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Leading Ireland and UK professional services firm, AAB, swept the board at the prestigious Irish Accountancy Awards which took place at the Royal Dublin Convention Centre on 1 May, winning two awards. Senior Partner and Head of Family Business, Feargal McCormack, also received the Outstanding Contribution to Irish Accountancy Award, in recognition of his exceptional and long-standing dedication to the accountancy profession.
Since receiving investment from August Equity in 2021, AAB has trebled in size and now employs over 1,000 people. With all core business units established in Ireland AAB is well positioned to sustain its strong track record of at least 10% year-on-year growth in the region.
AAB, won the Employer of the Year award in recognition of their value-driven workplace culture and commitment to nurturing talent. They have a successful and well-established early careers programme for graduates, apprentices and work experience students, and support team members to develop throughout their careers. As well as engaging consistently with team members across the organisation, they implement an industry leading employee benefit and incentive package.
AAB also triumphed in the Tax Team of the Year category. The team’s ability to navigate complex cross-border issues while maintaining the highest standards of client service was cited in their award of this accolade.
Awarded by Chartered Accountants Ireland, the award recognises Feargal’s sustained commitment to the advancement of the profession and acknowledges his outstanding abilities and devotion to his peers and the wider industry.
A former President of the professional body (2018 – 2019), Feargal founded the award-winning FPM in 1991. Initially operating as a sole trader, Feargal built FPM into an award-winning best practice business. His tenure at FPM and subsequently AAB has been marked by unparalleled client service, innovation, and impactful contributions to both the community and economy. His profound expertise in the complex dynamics of family business and succession have established him as a recognised authority on the subject, and a pillar of support for many of Ireland’s top family enterprises.
This latest accolade follows the Managing Partner of the Year award at the 2018 British Accountancy Awards and the Irish Accountant of the Year title in 2019. In 2022, he received the Lifetime Achievement Award at the Business Eye Magazine Awards for significant and lasting contributions to business, the accounting sector, the NI business community and the economy as a whole.
Feargal has been awarded Honorary Doctorate degrees by both Queen’s University Belfast (2021) and Ulster University (2018) for his contribution to business and community on the island of Ireland.
He is currently Senior Independent Governor on the Queen’s University Senate, Chairman of the GAA National Finance Committee at Croke Park, a Director of Co-operation Ireland and a Patron of Special Olympics Ireland.
On accepting his award, Feargal said: “I’m deeply honoured and humbled to receive the Outstanding Contribution to Accountancy Award. Chartered Accountants Ireland has been central to my professional journey, and it was particularly meaningful to be recognised by CEO Barry Dempsey as he nears the end of his own distinguished tenure. This award reflects not just my own journey, but the collective effort of the incredible teams I’ve had the privilege to work with at FPM and now AAB. I’m proud of the legacy we’ve built together and excited for what the future holds.”
Emma Lancaster, CEO at AAB, commented: “We are incredibly proud of the recognition AAB has received at the Irish Accountancy Awards. These accolades reflect the hard work, talent, and commitment of our exceptional team across Ireland. I want to particularly acknowledge Feargal McCormack, whose leadership and lifelong dedication to the profession have rightly earned him the Outstanding Contribution to Irish Accountancy Award. Feargal’s vision, values, and tireless support of clients, colleagues, and the wider community have helped shape the success of our business in Ireland.
“These awards mark an important milestone for AAB as we continue to invest in our team and expand our presence across Ireland. Our focus remains on building a high-performing, people-centred business; one that attracts, develops, and retains the best people, and, working as one team, supports ambitious clients whilst creating exceptional opportunities as we deliver on our long-term growth strategy.
The recent recognition at the Irish Accountancy Awards highlights the growing impact of AAB in the region. Following its merger with Dublin-based Ormsby & Rhodes earlier this year, the firm now operates from six offices and employs more than 170 professionals across Ireland, dedicated to supporting clients locally and internationally. AAB is firmly focused on long-term investment in Ireland, as part of its ongoing growth journey, which is set to continue as part of delivering its ambitious growth strategy for 2030.
AAB’s award-winning chartered financial planning team, AAB Wealth, continues to implement its strategic growth plan with the acquisition of prominent London-based financial planning firm, Magus Wealth. This deal boosts their Assets under Advice (AuA) to £1.8billion, an uplift of £650million.
Marking AAB’s first wealth acquisition in the capital, this move signals a strategic focus on expanding their footprint, and growing their team in London and the South-east.
Headquartered near Gatwick, with an office in the City of London, Magus Wealth was established in 1998, bringing over 25 years of experience and a robust client base. Aligning seamlessly with AAB Wealth’s commitment to delivering personalised financial planning, this strategic expansion not only broadens AAB Wealth’s geographical reach but also enhances its capacity to offer specialised advice to clients.
