A YORK accountancy firm has reported record results after year-on-year turnover rose by almost 20 per cent.

Monks Cross-based Garbutt + Elliott, which also has an office in Leeds, has revealed a record £7 million turnover for its 2016-17 financial year, representing a 19 per cent increase on the previous period’s figure.

At the same time, the firm also hired an additional 29 people across its tax, accounting, audit, corporate finance, wealth management and payroll teams, bringing its overall headcount to 135.

Garbutt + Elliott’s management team is attributing its turnover growth to its team of staff, which includes the biggest independent corporate finance team in Yorkshire, comprising nine people led by partners Richard Feltham and Tony Farmer.

During the period, Garbutt + Elliott’s approach saw it secure significant new business wins. These included frozen vegetable supplier and grower JE Hartley, food manufacturer Heck Food, commercial refurbishment and refit services provider Chameleon Business Interiors, brewer Half Moon Brewery and pickle producer Pucketts Pickles.

Commenting on the results, Garbutt + Elliott managing partner, Russell Turner, said: “Our success is the result of a simple and effective formula.

“We assess each client’s objectives, requirements and culture individually and then gather together the best team, delivering the best possible service. This allows us to continuously create value for the businesses we advise.

“Our clients love the service we provide and the way we deliver it, whether it be through our tax academy helping them save tax or our payroll team taking the complexity out of managing pay and pensions for their employees. The breadth of our services, allied to our technical expertise, means we can help any business thrive and achieve its goals.”

Garbutt + Elliott has 11 partners and advises businesses throughout Yorkshire across a range of sectors including manufacturing, food, digital tech and creative, construction, leisure and charities.

The firm’s record year also included a 60 per cent rise in the number of corporate deals completed, undertaken in a variety of business sectors, which rose from 20 in 2016 to 32 last year, boasting a combined value of £118 million.

Deals completed during the year included the sale of a 48 per cent stake in financial service provider AFS Group to Aldermore Bank and the management buyout of TEV, a Brighouse-based manufacturer, by private equity fund manager YFM Equity Partners. Garbutt + Elliott is looking to expand its corporate finance team.