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F&P Helps Sums Add Up for Chartered Accountant
When accountants SKS Business Services needed funding to expand, it looked beyond the ‘traditional’ high street and into the alternative finance sector.
Working with peer-to-peer (P2P) funding specialist F&P Sponsors, SKS has secured an investment of more than £450,000 to complete three acquisitions, expand its service offering, and grow its turnover six-fold from £500,000 to £3.3 million in only three years.
Sanjay Swarup, Director at SKS, established the business nine years ago using a shared services model with a support office in India to manage processing and administration. SKS specialises in bookkeeping, payroll and accountancy for SMEs and individuals and finance outsourcing for larger companies.
SKS has developed a business model whereby senior staff in a UK based office supervise the work processed by an office located in a lower-cost country (currently India) or city in the UK, using cloud-based technologies to ensure maximum efficiencies via remote working.
“We wouldn’t be where we are without F&P’s support,” he says. “Each round of funding came with excellent advice before, during and after the process. Everyone was prepared to go the extra mile in explaining what was happening and the support was always at the end of a phone.”
This support has enabled SKS to acquire two accountancy firms in Tunbridge Wells and Tilehurst, as well as an insolvency practitioner in Crawley.
Despite P2P being considered more expensive than some other forms of alternative finance, Sanjay says no other method could have achieved what P2P has for his business. “P2P has proved to be the perfect model for us as a business at this stage of our development,” he adds.
“Thanks to F&P, SKS has a strong financial footing and our potential growth is extremely exciting for the future.”
There are now more than 250 F&P borrowers who have secured some £100 million in P2P funding.
Ivor Freedman, Director at F&P, says despite the funding being readily available through alternative financiers, many companies are still struggling to find it: “P2P funding has now raised more than £8 billion for British businesses – £1 billion in the Q1 of 2017 alone – and there is the appetite to fund even more!”
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