Q&A: Dains CEO Richard McNeilly on Olympian-inspired growth and strategic acquisitions

Dains is making significant progress as it approaches its 100th anniversary.

The company has recently embarked on a series of strategic acquisitions and expansions that underscore its commitment to growth and innovation. With the support of private equity firm Horizon Capital, Dains has successfully integrated multiple businesses, enhanced its service offering and strengthened its market position.

The journey began five years ago when a group of Dains partners, inspired by a speech by former Olympian Derek Redmond, decided to help the company become more resilient and capable.

Redmond’s story of building a team that would go on to the Olympics resonated deeply with the partners, leading them to adopt the motto “be the best you can be.” This philosophy led to the decision to grow the company through acquisitions, ensuring a strong, diverse client base and comprehensive range of services.

Accountancy Age caught up with Richard McNeilly, Managing Partner of Dains, to find out more about the firm’s unique growth strategy and why it has become an M&A expert in recent years.

“We determined that our future… is to become bigger, more resilient and more efficient,” he said.

Getting Acquisitions Right

One of the cornerstones of Dains’ recent success has been its meticulous approach to cultural integration during acquisitions. McNeilly emphasized the importance of cultural fit in ensuring successful integration.

“Finding the right cultural fit is incredibly important,” he said, emphasizing the extensive process they use to evaluate potential acquisitions, which includes more than 30 meetings, a strategy designed to thoroughly understand and align the cultures of both companies involved.

Over the past five years Dains has embarked on a significant growth journey, moving from a Midlands based business to a national player. This transformation has been accelerated by the decision by the partner group to pursue growth outside its traditional boundaries.

“We determined that our future… was really going to be bigger, more resilient, more capable,” McNeilly explained. That vision led Dains to pursue acquisitions that would not only expand its reach but also enhance its service offering and customer base.

Key to this strategy is ensuring that the new teams align with Dains’ core values ​​and operating ethos, known internally as the “Dains Way.” This approach emphasizes customer care, a diagnostic approach to service delivery, and consistent, process-oriented execution.

“The Dains Way is how we interact with our customers,” McNeilly said, emphasizing the importance of maintaining high standards and a unified approach across the company.

For example, the recent acquisition of Condies Chartered Accountants not only strengthened Dains’ presence in Scotland but also enabled it to gain complementary expertise in the GP sector.

Similarly, the acquisition of CRS VAT has expanded their services across the public sector, particularly within local authorities and the NHS. These acquisitions have been strategically chosen to fit seamlessly into Dains’ existing structure, increasing both capacity and capability.

Diversification for the benefit of the customer

Dains has strategically diversified its service offering over the years, benefiting clients with a broader and more robust range of services. This diversification is not accidental, but is a calculated effort to build resilience and strengthen the company’s value proposition.

“The whole ethos of what we are trying to do is to create the most cohesive professional services firm in the UK,” McNeilly said.

One significant aspect of this strategy has been to focus on acquisitions that complement and strengthen existing services. For example, the acquisition of CRS VAT strengthened Dains’ capabilities in public sector VAT and employment tax services, which particularly benefited local authorities and NHS clients. This move was part of a wider effort to build strength and depth in key service areas.

In addition, the company’s rebranding and the introduction of the “Dains Way” were key to this diversification. The “Dains Way” takes a diagnostic approach to customer service, ensuring that the right team is deployed based on current needs and future plans. This method promotes a dynamic and proactive service model that has been well received by customers.

“We invest in early engagement with customers to understand how they currently define success,” McNeilly explained, emphasizing the company’s commitment to adapting and responding to customer needs.

Dains’ ability to adapt and expand its services was also strengthened by a private equity partnership with Horizon Capital. This partnership provided the financial support and strategic insights Dains needed to successfully acquire and integrate new acquisitions. The collaboration enabled Dains to continually enhance its service offerings while meeting the changing needs of its diverse client base.

Private equity is not the “big bad wolf”

The partnership with Horizon Capital was a game-changer for Dains, providing the financial backing and strategic insight needed to drive growth. According to McNeilly, the private equity investment provided much-needed confidence and resources to execute on ambitious plans.

“The most important thing we’ve gotten from private equity is the confidence to get the deal done,” McNeilly noted.

Horizon Capital not only provided financial backing but also valuable guidance on how to successfully integrate the businesses. This allowed Dains to maintain a rigorous approach to cultural fit and operational integration, ensuring that new acquisitions enhanced rather than undermined the company’s strengths.

