Shard Credit provides $13m to back UK accountancy business acquisitions

Shard Credit Partners has committed a £10 million ($13.4 million; €11.4 million) senior secured unitranche facility to SKS Business Services.

The facility, which includes a £10 million accordion feature, will help the company pursue its buy-and-build strategy and execute its existing acquisition pipeline.

The firm, which provides accountancy and business services from offices across the South East of England, including London, Reading, Croydon and Tunbridge Wells, has already acquired eight businesses over the past five years. It has ambitions to become a top-twenty accounting firm in the UK with the next five years.

SKS was established in 2007 by Sanjay Swarup, a chartered accountant, and provides outsourced finance functions for SME customers to help them compete with larger corporates. Services including day-to-day book keeping, payroll, monthly and quarterly reporting and tax planning.

Commenting on the financing, Swarup said: “With committed long-term growth capital funding now in place, we are well placed to scale up nationally.”

The investment was made from Shard Credit Partners Fund I, which held a first close on £90 million in November 2017. The fund has a £250 million target and £300 million hard cap and looks to invest in UK companies in the lower-mid market.