Optionis tipped for £300m sale

A contractor accounting conglomerate that houses six tax specialists for contractors is being tipped for a sale or flotation.

Optionis, which houses firms like SJD Accountancy, Nixon Williams and ClearSky Business, is having its “strategic options” reviewed by PwC, the Sunday Times reported.

Although PwC declined to be drawn to ContractorUK -- except to imply that Optionis’ owner Sovereign Capital is a customer (it said it can’t comment on “client-related matters”), a sale of the conglomerate will fetch a reported £300million.

In September 2014, SJD and Nixon – so just under half of Optionis’ current portfolio of companies -- were collectively bought by Sovereign for £100million.

While that seems to suggest the floated price tag of £300m for the entire group is realistic, the deal was framed as the first of potentially a few, as Sovereign spoke at the time of planning to “expand via…further acquisition.”

Since then, however, the company has struck just one addition deal – the marrying of SJD and Nixon with Optionis’ companies; Parasol, Brian Alfred, ClearSky Contractor Accounting and ClearSky Business.

Asked about Optionis now floating or selling, a Sovereign spokeswoman said it did not comment on speculation. But like PwC, the company did not deny it was being looked at or say that the Sunday Times’ claims were inaccurate.

In answer to whether contractors using an Optionis firm for services will notice any changes from a float or sale, the spokeswoman would only say that “providing the right services [and]…. support” for clients was still the group's “key management priority.”