Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of chartered accountants and business advisors, is boosting its commitment to the energy sector in these unprecedented times with a key appointment.

AAB has appointed Alasdair Green as Head of E&P (Exploration and Production) during this period of heightened need for support and financial expertise across a range of specialisms.  Having been instrumental in developing AAB’s presence in the upstream oil and gas sector in his previous role by driving the strategy of the E&P team, now as Head of E&P, Alasdair is also responsible for leading the 40+ strong E&P team including John Black (Energy Partner), Ian McPherson (Head of Upstream Audit) and Graeme Robertson (Senior Manager, JV & Contract Audit).

As the E&P sector adapts to the reality of extreme market conditions generated by COVID-19 and a low oil price environment, many companies will be addressing cost-cutting measures as well as evaluating asset and corporate risks or opportunities.

AAB is supporting E&P businesses as they explore these options with its suite of services ranging from: outsourced and virtual finance, JV and contract audit, statutory audit, and tax advisory, to payroll and corporate benefits advice, and transaction and transition support.  Other areas of support where the firm is experiencing higher demand in the current climate include supply chain review projects, and financial and economic modelling using AAB’s specialist proprietary solution, ‘Upstream FinMod’.

Douglas Martin, Chief Commercial Officer, commented: “Alasdair’s appointment to Head of E&P reflects the progress we have made in the last two years in developing a much broader service offering and client base across the upstream oil and gas sector. However, given the significant challenges faced by the oil and gas community, we are repositioning and refocusing our offering in the areas where clients need our support most in the year ahead.  Alasdair’s new role is part of an extensive range of measures to support our client base at this time, and he will be working very closely with our dedicated COVID-19 support team to ensure we continue to deliver a tremendous service to our clients at a time when they need it most.”

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of chartered accountants and business advisors, has been collaborating with the Scottish Business Resilience Centre (SBRC) to deliver a series of webinars aimed at helping businesses to mitigate the disruption caused by the COVID-19 pandemic.

As supporters of the SBRC, AAB has been providing input to the webinars from an accountancy perspective throughout the series. The webinars provide a platform for Scotland’s top business leaders, including senior members of AAB’s dedicated COVID-19 support team, to answer questions and offer advice directly to business owners, with topics including:

• Proactive steps to protect your business
• COVID-19 and Venture Capital
• Leadership and people
• Impact on the employed, self-employed, government support schemes and insolvency

AAB’s COVID-19 support team is led by Managing Partner (Edinburgh) and Head of Central Belt Deals, Lyn Calder. The team was formed as a result of the current situation and the changing support requirements of businesses and includes members of AAB’s corporate finance, restructuring, payroll and employment taxes teams. The AAB team, each with a wealth of expertise in their respective fields, has been on hand during relevant webinars to offer free, practical advice on the steps that businesses can take right now to improve their chances of survival.

AAB’s Lyn Calder, said: “Whilst these are uncertain times, there are a number of key areas businesses should consider, and various proactive steps they can take to mitigate impact. The SBRC is actively trying to bring businesses together to collaborate for the greater good of the business community, and we are here to assist in any way we can. AAB sees this very much as a partnership; we are all in this together and we are here to support businesses through these challenging times.

“The material remains available to everyone online. We plan to continue our working with SBRC on future webinars and initiatives, and by providing further support and guidance to the business community.”

Jude McCorry, CEO of SBRC added: “We have established this cross-industry group to help people navigate this strange new world and prepare for a different way of being in business. We are not going to sit back and watch companies fail who could have survived if they had some sort of mentoring, practical advice or simply a confidence boost to keep going. This board will continue to help give every business a fighting chance, but to also have a solid network so that if they have to fail, that they do so among friends and feel supported.”

Contact us for more information regarding COVID-19 and the available support.

A Managing Partner of Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of chartered accountants and business advisors, has called on the government to implement a series of wide-reaching support measures aimed at helping businesses to survive the disruption caused by the COVID-19 pandemic.

