride.

Additionally, Opulus says it is a joint venture between founder Matthew Garstang and investment and advisory partnership N4 Partners to provide a range of business services to help small and medium-sized enterprises (SMEs) grow. Furthermore, lender SME Capital has provided a £10 million growth capital facility to support further expansion plans of the enlarged group.

Mr Garstang, chief executive at Opulus, welcomed the deal, saying it marks its entry into the east of Scotland business services market. “George + Co is a highly-regarded business comprising a team of two directors and five employees with a turnover in excess of £600,000. Under the terms of the deal, it will continue to trade under its own name and to service its clients from its office in Rutland Street, Edinburgh. This deal gives us a firm foothold in Edinburgh from where we are actively seeking to secure further acquisitions throughout the east of Scotland.”

From left: Linda Leaworthy and Lesley Stewart of George + Co, and Opulus boss Matthew Garstang. Picture: contributed.

Opulus added that the acquisition progresses its growth plan set out following its announcement in February that it had joined forces with accountancy firm Wylie & Bisset to create a “hub and spoke” model of business advisory services. Donald McKinnon, managing partner at Wylie & Bisset, praised the addition of George + Co to the group.