LB Group is a leading chartered accountancy services firm, headquartered in Colchester with offices in London, Ipswich and Chelmsford. Sovereign invested in May 2023 to support a sector consolidation and geographic expansion strategy.
LB Group provides accountancy, taxation, outsourced CFO and business advisory and compliance services to start-ups, SMEs, corporates and private individuals.
With a strategic focus on the East and South East of England, the company boasts market-leading organic growth rates, and since 2020, has increased staff numbers from 100 to around 150 to meet client demand.
Led by a highly experienced and ambitious management team, and with Sovereign's investment, the company is set to grow its geographic presence, client base and technology offering.
The UK SME accountancy market is highly fragmented. LB Group, given its reputation for providing high-quality accountancy and business advice services, is well-positioned to act as a sector consolidator, creating a leading accounting, tax and professional services group. Its geographic focus will initially be on the East and South East of England before potentially expanding to other regions.
At investment, Martin Wassell, the Managing Partner of digital transformation agency BIP UK (formerly Chaucer), was appointed as Non-Executive Chair. Martin has more than 20 years of experience in the business consulting sector.
Rob Harden, the former CFO of specialty managing general agents Optio, was appointed as Group CFO shortly after the investment was completed. Rob has significant financial services and private equity experience, as well as a track record of executing and integrating acquisitions.
We are excited to be partnering with Sovereign. This investment will enable us to accelerate our growth plans, expand our services and deliver even greater value to our clients. Sovereign's track record of working with high-growth, tech-enabled businesses and its expertise in the financial services sector make it the ideal partner for us.
Paul Mustoe / Director / LB Group