Hazlewoods helps on investment for female founded accountancy services provider

By Nicky Godding

31 January 2024

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The percentage of businesses in Herefordshire & Worcestershire citing inflation as a cause of concern has dropped this quarter

Female founded accountancy services provider, Mazuma, has secured backing from the Cardiff Capital Region’s £50 million equity fund, with Cheltenham-based Hazlewoods Corporate Finance supporting Innovation Investment Capital (IIC).

Established in 2006 by Lucy Cohen and Sophie Hughes, the Bridgend-based business provides accountancy services to microbusinesses and is aiming to develop its strategy and reach through new technology solutions and employee expansion.

The IIC fund, which is managed by Capricorn Fund Managers and PwC, focuses on increasing the availability of long-term capital in Southeast Wales by encouraging economic growth through investments in innovative and scalable businesses.

Mazuma is the second business to have secured Cardiff Capital Region backing alongside generative AI company, Amplify, back in September 2023.

Lucy Cohen said: “We started off with just myself and Sophie, when we were 23 from my spare bedroom, and now we have a workforce of 40, serving clients across the whole of the UK.

“…Part of going down the equity route, is that it naturally brings those partners with it, and you get other people around the table with that wealth of experience in different industries and sectors and who have been through the trials and tribulations that are bound to come down the road from scaling a business.”

Daniel Bond, Hazlewoods Corporate Finance Partner, and Jeremy Brass, Assistant Manager, provided IIC with financial and tax due diligence on this deal.

Daniel commented: "I am delighted that we have supported IIC in making its investment into this exciting tech enabled accountancy practice. Congratulations to all involved.”

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.