Today, Tenzing is proud to announce that we’ve backed Scott Heath, CEO, and the management team at DJH Mitten Clarke.
Headquartered in Stoke-on-Trent, DJH Mitten Clarke is a Top 50 UK accounting firm which provides accounting, audit and payroll compliance services, as well as tax advisory, to SMEs across the Midlands and North-West.
The firm has increasingly differentiated itself from other providers by evolving the traditional partnership model to provide a unique and powerful business support function for all of its fee earners. Its people-first approach recently earned it a spot on the UK’s Best Mid-Sized Companies to Work For list and ranked as a top 3 firm for ‘Investing in People’ in the 2022 Accounting Excellence Awards.
The business has a strong track record of delivering double-digit organic growth, supported by its use of technology and an innovative approach to service delivery. Client Service Directors are Key Account Managers responsible for building account relationships and maintaining high standards of client service from the delivery teams through a pod structure, creating more scalability and efficiency. Excellent NPS scores and a reputation for exceptional service have resulted in market-leading client retention across its customer base, reflecting the calibre of the firm’s proposition.
Increased regulation continues to drive demand in the UK accounting market, which is large and growing at 5% YoY, with the SME segment estimated to be worth £9 billion.
Following the investment, we’ll support Scott and management through our Growth Team. Our goal is to help the business to maximise its potential by continued investment in sales and marketing, drawing on the expertise of a Sherpa, our Entrepreneurs Panel and Subject Specialists. DJH Mitten Clarke has a proven track record of successfully acquiring and integrating businesses, and we will help the business continue its inorganic growth strategy by providing dedicated Acquisitions Director support to complement the team in-house.
Scott said: “After talking to a number of potential investors, it was clear that Tenzing is the perfect fit for our business. Not only do they have a proven track record within the professional services and technology sectors, but they also have a people-first approach, meaning we’re well and truly aligned. Tenzing’s philosophy is to back teams who they believe in and support them to reach their own summit, which is exactly what we were looking for from a partner.
The support from Tenzing will allow us to further invest in our team and accelerate the transformation of our business, making our vision become a reality. Our aim is to keep innovating and further enhance the advice and experience we deliver to our clients.”
Mike Reynolds, Investment Team at Tenzing, added: “Following our historical investment in Gravita, a tech-enabled accounting and service provider in London, we are very excited to further invest in the UK accounting services market, supporting continued innovation and evolution in this sector. DJH Mitten Clarke is highly innovative in its approach to supporting clients, and we’ve been so impressed by the quality of the management team, especially their proactive investment in talented people and differentiated systems. UK businesses have a real challenge on their hands right now due to increased regulation mandating ongoing compliance work, and DJH Mitten Clarke is well-positioned to capitalise on this opportunity due to its unique approach to client delivery.”
The news comes following the announcement of DJH Mitten Clarke bolstering its team with four senior appointments in recent weeks, including new Chief Technology Officer, Paul Freeman, who joined the business after providing technology consultancy to Top 20 accountancy firms.
DJH Mitten Clarke is the seventh investment with Tenzing’s £400m Fund II, which started investing in 2021, and is one of fourteen high-growth businesses within the Tenzing portfolio. Tenzing was advised on the investment by Alantra, Osborne Clarke and PwC. Management was advised by Clearwater International and Knights plc.