Chesterfield Champion Mitchells Chartered Accountants and Business Advisers is set to create five new jobs after a period of impressive growth.

Mitchells, which is based on Saltergate in Chesterfield, has reported a rise in turnover in recent years with an underlying year-on-year increase of more than 10 per cent. It is also reporting a volume of new clients in the last three months, unlike anything it has experienced since 2008.

Growth, since the beginning of the year, has been unprecedented for the firm. It is reporting more than 300% growth in transactional financial due diligence assignments, which is attributed, in part, to the end of the recession and business owners being ready to move to the next level, either selling or growing their business.

Andrew McDaid, Partner at Mitchells, explained: “For a long time we have always believed that Accountants cannot simply be bean counters, businesses want advice. We are seeing a lot of new clients who are coming to us out of frustration. They want to move their business to the next level but don’t know how. We can give that practical help by structuring deals or accessing finance or grants on their behalf enabling them to invest in equipment or technology which can enable growth.”

Mitchells is involved in financial due diligence in respect of share purchases/sales, asset purchases/sales and grants as well as share valuations and expert witness work, acting for both buyers and sellers in these transactions. In 2015 the firm completed the same number of transactions in a three month period than it would ordinarily undertake in a year.

Andrew explained the growth in this area: “Coming out of the recession many businesses have found themselves at a crossroads. They might have been poised for sale prior to the recession and that impacted on the value of the business and then the lack of available finance reduced buyers in the marketplace. Now banks and other finance providers are lending again and business owners are ready to push ahead with the plans they may have had before the recession.”

The Mitchells business model has always involved budgeting to have over-capacity in terms of staffing hours. This, together with its use of award winning technology to improve business performance, ensures the firm continues to provide a quality service to clients.

To meet increased client demand, the firm will be employing a further three qualified accountants, an undergraduate placement and an AAT apprentice position by the end of 2015, who will join the 35-strong team.

Andrew said: “It may be a bold statement, but I believe that businesses have never had it so good. There are a myriad of financial incentives in the marketplace right now and I encourage many of our clients, who are focussed on growth, to consider taking advantage of the low interest rates, low inflation, government schemes to encourage apprenticeships, employer allowances and grant funding.”

Chamber Calls for Clarity Over Fresh Cuts

Chancellor George Osborne today announced an additional £3bn of Government spending cuts for this year, including £450m from the Department for Business, Innovation and Skills (BIS) and £545m from the Department for Transport (DfT).

He also announced plans to sell the Government’s remaining 30% stake in Royal Mail, expected to raise an extra £1.5bn to help decrease the nation’s debts.

George Cowcher, Chief Executive of East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire), said: “Many businesses were expecting a further round of cuts to public expenditure in the wake of an election which returned a Conservative majority. This will put even more pressure on the private sector to expand and create the jobs, wealth and, in turn, tax revenues required to fund the public services the UK wants and needs.

“Over the past five years, businesses, particularly here in the East Midlands, have done much of the heavy lifting to get the economy back on its feet. They stand ready to do so again and take on the challenge of helping to achieve the Chancellor’s vision of making the Midlands the UK’s ‘Engine for Growth’.

“With this in mind, the Government should, without delay, provide additional clarity on exactly where the axe will fall, particularly in relation to the planned cuts to the BIS and DfT budgets, in order to minimise uncertainty and create the stability businesses need to thrive.

“Business wants a plan for fiscal consolidation which is carefully balanced with the overriding need to nurture investment, job creation and growth. Investing in increasing productivity and business growth, coupled with preventative measures to control costs while interest rates are historically low, is likely to reduce the structural deficit faster than slashing spending too deeply.

“Although the deficit still needs to be eliminated, growth, not austerity, should now be the watchword.”