Lyn Calder, who is also the firm’s Head of Deals for the Central Belt, has welcomed the measures announced so far, but warns that too many businesses will fall through the cracks unless further action is taken.

Ms Calder says: “The Coronavirus Business Interruption Loan Scheme (CBILS) will undoubtedly prove to be a lifeline for many businesses. However, depending on their financial status, all too many will not qualify under the current stipulations. For example, part of the eligibility criteria for access to CBILS requires lenders to assess whether a business is ‘viable’, which could well result in banks turning down loss-making businesses. However, this term is very much open to interpretation by the banks. Many early stage businesses, or those which are in the process of scaling up, were indeed ‘viable’ before the crisis but haven’t been able as yet to demonstrate a recent profitable history. While CBILS provides security in the event of default, banks won’t lend if they believe that the businesses won’t be able to make payments as they fall due.

Other turnaround businesses will also likely be unable to access the scheme, leaving them exposed to poor trading, but potentially with a ‘viable’ business plan for growth that has been hampered due to the COVID-19 outbreak. In order to help businesses that fall into this grey area, we would like to see more detailed advice on what both the government and lenders define as a ‘viable’ business, and what other support measures may be available to businesses who do not have that recent profitable history.”

“Additionally, there is a view that many private equity (PE) backed businesses may not be deemed appropriate for CBILS, the expectation being that the equity backer will come to their rescue.  We would encourage the government to amend the eligibility criteria accordingly to plug these gaps in provision.”

Concerns had also been raised for businesses in the mid-cap tier, who currently fall outside the two flagship loan schemes, with CBILS for businesses with turnover up to £45m, and COVID Corporate Financing Facility (CCFF) requiring an investment grade rating or equivalent. While AAB welcomed the Chancellor’s announcement last week of the new government backed scheme, Coronavirus Large Business Interruption Loan Scheme (CLBILS) which will now support these businesses with a turnover between £45m and £500m, clear guidance on criteria for applying will be needed and we await this with interest.

Ms Calder adds “We are also keen to understand what, if any, other support measures will be made available through the CLBILS scheme, should interest payments not be covered by the government for the first 12 months as with CBILS.”

The Treasury has announced new restructuring tools, including a moratorium against creditor action whilst a re-structuring plan is being put in place. The timescale of implementation will mean the difference between survival and insolvency for many firms, says Ms Calder. “The ‘breathing space’ of the moratorium against creditor action whilst a restructuring plan is being put in place could prove vital for the survival of many companies, but for many, restructuring action will be required sooner rather than later.

The government has suggested that the new tools will be in line with the consultation previously issued in August 2018, but if this is the case, then insolvent companies may be excluded from these new measures, limiting their effectiveness as a rescue tool in the current crisis. The quicker we have visibility over the eligibility of the moratorium and the details of the proposed new re-structuring plan, the more businesses can potentially be saved.”

Ms Calder also called for increased support for company directors under the job retention scheme, where they have a low salary / high dividend remuneration package. The government has been quoted as saying it will not cover limited company dividends as ‘they are not income.’ “However, they are taxed as earnings (albeit at different rates to salary) and so not allowing them to be included is unfair to those who have undertaken legitimate tax planning by paying their remuneration in this way,” adds Ms Calder.

The AAB Managing Partner also raised concerns for employees who live and work in the UK but are employed by businesses with no UK bank account. Currently these employers cannot claim furlough support for their UK-based employees, unless the scheme is extended to include this group.

While the Treasury has announced support measures for the self-employed, Ms Calder argues that these do not go far enough, and more work is required to plug the gaps. For example, there is no support for self-employed workers earning more than £50k on average. If however the same person had earned £49,999 on average then they could have had the full benefit of the scheme. This threshold, with no ratchet in place, can lead to a number of inequities.

