A Poole accountancy firm cheered on its client INEOS TEAM UK as it embarked on the latest stage of a quest to become the first British crew to win the America’s Cup.

But, sadly, it was all over on February 21 when Sir Ben Ainslie’s team were beaten by Luna Rossa Prada Pirelli in races seven and eight of the Prada Cup final series.

It gave the Italians a 7-1 series victory and secured their place in the 36th America’s Cup match.

Having also worked with Sir Ben Ainslie’s sailing team in its previous guises, PKF Francis Clark’s role as official supplier of accountancy services to INEOS TEAM UK encompasses a wide range of specialisms.

They include audit and tax compliance, payroll, VAT, R&D tax credits, international and private client work.

Had Sir Ben and his team succeeded in lifting the historic trophy, no one would have been more delighted than Martin Aldridge, a Partner at the Poole office of PKF Francis Clark.

He has helped the record-breaking Olympian to manage his finances throughout his distinguished sailing career.

Martin, a former windsurfing world champion, first got to know Ben, then a teenage sailing prodigy, through their shared passion for competing on the water.

Now nearly 30 years later, he was hoping to see him beat the holders, Emirates Team New Zealand, to win the America’s Cup, which gets under way in Auckland on Saturday, March 6.

But to reach the final INEOS TEAM UK first needed Luna Rossa Prada Pirelli in the Prada Cup final, a best-of-13 series of races which started on February 13.

The team’s AC75-class boat, Britannia, is an impressive feat of engineering, developed over the past three years in a relentless quest for speed.

Lisa Whitbread, pictured left, Director and R&D tax specialist with PKF Francis Clark,said: “I’ve visited the team in Portsmouth several times over the past few years and am always amazed by the engineering expertise and innovation that has gone into developing the boat they are now racing.

“It’s like designing a Formula One car.

“My role is to help identify what parts of this work qualify for R&D tax credits.

“We have successfully submitted some valuable R&D claims which have assisted with the financing of the British campaign.

“Financially, this has made a huge difference to the team’s ability to compete over the years.

“It’s really exciting to be part of this effort.”

With the team spending much of the past year in Italy and New Zealand for training camps and races, there are also international tax issues to navigate.

“We’ve been heavily involved in assisting and advising on the tax implications of the team being out in New Zealand and dealing with the tax authorities there, as we did when they set up a training base in Italy,” said Martin, pictured right.

“Our membership of the PKF international network means we can draw on the support of local colleagues around the world when needed.”

Matt Robinson, CFO of INEOS TEAM UK, said: “PKF Francis Clark have provided financial support services across a range of areas to the INEOS TEAM UK race team since their inception.

“For an impatient CFO, working in a fast-paced sports team, speed is of the essence and the team are almost always on the end of the line and can answer most things straight off the bat.

“If they cannot answer a question, they always have the resources in the team to find out the answer and give a speedy response and will work through issues with you to provide guidance if the answer is not straightforward.”