AAB Emerges As Leading Financial Adviser In Scottish M&A Activity

AAB, the tech-enabled business critical services group, has been recognised as the top financial adviser for M&A activity in Scotland, according to Experian’s United Kingdom and Republic of Ireland M&A Review.

The review, which ranks financial advisers for deals by volume, revealed that AAB retained its top position in Scotland for Q3 2023 from the previous quarter.

While overall Scottish M&A activity has experienced a downturn, with 25% fewer deals taking place than the previous year, AAB has continued to benefit from its strong market position and advised on deals across energy, tech, food and drink, construction & property and business services sectors. Deal activity in the tech sector has proved particularly resilient.

AAB’s resilience in the challenging economic landscape has been further recognised in the Top 50+50 Accountancy Firms league table, as reported by Accountancy Age. The firm climbed 5 places to secure a position at 21. The league table ranks firms by UK fee income for the last financial year.

Commenting on these achievements, Gordon Steele, Head of Corporate Finance at AAB, said: “In a climate of market volatility and challenges in companies, many businesses have delayed investment decisions, resulting in a downturn in M&A activity. It’s gratifying to see that our strategic acumen and commitment to excellence, have solidified our position at the forefront of our industry.

“Our team consistently identifies innovative ways to craft and execute deals for our clients. Based on conversations with prospects, and fellow advisors, we are optimistic about the ongoing improvement in transaction activity levels into 2024 and beyond.”

Since securing investment from August Equity in October 2021, AAB Group has completed nine acquisitions and now employs more than 1,000 people across 12 offices in the United Kingdom, Ireland, and the United States.

AAB appoints new Chief Executive

AAB appoints new Chief Executive marking the start of the ‘next chapter.’
Emma Lancaster joins group on 6th November and will take on the role from 1st December.
Graeme Allan will remain on the board of AAB Group in an exciting new role.
AAB Group set to target £100million revenue in 2024.

AAB Group has today announced the appointment of Emma Lancaster as its new Chief Executive.

Emma will succeed Graeme Allan who has been at AAB for more than 16 years. Graeme will remain on the AAB Group Board of Directors and transition into the role of Group Executive Director, focusing on strategic partnerships and ongoing M&A activity.

Emma, a qualified accountant, has an exceptional track record in driving business growth through a people centric culture which will be invaluable to AAB Group which is set to continue its impressive growth journey targeting £100 million annual revenue in 2024. She has more than 15 years Board level experience in CEO and CFO roles in private equity backed, international, people-based businesses in the business services and education sectors, most recently with Study Group, a leading provider of international education.

Whilst Emma will be based in AAB’s London office, she will have an active presence across all AAB Group locations.

Commenting on Emma’s appointment Graeme Allan said “I’m delighted Emma has agreed to join the group and lead the next part of our journey. Her experience and people-centric focus makes her the perfect choice for AAB. Her diverse background and experience in driving growth will strengthen the senior leadership team. Emma is completely aligned with our number one value that “Nothing is more important than our people”. I’m looking forward to working with Emma in the next phase of our exciting growth journey.

Leading AAB Group has been an absolute privilege and helping to build the Group with such talented people is something I’m very proud of and look forward to continuing in my new role.”

Emma Lancaster said: “I am proud to be joining AAB Group to lead the team through the next exciting chapter of growth. The Group has been founded and grown on strong values and as we continue to expand there will be endless opportunities for the businesses and individuals we work with as well as for our fantastic team delivering those services across the globe. I am delighted that I will be working with Graeme and the Board of Directors.”

Kishan Chotai, Partner at August Equity added “Graeme has done an exceptional job leading the team since 2015 and we would not be where we are today without his strategic vision. AAB Group has never been a more attractive platform for investment and our organic and acquisitive growth journey is set to continue in 2024. We look forward to working with Emma, Graeme, and the team.”

Accounting For Success- 2022 Best Final Year Student

AAB the tech enabled business critical services group, sponsors of the Robert Gordon University Best Final Year Student in Accounting and Finance BA (Hons) awards the 2022 prize to Matthew Buckham.

At AAB we know that recognition of talent and the hard work of students is of the utmost importance. Supporting the development of the next generation of accountants is something so important to us as a firm. Giving back will always be at the core of the group. Since the introduction of the award we have enjoyed building long-term relationships with students from RGU. This is the 25^th year that we have sponsored the award, and every year we are impressed with the high standard of candidates that graduate from this course and enter into our industry.