Further clarity is also required on whether the self-employed can only continue with their self-employed business or are allowed to take on an employed position under the grant scheme. More generous loss relief provisions for the self-employed would also be welcomed. For instance, would the government consider allowing individuals to carry losses back further than the previous year in order to generate tax refunds and therefore provide further cashflow support?

Whilst these are uncertain times, there are a number of key areas businesses should consider, and various proactive steps they can take to mitigate impact. Here at AAB we see this very much as a partnership; we are all in this together and we are here to support businesses through these challenging times.”

AAB one of the UK’s leading independent firms of chartered accountants and business advisors, is bolstering its team of directors with three new appointments.

AAB have promoted three members of staff to the position of Director with the aim of further augmenting their team of expert and trusted advisors during this period of heightened need for support and financial expertise across a range of specialisms.

Lauren McCluskey heads up the Office of the CFO team at AAB. An exciting new area for the accountancy profession, VFF is a bespoke financial solution which ranges from providing seamless support to internal finance teams, to delivering the entire finance function. AAB are at the forefront of this approach, which harnesses technology and cloud accounting, to empower businesses to be agile and responsive.

Katy Christiansen leads AAB’s UK and Global Payroll offering. Katy and her team are dedicated to helping businesses navigate the increasingly complex requirements of payroll, both nationally and internationally, whilst working with them to streamline and integrate their operations in a cost- effective and efficient way.

As Head of International Private Client Tax, Lynn Gracie oversees the specialist team at AAB which assists individuals who are relocating to an overseas country, or arriving in the UK from abroad, to manage their tax liabilities. Lynn provides cross-border tax advice and manages overseas disclosure enquiries, ensuring that clients are not only tax compliant, but also tax efficient over the longer term.

Graeme Allan, Chief Executive commented: “Each of these promotions is richly deserved, recognising not only the skill and expertise of each individual, but also the contributions they have made to their respective teams and the wider firm. Lynn, Katy and Lauren all continue to bring new ideas and initiatives to the business – a key factor in evolving their respective service areas in response to our clients’ requirements.

“Going forward, our strong and diverse leadership team will strengthen our ability to deliver only the very best client service across a changing market, both in the UK and globally.”

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading firms of chartered accountants and business advisors, has been appointed to join the prestigious Law Society of Scotland’s panel of approved accountancy partner firms.

AAB is one of only two accountancy firms to join the panel thanks to their long-established, successful track record of supporting legal service firms with their varied accounting, regulatory and tax requirements.

The Law Society of Scotland is a professional body for all Scottish solicitors and as part of the partnership programme, the Law Society seeks approved accountants to offer services and advice to legal firms and their clients.

Charlotta Cederqvist, Head of Business Development at the Law Society of Scotland, commented: “We are delighted to welcome AAB on to our accountancy panel. Our mission is to set and uphold high standards to ensure excellent legal service across Scotland’s legal profession, and we believe AAB reflects and supports this high level of quality. We ensure our members have access to the best resources and advice available and we are excited to see how AAB will benefit our members and in turn, the sector.”

Derek Mitchell, Head of AAB’s Professional Services team commented “For many years we have worked with legal firms to help them achieve their business ambitions, plus support them in providing their clients with the best possible advice. Joining the accountancy panel of the Law Society of Scotland will help solidify our reputation as one of the top advisors to legal firms whilst widening our reach within the sector. We are very much looking forward to working on new opportunities and projects with the society and its members in the years to come.”

Head of Deals for Anderson Anderson & Brown LLP (AAB) in the Central Belt, Lyn Calder, has recently taken up a new role as Managing Partner of the firm’s Edinburgh office. She spoke to us about all things Corporate Finance, including her background, her new role, and her vision for the future of the Edinburgh office.

 

You’ve recently been appointed to Managing Partner for AAB’s Edinburgh office.  Congratulations.  What does this role entail, and what is your vision for the Edinburgh part of the business? 

