Three decades of being a trusted adviser
In an industry renowned for gatekeepers and guarded doors, Troubador has spent nearly three decades building a different kind of publishing house; one where authors are treated as partners, quality is non-negotiable and books are crafted to be both beautifully made and widely read.
From a single computer on a kitchen table to a 30-strong team in Leicestershire with a warehouse holding half a million books, Troubador has become one of the UK’s leading self-publishing and publishing services businesses.
Throughout this journey, UHY has been a trusted adviser, supporting Troubador through key decisions, financial planning and operational growth. What began as a relationship focused on compliance has evolved into a strategic partnership that underpins the business' success. One of our most significant areas of support came during the management buyout (MBO) in summer 2024, when Alex Thompson and Chloe May stepped into ownership. The transition marked a new chapter for Troubador, and UHY’s guidance helped ensure the process was smooth, well-structured and aligned with the company’s long-term goals.
Troubador’s origins are rooted in editorial craft. In 1996, after being made redundant, Alex’s father, Jeremy Thompson, who had worked in publishing for many years beforehand, invested his redundancy package in a single computer and took a risk on starting a business. The early years were immersed in specific, hands-on editorial work; an industry he knew well.
By the early 2000s, Troubador identified a powerful shift in the publishing sector. Aspiring writers were now seeking an alternative to endlessly knocking on the doors of traditional publishing houses, trying to get their projects noticed. Self-publishing existed, but its reputation was mixed. Too many authors had been negatively impacted by poor practice and even poorer outcomes. Troubador chose to take a different path, upholding high standards and producing books that felt as good as they read. Crucially, the organisation built a distribution arm so that books could be found where it mattered, on bookshop shelves and in readers’ hands.
As the business grew, our UHY team, led by James Simmonds, provided financial guidance to support Troubador’s evolving model. From managing statutory accounts to advising on cash flow and investment decisions, our team helped ensure the business was financially sound and ready to scale.
Significantly, the team doesn’t just produce books; they distribute them directly to the market. For authors, that’s the differentiator. Since its founding, Troubador has developed solutions to the many key concerns and challenges authors may have.
A key milestone in the organisation’s history arrived in 2015 with the acquisition of The Book Guild, now a subsidiary of Troubador. The Book Guild operates a partnership publishing model,
including co-funded projects alongside a small number of fully traditional titles. This allowed Troubador to expand beyond purely authorfunded self-publishing and meet authors where they are, with their different goals, budgets and routes to market.
The Book Guild has quickly become a core part of Troubador’s offering. Our UHY team played a role in supporting the financial structuring of the acquisition, helping Troubador assess the viability of the deal and integrate the subsidiary into its wider operations. Today, The Book Guild accounts for roughly 20% of group revenue and is earmarked for future growth. While the publishing philosophy remains unchanged, The Book Guild has broadened the routes available to realise it.
A handover done properly
In summer 2024, following the successful MBO, Alex and Chloe, herself with a background in publishing, became directors and owners, while Alex’s father and stepmother, the previous directors, exited. The decision had been years in the making; the first conversation about succession happened, serendipitously, the night before the first Covid-19 lockdown.
By the time the transaction was completed, the handover felt seamless. “From their perspective, it was a simpler way of exiting than selling to a third-party buyer”, Alex said. “From ours, it gave us something we could really immerse ourselves in and felt confident that we could take to the next level”. The goal was continuity with momentum. There was never going to be any tearing up of the model or any dramatic pivots. Instead, a steady and deliberate approach to growth, underpinned by investment in systems and Troubador’s team of publishing experts.
Nottingham partner, James Simmonds, was instrumental throughout the MBO process.
From structuring the deal to sequencing payments and advising on tax implications, our support ensured the transaction was smooth and efficient. “Even the simple-sounding things mattered”, Alex recalled. “Which bank account does this payment come from? How does money go from A to B, then C? We’d have figured it out eventually, but we’d have certainly made mistakes and taken far longer to accomplish the objective. Having someone who already understood our business saved us vital time and, importantly, avoided any missteps.”
Over the past two years, Troubador has modernised its approach to technology, building an in-house CRM, redesigning its websites and reengineering its entire publishing workflow into a single system. That overhaul created capacity, allowing for the onboarding of more author projects without the need to add more employees, and an amplified marketing presence, so that more of the right authors could find them. Our guidance helped ensure these investments were financially viable and aligned with the business’s long-term goals. From budgeting to payroll integration with Xero, we have worked in collaboration with Troubador’s team to support their operational efficiency and growth.