Andrew Dines, Head of AAB Wealth, commented:
“Joining together two highly regarded firms, doubling the size of our team and extending our services into the London market, with the opportunities that represents, is a transformative step for AAB Wealth. It reflects our unwavering dedication to providing exceptional financial planning services across the UK. We are excited to welcome our new colleagues and clients.”
Michael Aitken, Founder and Chairman at Magus Wealth, added:
“Joining AAB Wealth marks an exciting new chapter for our team and our clients. From our very first conversations it was clear that our values and vision for providing the very highest quality, client-focused financial planning, were perfectly aligned. AAB Wealth’s reputation for excellence and innovation in financial planning makes this a perfect fit. We are delighted to become part of a firm that prioritises both client success and professional growth for the team, and we look forward to continuing to expand the business across the UK.”
This deal represents AAB Wealth’s fourth acquisition in the last 2 years, underscoring the firm’s strategic growth and commitment to excellence in the financial planning sector.
AAB Wealth is currently ranked 7th in the Top 100 Financial Adviser Firms for 2024 by FT Adviser. The firm was also honoured with the PFS Financial Planning Firm of the Year award in 2023, and has been recognised as a top-rated firm by VouchedFor, the UK’s leading review site for financial planners and advisers.
AAB Wealth is part of AAB and since securing investment from August Equity in 2021, AAB has trebled in size and now employs more than 1,000 people. The rapid growth journey is set to continue as part of delivering its ambitious growth strategy for 2030.
The acquisition of Magus Wealth is subject to regulatory approval.
Analysis and commentary from AAB’s team of tax experts, identifying the key changes and outlining the practical implications of the Spring Statement 2024 for you and your business.
Leading UK and Ireland professional services firm, AAB, has announced a new Head of Office in Aberdeen. Derek Mair is set to step into the role as Head of Office, succeeding Graeme Allan, from 1 April 2025.
With over 1,000 team members across 14 offices, AAB has experienced significant growth in recent years. Nonetheless, as home to more than a quarter of AAB’s team, Aberdeen remains a core part of the firm’s strategy. The appointment of a new Head of Office reinforces AAB’s commitment to strengthening its regional hubs, supporting its people, and delivering exceptional service to clients.
Derek Mair, who joined AAB in 1996, specialises in audit, assurance and advisory services for businesses ranging from start-ups to large international groups. He has played a significant role in AAB’s growth in Aberdeen, with his extensive experience in complex audits spaning multiple sectors, including food and drink, hospitality, energy and shipping. Known for his collaborative approach, Derek is dedicated to fostering growth within AAB, mentoring the next generation of professionals and delivering strategic financial insights to clients with intricate business structures.
In his new role, Derek will continue advising his audit clients while also working closely with AAB’s Heads of Offices across the country to enhance the firm’s ability to provide integrated, market-specific solutions.
Commenting on his appointment, Derek said:
“Our team in Aberdeen continues to grow from strength to strength, helping clients achieve their personal and business ambitions with a diverse range of expertise under one roof. I am honoured to step into this role and look forward to guiding our team through AAB’s next phase of growth, ensuring we remain at the forefront of innovation while delivering tailored solutions that meet our clients’ evolving needs.”
Graeme Allan, who has been at AAB for more than 18 years, has been instrumental in developing and executing AAB’s strategic growth plans over the past decade in his role as Chief Executive and latterly both Group Executive Director and Head of Office in Aberdeen. He will transition into a Non-Executive Director role, remaining on the AAB Group Board of Directors.
Graeme added:
“I am incredibly proud of what we have achieved at AAB, a testament to our talented team and their unwavering commitment to our clients. Aberdeen is where our journey began, and it remains a vital part of our future. Appointing Derek as Head of Office strengthens our focus on supporting our people and expanding our capabilities in the region. With his leadership, we will continue to build on our success, drive forward our ambitions, and help our clients achieve their goals.”
This leadership transition reflects AAB’s ongoing investment in its people, clients, and strategic growth, ensuring the firm continues to evolve and lead in a dynamic business landscape.
Leading UK and Ireland professional services firm, AAB, has been short-listed as one of the finalists in this year’s British Business Awards, which celebrates and recognises trailblazers across the UK business community.
AAB is the only company which combines both financial and professional services to feature in the short-list for the Stellar Omada Financial Services Company of the Year category.
Team members from AAB will join around 2000 guests from 200 of the UK’s leading companies, representing an expected £200 billion in turnover, at the glittering award ceremony at the EICC Edinburgh on 24 April. Hosted by Rob Brydon, star guests on the night will include Sting and Sir Bob Geldof.