My role is to oversee the day-to-day operations of the office, working with the leadership team in our growth story across the Central Belt.  We’re a multi locational firm now, but very much one team, so it’s important for me to work closely with my counterparts and across the firm, to ensure our clients are getting the best service possible and that we have a happy team.

Our vision for Edinburgh plays a significant role in the overall growth ambitions of AAB. We will continue to raise the profile of our strong brand across the central belt (and beyond), most predominantly by growing the team on the ground and delivering awesome service for our clients across our compliance, advisory and specialist teams.

 

You joined AAB in 2018 as Head of Deals in the Central Belt.  Will you continue in this role, in addition to Managing Partner? 

Yes absolutely. I’ll still very much be working with clients on corporate finance transactions.  I’m passionate about building and retaining relationships with our clients. I love helping businesses and their owners to achieve their ambitions, and deal doing will continue to be a big part of what I do.

 

What made you pursue a career in accountancy and why did you decide to specialise in Corporate Finance? 

At university I was fascinated by business growth, and the different ways companies scale up.  The Mergers and Acquisitions element of the curriculum had me hooked, and a career in CF followed.  While some CF specialists take a different route than accountancy, I don’t think you can underestimate the importance of understanding the underlying numbers and financial dynamics when negotiating and delivering a deal.

In your opinion what makes an expert in Corporate Finance? 

The technical know-how is a given.  True CF specialists are trusted advisers who build strong relationships with their clients.  I feel it’s so important to understand how we can add value to our clients’ situation, knowing what drives them both personally and from a business perspective.

It’s also crucial to be able to articulate what you do in a way that clients can relate to. We need to help them negotiate the sales process as simply as possible, despite the fact that sometimes it is pretty complex.

 

What has taught you the most in your career in Corporate Finance?  

Despite having over 20 years of experience, I am still learning – every day is a school day! Every business, every client and every transaction is different. In the early years in the industry I learned how to do a deal, but as I’ve progressed to more senior roles, I’ve had the opportunity to spend more time building long-term relationships with clients. That’s the part I relish most.

 

Did you always have ambitions to become a Managing Partner? 

I’ve always had a desire to be in a role with strategic involvement and where I can help people reach their potential.  It’s a privilege to do this in a firm that is dynamic, always looking for the next opportunity and has an incredibly skilled team.

 

Why AAB? 

From the outside looking in, I was always aware that AAB was an exciting firm, renowned for high standards of client service and a real entrepreneurial spirit. Since joining the firm, I’ve experienced this first-hand. We’re a young leadership team, fuelled by ambitions to do something really special.

AAB one of the UK’s leading independent firms of Chartered Accountants and Business Advisors, has rounded off one of their most successful years of dealmaking by being named as the top dealmakers in Scotland in 2019 for a 15th consecutive year.

This fantastic recognition, as the accountants having completed the most deals in Scotland by the Scottish Business Insider, is one that AAB has now held consistently from 2005 to 2019. In the latest figures released, the Scottish Business Insider recognised that AAB had successfully completed 62 deals in 2019, nearly double any other accountancy firm during the same time period with its closest rival hitting 33 deals.

AAB’s key M&A highlights during 2019 included the management buy-out of Arjowiggins Creative Papers, DC Thomson Media’s acquisition of PSP Media, the sale of Apollo Offshore to Global Energy Group and the disposal of Motion Software to Jonas Software.  AAB has significantly increased its focus on deal activity in the Central Belt following its Edinburgh office launch in June 2018 and the Central Belt deals team, led by Lyn Calder, is rapidly growing following the completion of 20 deals across the Central Belt during 2019.