The winner of this year’s award Matthew is local to Aberdeen, having lived in the city his whole life. He was attracted to RGU because it is one of the few universities that offers a work placement throughout the course of studying. Matthew undertook his placement year here at AAB. He spent 7 months in the Audit & Assurance department before moving to Business Advisory Services within the BAG team for the remainder of his placement.

Matthew said “for me, having the opportunity to undergo a work placement was really important. I knew that it would be key for my learning and development throughout my degree. It would also give me a better idea of what a role in this field would actually be like and help me decide what area of accounting and finance I wanted to specialise in. Work placements are a great chance to see what a work environment is like. Prior to starting my placement at AAB, I worked in a gym which gave me great experience working in a team and working with colleagues. I knew however that if I wanted to pursue a career in accounting and finance it would stand me in good stead to have experience working in such an environment.”

Fiona Henderson, Business Advisory Services Senior Manager said of his placement “we were delighted to have Matthew working with us in the team. He enjoyed getting involved on various jobs and it was great to see his confidence and knowledge grow during the time he was with us. Matthew worked within the team seamlessly and due to his hard work and conscientious approach to working we offered Matthew the opportunity to extend his contract when he returned back to university for his 4^th year.”

“Extending my contract at AAB just felt like the right thing to do. I had already learned so much during my placement but working while I continued my studies presented me with a new and exciting challenge. I’m definitely of the belief that you don’t grow in your comfort zone so I more than welcomed the challenge. I thoroughly enjoyed the demand and on the job experience the role provided me. A highlight for me was preparing a set of accounts from start to finish with minimal assistance. This was not only challenging but also rewarding as it gave me a chance to test and grow my knowledge on this type of accounts. It also set me up for my 4^th year studies in which we had a module on group accounts. I think work placements are invaluable in that aspect- providing experience that prepares you for studying as well as in job situations.

Audit Partner, Derek Mair commented “It is an honour each year to present this award. The hard work and dedicated of the candidates from RGU will never not be impressive for me. The biggest congratulations to Matthew, it is amazing to see his commitment and determination to succeed pay off.”

Following his graduation, Matthew will be joining AAB as a graduate in our Business Advisory Services team.

Matthew commented “winning this award is extra special for me. I have been lucky enough to secure a grad role here and my hard work within my degree has been recognised by my future employer. It feels like a very full circle moment. I can’t wait to start my career journey with AAB and see where the next 5 years takes me.”

AAB expands HR service offering with acquisition of Elstan HR

AAB, the tech-enabled business critical services group, has today announced the acquisition of Elstan HR – a well-established outsourced/integrated HR business in South-East England – as part of its strategy to further extend the HR consultancy services offered across the group.

Founded in 2015 by current MD Katie Aldred, the Elstan HR team works with clients across a range of sectors, but has developed particular expertise in working within the technology and leisure/retail sectors.

Following this acquisition, for an undisclosed amount, AAB Group’s business unit dedicated to HR and People services (AAB People in Scotland and Think People Consulting Ltd in Ireland) now comprises a team of 60+ HR, Health & Safety and Talent Development specialists working across six locations, delivering an annual turnover in excess of £4.5million.

Douglas Martin, Chief Commercial Officer at AAB commented: “The acquisition of Elstan HR provides an exciting opportunity for AAB Group to expand the range of HR consultancy services that we can deliver for our clients, particularly integrated HR support for large SMEs and corporates. It also serves to further enhance the AAB Group’s presence as a leading provider of HR, health and safety and talent development services across the UK. We are delighted to welcome the Elstan team to the group and look forward to working together.”

Louise McCosh, AAB People Partner added: “This is a great strategic fit for the AAB People business unit. Not only are Elstan HR’s culture and values synergistic with the AAB Group, but this move will also provide us with a footprint to grow in London and South-East England across all the AAB People service lines.”

The Elstan HR team have been shortlisted for the Customer Service Award in the annual Ashford Business Awards, while MD Katie Aldred is herself shortlisted for Businesswoman of the Year. The winners will be announced at the awards gala dinner in Kent on 29 November 2023, the same month that Elstan HR will begin trading as AAB People.