Publishing, at its heart, is a people business, and culture is where Troubador excels. With close to 30 people, Troubador remains a close-knit team. Several employees have been with the organisation for well over a decade, while new joiners slot into an environment that balances high standards with high support. “Hard work, responsibility, development and respect for authors” is how Alex described it. At Troubador, leadership is consultative. For significant changes, whether that involves system upgrades or the introduction of new services, team members are briefed, asked for input and invited to share any concerns or questions.
Troubador’s attention to people, both its inhouse teams and its authors, matters because the market is not always the same. In an industry where trust is currency, Troubador has it, with authors, large retailers and independent bookshops alike.
Meeting rising pressures with resilient responses
Like every well-run SME, Troubador has had to meet external pressures beyond its control. Over the past 12 months alone, costs have risen sharply, including National Insurance changes, higher energy bills and, locally, a 35% jump in rent.
“We’ve absorbed the costs because we’re in a healthy position”, Alex said, “but it has consequences. A couple of intended hires were put on hold, and around us we’ve seen brilliant, local businesses cease trading because they can’t weather it”. For Troubador, it’s about responding with resilience, deciding what to fund and what to delay. That resilience stems from conservative growth and an operating model tuned to efficiency.
A partnership to be proud of
The publishing house is a longstanding client of UHY, and over the course of many years, the partnership has moved from strength to strength. What began with statutory accounts and director’s self-assessments has expanded into broader advisory support that helps Troubador operate with confidence.
Since the MBO, the publisher has utilised its longstanding relationship with UHY, seeking guidance and advice in areas such as accounting systems upgrades, payroll integration with Xero, as well as a steady flow of tax questions.
The period leading up to, during and in the time since remains a standout example of UHY’s role in helping Troubador to achieve prosperity. For Alex and Chloe, having a trusted adviser who already understood the business meant fewer questions, fewer errors and a much smoother process.
What stands out for Alex is the accessibility and availability of our team. The relationship isn’t anchored to a single adviser; instead, it is supported by a network of trusted specialists. For many years, Troubador has worked closely with James, and more recently, the relationship has further developed with Lucy Durham, accounting and business services manager, and Caitlin Flynn, accounting and business services assistant manager. Specialist support is also readily available, whether on payroll, tax or wider business enquiries, giving Troubador access to the right expertise without delay. “I’ve got emails and phone numbers for various individuals across UHY”, Alex said. “I can ask any question and receive a good, informative answer. That’s gold dust when you’re busy with other pressing day-to-day matters.”
Since the leadership transition, Troubador’s performance has been impressive. Revenue grew 17% in 2024, with a further 7% increase in 2025. The team has handled higher volumes of author work without a proportional increase in headcount, thanks to workflow consolidation and better systems, supported by the financial stability and planning that UHY helped provide.
Its success in recent years is not about dramatic pivots or overnight transformation; it is one of steady compounding, refining processes, sharpening marketing and enriching author experiences.
Looking forward, Alex’s goals are clear. The first is financial housekeeping after the MBO. The second is organic growth, more authors, more great books and more partnerships through The Book Guild, achieved by doing the basics brilliantly and listening closely to the market. Technology will play its part: AI offers obvious opportunities in editorial assistance and metadata optimisation, but Troubador’s approach will be pragmatic. As Alex stated, “We can see a lot of areas where AI will benefit our day-to-day business processes, but it should be used with caution.”
It is within this context that UHY’s support remains vital. For Alex, the partnership is about alignment: “I could go to any accountancy firm and get our year-end accounts filed. But, with UHY, I know I’m getting more.”
Ultimately, Troubador and UHY share the same ethos: relationships that last, growth that is sustainable and value in doing ordinary things uncommonly well. Troubador’s promise to authors is simple – they will help authors create a book to be proud of and help promote it on the literary stage. UHY’s promise to Troubador is equally clear – we will keep the publisher’s financial foundations strong and their questions answered, helping to guarantee a prosperous future.
View and download Troubador's client case study PDF.
I can ask any question and receive a good, informative answer. That’s gold dust when you’re busy with other pressing day-to-day matters.