A TaxAssist Accountants practice has broken the million-pound barrier in a sale to new owners.

The franchise network, which operates from more than 200 offices, has seen its first million-pound office resale, at a multiple of 1.25 of revenues.

Mike Melling, with a 30-year career in financial services and consulting, has bought the Harpenden and St Albans franchise from Mark Fordham – Melling will expand the franchise to include Radlett & Shenley.

He plans to double the 850-client base in five years, and will be supported in running the business by his wife and two children.

Melling said: "The more I found out about the growth and success of the TaxAssist Accountants model and the more I talked to people at the Norwich support centre and around the network, I became convinced that this was the business I wanted to buy into and continue to grow."

Karl Sandall, chief executive of TaxAssist Accountants, said: "Clearly we are thrilled to have achieved this landmark sale; it is a testament to the strength of our business model that we are achieving these kind of resale figures and still achieving double digit growth year on year.

"Three years ago, we successfully exported the model to Ireland and now have our eyes firmly set on Canada, the US, New Zealand and Australia. Having an international presence can only help increase the value of our brand."