Commenting on the deal, Katie Aldred said: “This deal has come together at a great time for us as we look to accelerate our next stage of growth, whilst enhancing the depth and breadth of the services we offer. AAB has a strong relationship-driven approach and we are looking forward to working with our new colleagues in AAB People, and across the wider AAB Group, to deliver even more value for our clients, whilst providing great opportunities for our team.”

Emer Hinphey, CEO of Think People Consulting Ltd added: “I’m delighted to welcome Elstan HR to the AAB Group, and I am very much looking forward to working with our new colleagues in England as we continue to grow and expand our HR, learning & OD services across the UK and Ireland.”

This latest acquisition makes Elstan HR the 9^th business to join the group since securing investment from August Equity in October 2021.

AAB Group now employs more than 1,000 people across the UK, Ireland and internationally. The group’s rapid growth journey is expected to continue in 2024 as they continue to pursue ambitious organic and acquisitive growth plans.

Key Leadership Changes To Drive Growth

AAB, the tech enabled business critical services group has today announced strategic changes to their leadership team based in Glasgow, with the aim of steering businesses across the Group to closer integration and sustained growth.

Stephen Hughes, previously Chair of French Duncan, has taken on the role of Managing Partner for the AAB Glasgow and Stirling offices. Initially joining as a trainee, Stephen rose through the ranks at French Duncan to become Chair of the business, during which time he gained significant experience supporting clients with audit, accountancy and business advice. Stephen joined the AAB team in April 2023 as part of the acquisition of French Duncan.

In his new role as Managing Partner, Stephen is responsible for driving growth in the Glasgow and Stirling offices, and working closely with the other AAB regions to collaborate and provide optimal and integrated support to AAB clients.

Derek Mitchell, Chief Operating Officer at AAB Group commented: “We are on an exciting growth journey, and these leadership changes in Central Scotland enable our teams to provide an enhanced service to our clients in specialist areas of the business where we are experiencing exceptional growth.

“Since joining the team earlier this year, Stephen has shown himself to be an admirable leader in our business. I am very much looking forward to working closely with both to deliver on our future growth plans.”

AAB now employs more than 350 people in Central Scotland providing support to businesses and individuals with accounting, tax, audit, corporate finance, payroll, HR, consulting and wealth management.

AAB Group employs more than 1,000 people across 12 office locations.

APA survey results reveal where SMEs need support

77% of owner managed businesses rate Government support as either poor or very poor. That is one of the key findings of a survey of 532 of these businesses launched by the Association of Practising Accountants (APA) today. The overarching message from research carried out by APA in 2023 is that uncertain trading conditions are hampering competitiveness and that while there are multiple causes, not enough is being done by policy makers to help owner managers deal with the fallout.

Other findings include:

90% anticipate labour costs will rise over the next 12 months
89% anticipate supply-chain costs to rise over the next 12 months
53% expect energy costs to impede their ability to deliver
68% were either unlikely or very unlikely to make significant capital investment in the next 12 months
Business growth was identified as the main priority for 23% of respondents while sustaining their business was the priority for 59% and business survival for 11%.

Despite these concerns the research found that many of these businesses remained resilient:

49% think they are in better shape than 12 months ago
78% were confident they could cope with further interest rate rises in the next 12 months
Only 39% felt recruitment and retention was likely to be a bigger challenge going forward than in the previous 12 months

Commenting on the findings APA Chairman Martin Muirhead said:

“Owner managed businesses are struggling. A combination of inflationary pressures, cost of living challenges, energy price volatility and an uncertain economic outlook present significant threat to this vital economic sector. There is real frustration among these businesses at the lack of resolve from Government that is now required to help tackle these issues.”

AAB Group is a member of the Association of Practising Accountants (APA) – a network of 20 leading business advisory firms meeting the needs of the real economy from SMEs through to AIM companies as well as the third sector. APA members collectively advise and support well over 14,000 businesses with turnover up to the hundreds of millions. Our clients produce goods and services which help drive jobs and growth across the UK and internationally.

AABIE raises over £52,000 at first charity ball

AAB, the tech-enabled business critical services group, has announced that the first ever charity ball for its own charity, AABIE, was a resounding success.

An incredible £52,631 was raised at the AABIE Ball, which took place on Saturday 10 June 2023 at the Marcliffe Hotel & Spa in Aberdeen, with all funds going directly to the charity.

