Dow Schofield Watts expands into the Midlands
We are pleased to announce that we have expanded into the Midlands for the first time with the addition of insolvency and restructuring specialist Bridgewood.
DSW Capital, the company which owns the Dow Schofield Watts brand, has backed a management buy-out of Bridgewood, which employs a team of 14 in Nottingham. The deal gives control of the firm to founder Robin Tarling and insolvency practitioners Andrew Smith and Tom Grummitt, whilst also providing an exit for its original investors. It will now operate as a member of the Dow Schofield Watts network under the name of DSW Bridgewood.
Robin Tarling, who founded Bridgewood in 2010, is confident the transaction will secure its succession plan and bring a new dimension to the business. He said: “The buy-out is an ideal scenario for all concerned. It enables Andrew and Tom, who are key members of the leadership team, to take a stake in the business and gives us the autonomy to pursue our growth plans going forward, while providing a return for our seed investors.
“Being part of the Dow Schofield Watts network will also give us access to a strong support team and bring opportunities to expand our services, including into other types of advisory work and commercial financial broking.
“It has been a smooth, timely and seamless process with DSW. They have been responsive, quick to understand our business model, and their emphasis on strong cultural synergies was critical in informing our decision to join the network.”
Dow Schofield Watts’ licensing model provides a genuine alternative to traditional accountancy firms, enabling professionals to build their own business under the Dow Schofield Watts brand. They benefit from a comprehensive infrastructure with back-office support whilst retaining the bulk of their fee income.
DSW Capital is offering cash lump sums of up to £50,000 per person to attract ‘break-out teams’ of three or more to join the network, and is willing to support MBOs or employee buy-outs. The firm is currently looking for services including debt advisory and tax but is also keen to talk to teams offering corporate finance, due diligence and other specialist service lines.
James Dow, CEO of DSW Capital, said: “Expanding into the Midlands has been a key focus for DSW and we are delighted to have attracted such a high quality team. The arrival of Bridgewood demonstrates our ambitions to expand our services and geographical presence.
“We believe the increasing scrutiny and regulation facing some of our larger competitors, in combination with the current market conditions, will enable us to attract more high-quality professionals to support our future growth.”
DSW now has 107 professionals in ten offices in the North West, Leeds, Reading, London, Scotland as well as Nottingham following the addition of Bridgewood.