Question and Answer: Affinia’s journey of growth as a new challenger in UK accountancy
In the UK’s competitive accountancy sector, a new player emerged just four months ago. Affinia burst onto the scene by consolidating seven regional firms under one banner, backed by Sovereign Capital Partners. With ambitious goals to double its turnover and staff within five years, Affinia aims to maintain the personalized, relationship-driven approach that initially defined its founding firms.
In a recent interview with Accountancy Age, CEO Darren Redmayne and Chief Commercial Officer Chris Annis shed light on Affinia’s rapid growth, future vision, and unique positioning in a market filled with private-equity-backed firms.
When Affinia was established, its primary objective was not merely to amalgamate regional practices but to create a cohesive, integrated business model. Combining the client-centric ethos of its constituent firms, Affinia seeks to provide a broader spectrum of services, tap into deeper talent pools, and solidify its market positioning.
“We identified the three Cs—clients, colleagues, and community—as our shared values across the firms,” Redmayne articulates. “By uniting forces, we can deliver more robust advisory services, offer enhanced career paths for our employees, and drive economic impact in our regions.”
For Annis, a veteran of over two decades in the industry, the transition to Affinia has been revolutionary. “What excites me the most is how we’ve elevated the client experience and diversified our service offerings,” he remarks. “We’ve integrated six like-minded firms to not only expand but also deepen our expertise. The talent and sector acumen we now possess are unparalleled in our arena.”
The significance of a business’s name often reveals its underlying principles, and Affinia is no exception. Derived from “affinity,” the firm’s name embodies the deep connections it forges with clients, employees, and communities. Nicki Ramsbottom, Affinia’s Head of Marketing, elaborates on the nuanced elements embedded in the name. “‘Affinia’ encompasses both ‘fin’ for financial acumen and ‘IA’ for intelligent automation, highlighting our tech-driven commitment to enhancing client services.”
This ethos permeates Affinia’s visual identity as well. “Our logo symbolizes connection,” Ramsbottom points out. “The two ‘I’s represent individuals, with the ‘N’ signifying the bonds we cultivate between them.”
While private equity-backed accountancy firms are not novel, Redmayne underlines Affinia’s distinctive approach amid a crowded landscape. “We’re not just acquiring firms; we’re constructing a truly integrated entity,” he explains. Unlike other counterparts that retain autonomy and function as networks, Affinia has heavily invested in unified enabling functions. With shared resources spanning people and culture, technology, and branding, Affinia aims for seamless operational coherence, eschewing siloed office structures.
Beyond consolidation, Affinia has broadened its service portfolio and geographical presence. Annis highlights the addition of new sectoral specializations, such as a prominent audit team for education, an expanding digital solutions arm, and a fortified M&A advisory division.
Geographically, Affinia’s reach has extended beyond its original domain in East England, now encompassing the East and South East regions. Redmayne elaborates on the geographical expansion strategy, emphasizing accessibility to a wider client base in key locations like Sidcup, Orpington, and Sutton.
Looking ahead, Affinia shows no signs of deceleration. Redmayne discloses the firm’s intent to onboard more aligned firms into its consortium, particularly those with shared cultures and expertise. Expressing an open invitation to reputed firms facing challenges like succession planning or tech adoption, Redmayne articulates Affinia’s expansion plans and commitment to growth.