The support AABIE provides is varied and widespread. Through AABIE, charities, projects and local causes are invited to apply for grant funding and volunteer time. AABIE Trustees then review these applications and distribute funding on a quarterly basis. This approach gives AABIE the opportunity to support a broad variety of charities across the communities where the AAB Group operates. To date, AABIE has supported over 135 charities, community projects and other worthy causes.

The latest grant round in March of this year, saw AABIE donate over £18,000 to 18 charities across Aberdeen, Edinburgh, Glasgow and West Lothian – their highest grant round to date in terms of both the number of charities and the amount donated. The charity also issued top-up funding to 4 team members across Aberdeen, Leeds and Belfast to support their own fundraising.

As part of the most recent grant round, AABIE donated £2728 to Aberdeen-based Miscarriage Services Charity (MISS), to cover the cost of a bench with a plaque in the early pregnancy loss garden. A further £1000 has been pledged to Grampian Disability Sport in Aberdeen, to support the Parasport Festival in September.

As part of the most recent grant round, AABIE donated £1050 to Radio Forth’s Cash for Kids charity, to cover the cost of essentials such as food, clothing and energy costs for 21 children across Edinburgh, the Lothians, Fife and Falkirk. They have pledged a further £1058 to the Community Renewal Trust to help cover the cost of 360 packs of nappies for their pantry in Edinburgh, which helps those who live in an area of high deprivation.

As part of the most recent grant round, AABIE has pledged £1500 to the North Glasgow Community Food Initiative, to cover the cost of essential food supplies such as fruit and veg, milk and dairy products to stock their Royston Community Pantry for three months.

AABIE has also pledged £1,000 to the TRON Theatre in Glasgow to support their inclusion fund. This fund aims to address barriers to the arts – including disability and social and economic disadvantage – enabling more people to access their work.

Following these donations, AABIE reached the milestone of pledging over £200,000 of vital grant funding since the charity was founded in 2016. Providing volunteers is another important aspect of AABIE, with AAB Group donating a full day of paid volunteer time to every team member. To date over 4,600 hours have been donated to support community projects.

Sheena Anderson, AABIE Chair commented:

“We are absolutely thrilled with the outcome of our first charity ball. Raising more than £52,000 is a wonderful result and will enable AABIE to continue to support local charities and causes across the UK.

“The support and generosity we received from our clients, contacts, auction prize donors and AAB team members made this all possible, and we can’t thank them enough. AABIE is unique – augmenting the total we have available for grant funding gives us the opportunity to continue working with those who most need it.”

Graeme Allan, AAB Group Chief Executive & AABIE Trustee added:

“What makes AABIE special is that AAB team members truly make the work that AABIE does possible. Almost all money donated from grant round funding is raised by our team members, and it is our teams who carry out all the volunteer time. Giving something back has always been an important part of our culture across the group, and AABIE is how we continue to make this happen. All this work has now been enhanced through funds raised at our charity ball and we are delighted with the result.

“Our business has experienced substantial growth over the past few years, and we continue to expand into new locations which gives AABIE the opportunity to support even more charities and worthy causes in our new communities. We are excited about the opportunity to continue the work of AABIE, and we are looking forward to kick-starting the process for our next charity ball.”

The current AABIE grant round closes on 30 September 2023. More information on how to apply for funding or volunteer time can be found at aab.uk/about/aabie.

Growth Sparks New Appointments In Tax Team

AAB, the tech-enabled business critical services group, has today announced changes to the leadership team following a period of exceptional growth.

Malachy McLernon, Corporate Tax Partner, will take on the role of Head of Corporate and Indirect Tax, taking the reins from Neil Dinnes, who moves into the new role of Group Business Development Partner. Alistair Duncan has been promoted to Indirect Tax Partner.

Since becoming part of the AAB team, Malachy McLernon has worked closely with colleagues across all of AAB’s locations to support a wide range of clients from owner-managed businesses to large multi-nationals.

Commenting on his appointment, Malachy said:

“As part of AAB Group, we are on a truly exciting journey with ambitious expansion plans. The period of growth we’ve experienced would not have been possible without our fantastic team collaborating with great clients. I’m looking forward to empowering even more collaboration across the Group, and helping our teams to continue providing the outstanding service our clients know and love.”

Neil Dinnes, the former Head of Corporate and Indirect Tax, will continue to drive new business growth across the UK and internationally in the newly created role of Group Business Development Partner whilst allowing him to retain and build his client portfolio going forward.