“Horizon has been a great partner… helping us understand how to really integrate businesses effectively,” McNeilly said.

The investment also accelerated Dains’ internal growth, enabling significant advances in operational excellence, technology, regulatory compliance, risk management and business development.

Technology at Dains

Dains has made significant progress in using technology to streamline its operations and improve customer service. The company’s ongoing digitalization efforts are designed to provide all customers with real-time access to digital information.

“We’re working towards a situation where all of our clients have a quarterly overview,” McNeilly said, emphasizing the importance of accurate, real-time data to delivering effective advisory services.

The company’s technology strategy includes leveraging advanced workflows and regular check-ins to streamline service delivery. Dains has also introduced automation to routine tasks, allowing the team to focus on delivering higher-value consulting services. This approach not only increases operational efficiency, but also positions the company to better meet changing customer needs.

Dains’ proactive stance on technology adoption has also included working closely with technology vendors. While acknowledging that different vendors move at different paces, McNeilly said those that keep up with industry demands and listen to their stakeholders will ultimately succeed.

Partnerships with technology providers ensure Dains remains at the forefront of technological innovation in the accounting sector.

Using experience to develop the client

Dains’ own experience in rapid growth and acquisitions has significantly influenced the way they advise clients on growth strategies. By applying lessons learned from their expansion journeys, Dains offers clients a unique perspective on how to successfully scale their businesses.

McNeilly emphasized how the firm’s hands-on experience navigating acquisitions and integrations provides valuable insights for clients looking to grow. “We don’t just talk the talk, we do the work,” he said, emphasizing the practical knowledge they bring to working with clients.

A key part of Dains’ consulting approach is its emphasis on strategic planning and cultural fit, which are key to Dains’ own success. By sharing its methodology, such as rigorous cultural assessments and strategic planning processes, Dains helps clients understand the importance of these factors for successful growth and integration. This approach ensures that clients are well-prepared for the challenges and opportunities that arise as they scale their businesses.

In addition to strategic planning, Dains advises clients on how to leverage technology and operational efficiency to drive growth. Drawing on its own digital transformation, Dains provides clients with practical advice on integrating technology to improve service delivery and streamline operations. This helps clients not only improve their operational efficiency, but also better serve their own customers.

Building a strong team

Dains has implemented several initiatives to attract and retain top accounting talent, which is critical to the company’s overall success. McNeilly emphasized the importance of integrity and clear career paths in his strategy.

“We work with each other honestly… to help people become the best they can be, not just jumpstart their careers,” McNeilly said, emphasizing the company’s commitment to supporting employees’ professional development.

One key strategy is to provide a structured and supportive environment for new interns. Despite the trend toward remote work, Dains believes in the importance of in-office training and supervision.

“The first thing we do for our trainees is make a commitment that we will supervise them… they will be taken care of,” McNeilly explained, emphasizing the company’s commitment to comprehensive training.

Dains also offers a variety of career opportunities within the group, allowing employees to explore different specialisms and roles. This flexibility is further enhanced by unique Dains offerings such as the Isosceles Finance function, which provides insight into different aspects of the accounting profession.

Additionally, Dains places a strong emphasis on work-life balance, recognizing its importance in keeping employees happy and productive. While the company recognizes the challenges of achieving this balance, it strives to provide the right tools and support to ensure employees are successful both professionally and personally.

Anticipating future trends and challenges

The Dains Group will celebrate its 100th anniversary in 2026, and the company is very focused on future growth drivers and market trends. McNeilly believes that recruiting and retaining top talent is the biggest challenge the company faces.

“Without a doubt, a great business is built with great people,” McNeilly said, emphasizing the critical role of talent in sustaining growth.

In addition to acquiring talent, Dains is preparing to meet the changing needs of its clients through continuous innovation and diversification of services. The company anticipates that technology will play an increasingly important role in its operations and in the delivery of services to clients. By staying ahead of technological advances and integrating new tools, Dains aims to increase its efficiency and offer its clients cutting-edge solutions.

Market trends indicate a growing need for advisory and value-oriented services that go beyond traditional accounting functions. Dains is well-positioned to capitalize on this trend, leveraging its comprehensive service offering and industry knowledge to meet client needs. The firm’s proactive approach to understanding and responding to market changes ensures it remains competitive and relevant in a dynamic business environment.