HAMPSHIRE-based chartered accountants CW Fellowes has expanded.

The independent firm, which specialises in providing audit, accounting, outsourcing, tax and business advisory services in Chandler’s Ford and Fareham, has acquired Blue Spire South LLP’s office in Portsmouth after acquiring funding from NatWest.

Financial director Bruce Elkins turned to Gary Hodgson, senior relationship manager at NatWest in Salisbury, after the opportunity to acquire the business arose.

Mr Hodgson secured a loan backed by the government’s Funding for Lending scheme that enabled CW Fellowes to buy the client portfolio and staff members of Blue Spire South LLP Portsmouth.

It is predicted the expansion will lead to an increase in turnover of 15 per cent in the first year and CW Fellowes has safeguarded the jobs of seven employees.

Mr Elkins said: “We’ve got a great relationship with Gary – he’s always been really helpful. We’ve been improving and growing the business for a number of years and this acquisition is another step forward.

“When opportunities like this arise, it’s important to know that support is available.”