Neil commented:

“The Group is growing at an outstanding rate, and as a result, the opportunities for business development have never been greater. I am looking forward to supporting exceptional growth across our services lines and to sharing these opportunities with our clients.”

Alistair Duncan has been promoted to Indirect Tax Partner. Since joining AAB in 2016 in the Indirect Tax team, he has supported businesses across all industries by supporting clients to manage the complexities around VAT, customs duty and other indirect taxes.

Commenting on his promotion, Alistair said:

“We have an outstanding VAT & Customs Duty team at AAB working across the UK and Ireland, supporting clients internationally in an area of tax that is becoming more and more complex. I am looking forward to playing my part in delivering our ambitious growth plans in the years ahead.”

AAB Group now employs 1,000 people across 10 office locations and offers support to businesses and individuals with accounting, tax, audit, corporate finance, payroll, HR, consulting, and wealth management.

AAB Group announces largest acquisition

AAB, the tech-enabled business critical services group has today announced their largest acquisition to date.

Since securing investment from August Equity in October 2021, AAB has been on a strategic growth journey with this latest acquisition marking the eighth business to join the group in the past 18 months.

French Duncan has long been recognised as one of the leading providers of professional services in Central Scotland and employs more than 200 people across offices in Glasgow, Edinburgh and Stirling. The firm provides a wide range of accountancy and business advisory solutions to support privately owned businesses, small and medium-sized enterprises (SMEs) and individuals to reach their business and personal goals.

The combined AAB and French Duncan teams are 350+ strong across Central Scotland and this acquisition further strengthens the team to deliver client-focused services to businesses and individuals across a key growth region for the AAB Group. The addition of French Duncan will build on the existing AAB Group specialist teams in audit, tax, business advisory, corporate finance & payroll/HR (including health & safety) and doubles the size of the AAB restructuring & recovery team across the UK & Ireland. It also introduces 50+ leisure & hospitality finance specialists to the group who provide bespoke hotel accounting services to clients across the UK.

From Thursday 27^th April, French Duncan will begin trading as AAB, with FD Hotel Accounting trading as AAB Hotel Accounting and FD People trading as AAB People. French Duncan Wealth Management and FD Intelligence do not form part of the transaction.

Graeme Allan, Chief Executive at AAB Group commented: “This is our largest strategic acquisition to date and significantly strengthens our market position in Scotland. We are truly delighted to welcome the French Duncan team to AAB. We share a passion for supporting clients to achieve their goals by offering an unparalleled range of services to the businesses and individuals who choose to work with us and I know our teams will be able to provide an even better service to our clients as a result of this deal.”

Graeme Finnie, Managing Partner of French Duncan added: “This deal is a superb next step for the French Duncan team. We have admired the journey AAB has been on and by joining the group ourselves we will create unmatched opportunities for our teams and our clients through enhanced technology, investment and expertise.”

Graeme Finnie will take on the role of Managing Partner – Glasgow for AAB following the deal.

AAB Group now employs more than 1,000 people across the UK, Ireland and internationally. The rapid growth journey is expected to continue across the UK and Ireland in 2023.

AAB announces Gregor Angus as Business Development Director

AAB, the tech-enabled business critical services group, announced today that Gregor Angus has joined the leadership team as Business Development Director.

In the new role of Business Development Director, Gregor will lead strategic business development across all the AAB Group locations. Gregor brings a wealth of experience supporting businesses from all industries including start-ups, SMEs and larger corporates.

Neil Dinnes, Partner and Head of Corporate & International Tax at AAB commented: “To achieve our ambitious growth plans it is imperative that we attract and retain the best people to help us achieve those plans. Gregor will be committed to the continued growth of the group and will support our team to provide unparalleled services to our clients. This vision will be integral to our success, and I look forward to working alongside Gregor to bring this vision to life”.

Gregor Angus, Business Development Director at AAB added: “I am delighted to join AAB at a time of such incredible growth. I am looking forward to working across such a diverse range of services to grow and develop our offering to provide our clients with a service they simply cannot find elsewhere. I can’t wait to meet more of our technical teams across the UK and Ireland to support our clients to achieve their goals.”

AAB Group now employs more than 750 people across 10 office locations and offers support to businesses and individuals with accounting, tax, audit, corporate finance, payroll, HR, consulting, and wealth management to clients globally.