Today’s news in brief – 28/6/2024

Armstrong Watson has advised on the sale of Teesside-based R & A Kay (Rak) to BES Group, combining Rak’s 40-strong team in Stockton-on-Tees and Middlesbrough. Formed in 1984, Rak provides inspection services for sectors including oil, gas, and utilities across the UK and Europe. BES Group’s acquisition strategy, backed by Inflexion, has led to nine acquisitions in 20 months. John Campbell, BES CEO, praised Rak’s addition, while Rak’s Phil Jackson and Ian Chapman will remain to oversee growth. Armstrong Watson’s David Wilson facilitated the sale, emphasising Rak’s impressive stature and the growth potential under BES Group. Azets has managed the Creditors Voluntary Liquidation (CVL) and the acquisition of the Yorkshire Dales Food and Drink Festival by Cocker Hoop Creative. Following the liquidation of Events By B3 Ltd, Cocker Hoop Creative acquired the festival’s assets and IP. The new owner plans to revive the festival with a rebranded website and social media campaigns. Jonathan Amor of Azets emphasised the festival’s economic contribution and the positive outcome for creditors. The festival, cancelled for 2024, will return in 2025. Cocker Hoop Creative aims to enhance the festival while preserving its heritage. Ireland-based Bright Software Group has acquired MyWorkpapers, a digital working papers solution for accountants and auditors in the UK, Ireland, and Australia. Since its inception in 2021, Bright has developed a suite of software solutions for accounting professionals. MyWorkpapers, launched in 2009, offers specialised workpaper packs and improves work efficiency and compliance. Rich Neal, CEO of MyWorkpapers, expressed enthusiasm for joining Bright, aiming to provide an end-to-end cloud solution. Stephen Murdoch, CEO of Bright, highlighted the alignment of values and customer-centric approaches, marking a significant milestone in enhancing services for accounting professionals. ForrestBrown, a specialist R&D tax adviser, has presented a 10-point wish list for optimising research and development tax relief ahead of the upcoming election. Key points include setting clear R&D expenditure targets as a percentage of GDP, improving data transparency, and ensuring HMRC has adequate resources for compliance. The wish list responds to party commitments, such as Labour’s ten-year R&D budgets and the Conservatives’ pledge to increase R&D spending. Sara Brigden, ForrestBrown’s managing director, emphasised the importance of R&D support for innovation and urged the new government to prioritise private sector R&D.