Commenting on the team’s achievements, Douglas Martin, Head of AAB Corporate Finance, said: “I am incredibly proud of our team for securing the position of top dealmakers for the 15th year running. It is a real testament to their drive, ability and entrepreneurial spirit to initiate and execute transactions across Scotland and further afield. We are also very grateful to our clients, and referrers of business, who have been excellent advocates for the quality of service we can offer. Our extensive knowledge of our key markets and sectors is a huge factor in our ability to get deals done on attractive terms for our clients, with transaction volumes increasing as we extend our geographical coverage and welcome more top talent to AAB.”

“We have had a great start to 2020, with a number of significant deals already announced during this first quarter including James Donaldson Group’s acquisition of Rowan Manufacturing and Smith & Frater, the buy-out of Tepnel Pharma Services from Hologic and the growth capital investment in Aqualife Services.  It’s proving to be a massively exciting time for us and we look forward to delivering even greater success during 2020.”

 

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of chartered accountants and business advisors, has this week completed its move to new office space in Edinburgh.

AAB will continue to be based at 1 Lochrin Square in Fountainbridge, but has doubled the space required in order to meet the demand for its services in the central belt.  The firm moved into Lochrin Square in June 2018 with 15 staff and expects its headcount to be approaching 50 by the summer.

The growing Edinburgh team has continued to experience success in securing new work across its audit and compliance business, tax and advisory teams, consulting and specialist services in a variety of sectors. More than 100 new client wins have been achieved in the last 20 months alone including a household Scottish fashion brand, several growing craft beer companies and motor dealerships as well as public sector contract wins, specifically within higher education, healthcare and economic development. In addition to these business wins, the AAB Wealth team continues to experience demand for its award-winning financial services across the central belt.

Graeme Allan, Chief Executive commented “Our growing team has achieved a phenomenal amount in such a short space of time. We should of course recognise the support we’ve received from the growing client base in the central belt and welcome the feedback they’ve provided around what makes us different. It is also fantastic to see such a variety of new work as our brand continues to be recognised for delivering awesome client service.”

Lyn Calder, Managing Partner Edinburgh added “It is great to be able to reflect on the success we have achieved in Edinburgh to date and seeing this continue apace. We look forward to driving growth across all areas of our business in the central belt in 2020.”

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading firms of Chartered Accountants & Business Advisors, is celebrating its 13th consecutive year of being recognised as a Best Company. AAB has also secured a place on The Sunday Times 100 Best Companies To Work For List 2020, the fifth consecutive year of achieving this recognition; and is the only Scottish accountancy firm to feature in the top 60.

These achievements are only possible thanks to AAB feedback via the Best Companies engagement survey. The questions are designed to examine all aspects of company life; from day-to-day working practices to wellbeing initiatives and reveals how employees truly perceive their working environment.

AAB’s extremely positive response rate may be a reflection of the continued focus the firm has on employee wellbeing and wider corporate social responsibility (CSR) efforts, as well as client success. The firm’s ‘Social Club’ continue to organise a variety of events during and after the working day for all staff to get involved in. As well as one off events throughout the year, the club organised the ‘In It To Win It’ tournament in May 2019 which consisted of each department taking on weekly challenges throughout the month, with the final challenge being a quiz night to wrap up the competition.

2019 also saw an increased focus on AAB’s CSR efforts. The firm’s ‘Green Team’; a group of AAB employees dedicated to minimising AAB’s environmental impact has seen some great success in the past year. Through encouraging employees to share their ‘green’ ideas and implementing more environmentally friendly processes, the firm has significantly reduced landfill, paper and single use plastic waste. Through the firm’s charitable initiative (AABi), AAB employees are continuing to fundraise and donate volunteering hours to charities in Scotland’s North East and Central Belt. Since its founding, AABi has donated over £125,000 and over 5,000 hours of volunteering time to very worthy causes.

AAB is also continuing its work to support the next generation of leaders through taking part in educational mentoring programmes, sponsoring college & university awards and expanding its training programme intake. 2019 saw the largest programme intake to date, with 48 graduates, apprentices, placements, interns and work experience pupils joining the firm.

