European mid-market tech investor, Tenzing, announces Jeffreys Henry, Arram Berlyn Gardner (ABG) and Propel (formerly known as Propel by Deloitte) have combined to form a new challenger, with a vision to transform how small and medium businesses in the South of England receive accounting services.
Gravita today launches as a new challenger brand in the accounting industry with ambitions to become the leading tech-enabled full-service partner for established UK SMEs. It is significantly investing in building a new kind of consolidator that combines the best of breed from high-quality professional services firms to support ambitious SME leaders in realising their growth goals. Gravita currently includes experienced and trusted specialists from Jeffreys Henry, Arram Berlyn Gardner (ABG) and Propel.
Gravita’s vision is to provide a customer-centric solution that combines its team of forward-thinking, strategic experts with intuitive technology to be the tech-enabled accountancy firm of choice for the SME market. It is building a group known for its values-driven culture and consistent excellence to support SMEs with any financial worries, whether relating to resource or significantly complex business challenges. Clients will benefit from access to a full-service firm with trusted, high-calibre specialists all under one roof, offering audit, tax, accounts, financial outsourcing, payroll and advisory.
In September, Jeffreys Henry, now part of Gravita, acquired Propel from Deloitte to provide clients with easy access to full-service finance, compliance, and specialist advisory offerings under one brand without compromising on quality.
Caroline Plumb OBE, CEO of Gravita, said: “Our ambition is to build the UK’s leading tech-enabled accounting firm focussed on SMEs, and the launch of Gravita marks a key milestone in our growth journey. Accountancy is an increasingly crowded sector, and the industry landscape has been shifting for some time, with a new wave of consolidators entering the fray. At Gravita, we take a highly collaborative view on consolidation in the market and have a carefully considered approach to finding the right firms who share our future vision.”
Christian Hamilton, Co-Founder of Tenzing, added: “We are delighted to see the launch of Gravita as a new challenger brand in the accounting industry. At Tenzing, we have always been strong supporters of continued innovation and evolution in the sector and welcome a forward-thinking, next-generation firm that wants to disrupt the current status quo. This is a significant step in Gravita’s strategy to transform how small and medium businesses receive accounting services and through its approach of leveraging technology to meet evolving client needs, it offers a unique proposition in the market.”
Propel was the twelfth acquisition Tenzing has supported its portfolio companies with in the last 12 months. Tenzing also provided a dedicated Acquisitions Director to assist Gravita with its strategic investment into ABG in March.