When long-standing Champion client Aquaflow Services was acquired by specialist utility and infrastructure services company Ipsum, it marked the culmination of more than a decade of partnership, growth, and strategic planning.
In one of our most intensive M&A deals to date, Champion Accountants leveraged the expertise of our tax compliance and corporate finance teams to support Aquaflow’s founding owner-directors, Keith and Karen Borrett, in successfully exiting the business they had built with dedication and care.
A Partnership Built on Trust
Back in 2015, Keith and Karen were looking for a more hands-on accountancy service. Recommended by friends, they turned to Champion – and quickly found a partner who not only addressed their immediate accounting needs, but also took a proactive, forward-looking approach to highlight risks and opportunities for growth.
From day one, Champion became an extension of the Aquaflow team. Beyond monthly and quarterly management accounts, cashflow projections, and payroll, we supported the business with vehicle leasing, R&D tax credits, and strategic advice that helped the directors see their company through fresh eyes.
Unlocking True Value
Under our guidance, Keith and Karen began to recognise the unique value of Aquaflow’s proprietary equipment, techniques, and reputation. For years they had grown the business organically, winning blue-chip clients through quality and reliability, without fully appreciating the true value of their brand, client roster, and industry standing.
At Champion, we believe in laying the groundwork for a strategic exit long before it’s on the horizon. By ensuring financial statements and accounting history were accurate, robust, and ready for scrutiny, we set the stage for a smoother transaction when Keith and Karen decided the time was right to sell.
Navigating the Deal
When the opportunity arose, we assembled a multi-disciplinary transaction team led by Group Tax Partner, Gill Molloy and Semi-Senior, Harry Royle. A key early step was supporting Aquaflow with the buyback of minority shareholders, restructuring the business to ensure a cleaner, more attractive transaction.
Gill explained: “Whether buying or selling, fully understanding the client is critical. It goes beyond preparing tax records. Knowing the business end-to-end means you can ensure the sale and purchase agreement covers the owners comprehensively and accurately. Our approach is all about relationships – providing that concierge-level service where we’re always accessible, supported by a team of experts with complementary skillsets.”
This close working relationship was invaluable in navigating what can be one of the most stressful phases for business owners.
Client Reflections
Keith and Karen reflected: “Champion do everything so precisely and cleverly. They prepared our documentation to the highest standards, aided in moving certain assets to make Aquaflow more attractive, and brought in corporate finance expertise from Tim Scott at Cleveland Scott to help extract and deliver information to the buyer. The process was extraordinarily involved, with every question answered leading to five more, and it required huge patience and attention to detail.
“This is where Champion excels. Contracts ran to more than 100 pages, but Champion helped us interpret them, handled issues, and advocated for us. They mitigated pressure at every turn, making the sale far easier than if we’d attempted it alone. We simply wouldn’t have reached the finish line without their support.”
Building Legacies, Not Just Businesses
The sale of Aquaflow Services is more than just a successful transaction. It’s a story of partnership, foresight, and trust – a perfect example of how Champion supports clients at every stage of their journey, from scaling up to achieving consistent growth and, ultimately, realising a successful exit.
If you’d like to speak to us about how we can support your business journey, contact your local Champion practice today.