The firm has also continued to experience significant growth across services, sectors and locations. Following on from AAB’s launch in Edinburgh in 2018, all seven business units are now represented in the Central Belt. Further afield, AAB’s London office is continuing to generate significant business with global mobility and payroll solutions for international businesses. Across the firm as a whole there has been some significant restructuring with new Managing Partners announced for Aberdeen and Edinburgh, an increased focus on dedicated service teams and the newly structured Business Advisory Group, established to provide a technology driven service to a diverse range of clients.

Graeme Allan, Chief Executive, said “We are thrilled to be recognised as a top company to work for within the UK once again. There have been some big changes across the firm this year as our offices continue to grow and we enter new markets; so it is great to know that our employees are feeling as happy, driven and empowered as ever to help their teams, and in turn the firm, reach our ambitious goals.”

Karen Stewart, Chief Human Resources Officer at AAB, added “We are so thankful to our amazing employees for taking the time to participate in the Best Companies survey and it is their hard work and enthusiasm that makes AAB one of the best companies to work for. We strive to create an inspiring working environment for our people to feel happy within their role, whilst also making sure we are attracting the brightest talent across all teams and levels to ensure continued success for AAB’s firm of the future.”

Jonathan Austin, CEO & Founder of Best Companies, commented: “I would like to congratulate AAB on your achievement. Best Companies have been producing the accreditation standard since 2006 to acknowledge excellence in the workplace. Organisations like AAB have continued to focus on their employees and have been rewarded with an engaged workforce who tell us that this is a best company to work for.”

Anderson Anderson & Brown LLP (AAB), one of the UK’s leading independent firms of chartered accountants and business advisors, has announced the appointment of new office Managing Partners.

These appointments following a period of significant growth at AAB as the firm works towards some ambitious growth plans including achieving revenue of £40million by 2022 and creating 100 new jobs in their Edinburgh Office. In addition, AAB aims to continue to expand into the London and wider international markets, in which the firm already works with clients, and in the last 3 months alone has secured over £3million worth of new opportunities across these markets. This increase has contributed to the overall growth achieved by AAB in the last 12 months with both client numbers and fee income being up 15%.

To support these efforts Derek Mitchell will take over as Managing Partner of the firm’s Aberdeen Office on 1 April and in Edinburgh, this role will be assumed by Lyn Calder. Both Derek and Lyn will oversee the day to day operations of their offices which includes responsibility for teams of 250 and 40 respectively. All seven of AAB’s business units; audit, business advisory, tax, corporate finance, payroll & employment taxes, consulting and wealth management service, are represented in both offices.

Derek, a tax specialist, currently leads the firm’s Business Advisory Group and has made a significant and valued contribution to the management of the business since he joined 14 years ago. Lyn joined the Corporate Finance team shortly before AAB announced its arrival in Edinburgh in June 2018. As Head of Deals in the Central Belt, Lyn has played a key role in spearheading the growth of the firm in the Central Belt. In these new roles, Derek and Lyn will be supported by a dedicated Executive Board, led by Graeme Allan.

Graeme Allan, Chief Executive commented “We are delighted to announce both Derek and Lyn’s appointments to Managing Partner, both of which are richly deserved and recognised as such by both clients and colleagues. As the business continues to expand in both the Central Belt and Aberdeen, each of them will play a key role in building on the strong track record we have achieved whilst ensuring that we continue to evolve, improve and invest in our business working alongside myself and the Board. It is an exciting time for our business as we work together to embrace technology, develop future talent and drive new growth opportunities across all our divisions. I am extremely positive about the future of our firm.”

Gill Pryde, Senior Partner added “These appointments are recognition of the achievements of both Lyn and Derek in their time with the firm and their commitment to AAB, our people and our clients. As Managing Partners, they each have a responsibility to continue to build our talented team and ensure that our strong culture of awesome client service continues so that we meet our clients’ diverse needs. We wish them both well in their exciting new roles.”