With over 1,000 team members across 14 offices, AAB has experienced significant growth in recent years. Since securing PE investment in October 2021, the company has tripled in size, acquiring 14 new businesses, surpassing £100 million turnover. Uniting top-tier firms within the professional and financial services sectors, they deliver unparalleled services across the UK and Ireland, serving clients in more than 150 countries.
Emma Lancaster, CEO of AAB, welcomed the accolade, saying:
“We are absolutely delighted to be short-listed among such great companies. It’s testament to the hard work and peerless expertise of our team members across all business units and geographies that we are being recognised for this highly regarded award.
“For us, growth isn’t just about expanding our business. As market leaders in the UK and Ireland we have the capability to do more for our clients. With a team of diverse, highly qualified and well-connected sector leaders, we’re one of the few companies aiming to support all their financial and professional services, both personal and corporate, under one roof.
“We believe that building deeper relationships with clients is more important than ever and forms a key part of our 2030 strategy. We are equally committed to investing in our people and our culture, providing our team with exceptional opportunities to develop their careers, rolling out our early years’ recruitment strategy, and implementing a number of initiatives aimed at nurturing our vibrant, supportive culture.”
She added:
“We look forward to celebrating the team’s success at the awards dinner, and would like to congratulate our fellow finalists, including our clients who have been shortlisted across numerous categories!”
The overwhelming majority of businesses say the rise in employer National Insurance contributions will force them to change their plans, according to new research by the BCC Insight’s Unit, in partnership with professional services firm AAB.
With under six weeks until the NI rise comes in, 82% of firms say the tax hike will cause them to rethink. With 58% of surveyed businesses saying it will impact recruitment plans, and 54% that it will affect their prices. More than a third of firms suggest investment (36%) and day-to-day operations (30%) will be impacted. Only 18% feel the rise is unlikely to cause any change.
Over 1,200 businesses took part in the online research, carried out between Monday 20 January and Monday 10 February. 91% of the firms who took part were SMEs (fewer than 250 employees).
The survey shows most firms are dissatisfied with the policy-making process. Over three quarters (79%) of responding businesses do not feel the impacts of new policies are being properly assessed and only 14% believe they are. A similar proportion, 77%, do not feel changes are moving at the right pace, while 16% do. But businesses were more likely to say they understood the rationale for policies – 42% said they understood why new policies are being made, although a larger proportion, 52%, did not.
The findings also highlight significant concern about elements of the proposed Employment Rights legislation. The majority (55%) say the planned changes to statutory sick pay will force them to change their plans, including 33% saying it will change recruitment plans. Against this, 45% think that it is unlikely to cause their organisation to make any changes.
Just under half (45%) of businesses say ‘right to switch off’ proposals will impact their plans, including 36% feeling it will affect day-to-day operations. Just over half (55%) do not foresee it causing them to make any changes.
“Increase in NI will probably mean we have to make redundancies to cover additional cost” –Medium manufacturing firm in East Midlands
“NIC changes will probably discourage me from recruiting and may result in job losses.”- Small marketing firm in Southeast England
“NICs will have a direct impact on profitability, therefore stopping investment in people and growth.” – Small retail firm in East Midlands
“NICS will cost us £100,000”- Medium manufacturing firm in West and North Yorkshire
“Current Government policies make it unviable to continue trading for no return.”- Micro consulting firm in London
Alex Veitch, Director of Policy at the British Chambers of Commerce said:
“The clock is ticking down to the National Insurance rise, and firms are already telling us they are sitting on a powder keg of costs. Most are saying they will have to raise prices and reconsider recruitment plans. That’s unlikely to create an environment that fosters growth, the key priority for the government. Ministers need to read the room and recognise the impact this tax hike will have.
The government has pledged to retain the National Insurance tax position through the life of this parliament, but our new evidence should give pause for thought. We need the government to publish a wider tax roadmap for business, setting out the direction of travel for costs like national insurance and business rates. Business rate reform must be an urgent priority, creating a system that incentivises investment. Getting on with planning and skills reforms will also remove blockers to growth.
Our survey also shows growing concern about aspects of the government’s employment rights legislation. Some of the proposals are completely disproportionate to the reality of how businesses are operating. Ministers should allow more time for consultation with businesses about the policy details and implementation. The government must listen and think again. We welcome recent announcements on infrastructure projects which will help boost local economies and supply chains across the country. The upcoming strategies on industry, infrastructure and trade are also vital to help shape the economy for the long-term.
But that’s a small comfort for businesses feeling the cost pressure of National Insurance right now. With prices likely to rise and recruitment challenges ahead, the outlook remains deeply concerning.”
