Established by Dr Barry Wood in 1980, Turnkey has grown to become the market leader for corporate restructuring and insolvency software, providing solutions to over 300 clients, from sole practitioners to international accounting firms, spanning 10 jurisdictions worldwide. The business is growing recurring revenues at over 20% per annum, driven by client demand for greater efficiency, the accelerating adoption of digital technology, and legislative compliance. Bowmark has a long track record of investment in market-leading, sector specialist software businesses. Its partnership with Turnkey will help the company continue its strong track record of growth, through further investment in people, technology, and product development, as well as facilitating international expansion. As part of the transaction, Deborah Baxter, currently Chief Operating Officer, will become Chief Executive, while Tony Wood will transition to a non-executive role. In addition, Peter Little will join Turnkey’s board as non-executive chairman, bringing extensive experience of growing financial services software companies. Tony Wood, outgoing Chief Executive, said: “We are delighted to be partnering with Bowmark Capital as we look to accelerate growth in Turnkey and further evolve our IPS Cloud platform in the UK, Australia and internationally. We are immensely proud of the products and services we have developed over the last 44 years and the incredible support we have had from our long-standing client base. This is an exciting time for the team at Turnkey as we look to transform further and leverage the skills and expertise within the Bowmark network.” Deborah Baxter, Chief Executive of Turnkey, said: “The insolvency sector is evolving. With rising workloads and growing demands for efficiency, insolvency practitioners must adapt to the digital age to stay competitive. We are thrilled to partner with Bowmark as we continue to expand, innovate and develop our product suite to meet the evolving needs of our clients. I am delighted to be following in the footsteps of Tony to lead this next chapter with the support of the Bowmark team and my talented colleagues within Turnkey. Bowmark Partner, Tom Elliott, added: “Having known Turnkey for some time, we have seen the business go from strength to strength, growing to become the go-to provider of solutions to the insolvency sector. We are delighted to partner with the Wood family and the management team to support Turnkey to deliver its next phase of growth.” About Macdonald Henderson, Tony Wood commented: “We were pleased to have Macdonald Henderson as part of our deal team.  Macdonald Henderson have worked with the Turnkey Group and the Wood family for over a decade, so with their knowledge and understanding of the business we were able to drive a quick and efficient legal process.  We are grateful for the outstanding support and advices of David (Beveridge) and Laura (McKnight) throughout this transaction”. We are pleased to have advised the Wood family on this milestone transaction, and wish the combined business, management team and all stakeholders every success for the future. Advisers to Turnkey IPS: Macdonald Henderson (legal); Ryecroft Glenton (corporate finance); Advisers to Bowmark Capital: Stephenson Harwood (legal); BDO (finance).

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