Emma Lancaster, Chief Executive at AAB, said:
“Bearing the burden of increased costs while maintaining profitability will be a challenge for all businesses across the UK. Our team at AAB is providing critical support for our clients, enabling them to navigate the cost challenges while also achieving their strategic goals.
We understand the concern businesses have in relation to the looming increase of employer National Insurance contributions, an additional challenge in an already complex trading environment. Each business will feel the impact, and knowing this, it has never been more important for all businesses to invest in planning for what’s coming, with sound financial data being crucial in making the best decisions.
Our clients are also closely monitoring the implications of upcoming changes to UK employment rights, with the support of AAB’s HR advisory team. Staying informed and prepared for these developments should be another key focus for business owners.”
AAB, a leading Professional Services firm across the UK and Ireland has been recognised as the top financial adviser for M&A activity in Scotland, for the Financial Year 2024, according to Experian’s United Kingdom and Republic of Ireland M&A Review.
The review, which ranks financial advisers for M&A transactions by volume, revealed that AAB retained its top position in Scotland for the 6th year in a row.
Further bolstering its success, AAB’s Corporate Finance team was shortlisted for the Northern Ireland Transaction Services Team of the Year 2025 at Insider Media’s prestigious Dealmakers Awards.
With M&A activity in Scotland in 2025 to return to 2023 levels, AAB has continued to leverage its strong market position, advising on a diverse range of deals across sectors including Agriculture, Automotive, Food & Drink, Hospitality, Healthcare, Logistics, Energy & Industrial, and Technology.
Gordon Steele, Head of Corporate Finance commented on the achievement: “It is an incredible achievement from our Corporate Finance team to be named top financial adviser for M&A activity in Scotland for 2024. Our team has been buoyed by increased economic stability and deal volumes returning to 2022 levels. This momentum, built on the strong foundations of H2 2023, has reaffirmed our position as trusted advisers in an ever-evolving market.
In 2024 we had the privilege of advising on a diverse range of transactions, including the sale of Kick ICT to LDC, the successful exit for the shareholders of Quality Foods (Aberdeen) and the Marcliffe, ANM’s acquisition of Sweeney Kincaid, supporting Allied Vehicles in its purchases of Fix Auto Wigan and Sirus Automotive. We also played a key role in securing growth capital for J&S Subsea and Solarfix NI, demonstrating our ability to deliver strategic solutions that drive real value for our clients.
A key highlight of this year was the expansion of our Corporate Finance team into Leeds with the addition of Patrick Lynch and Harris Jones, as well as Andrew Wheelan joining as a Senior Manager in Aberdeen. They’ve helped us to strengthen our presence in the North of England and enhanced our ability to support clients across Scotland, Ireland, and beyond.
Despite the challenges of an ever-shifting M&A landscape, our team has remained resilient, adaptable, and committed to delivering exceptional results. Conversations with prospects and fellow advisors reinforce our confidence in the year ahead, with a strong pipeline already in place for 2025. We remain at the forefront of the Scottish M&A landscape and beyond, creating new opportunities for both existing clients and businesses new to AAB.
With a talented and ambitious team driving us forward, we’re excited for what’s to come. Here’s to another year of success, collaboration, and making deals happen!”
Leading UK and Ireland professional services firm, AAB, has announced the appointment of two new Partners within Central Scotland. Erica Fitchie joins as Corporate Tax Partner, specialising in international tax and transfer pricing, alongside Alistair Stewart, who joins as Business Development Partner.
Erica has an impressive track record in supporting large corporates, fast-growing businesses and private equity backed groups to navigate and simplify tax complexities. Erica has a wealth of experience advising businesses across all sectors but has deep knowledge of tax issues in the energy industry, working in particular with oilfield service providers, renewable energy developers, and offshore contractors.
She provides expert guidance on structuring tax operating models and financing solutions, ensuring alignment with value chains at every stage of a business’s life cycle. Her expertise also positions her well to assist clients with managing compliance, transfer pricing policies and tax strategy.
Alistair Stewart has a strong track record in driving business growth. He has worked extensively across professional and financial services, including 12 years at Barclays Corporate Banking. Skilled in supporting scaling businesses, navigating international markets and planning exit strategies, he excels at forging strong partnerships with like-minded clients and colleagues to deliver impactful, tailored solutions.
In his role at AAB, Alistair will leverage the Group’s wide range of services and personal touch to help clients overcome challenges, achieve ambitions and create long-lasting value. Alistair’s appointment underscores AAB’s commitment to accelerating growth across Central Scotland, supporting all service lines through its Glasgow, Edinburgh and Stirling offices.
Angus McCuaig, Head of Glasgow at AAB commented:
“We are delighted to welcome both Erica and Alistair to AAB. Erica’s deep expertise in international tax and transfer pricing, coupled with her niche focus on the energy sector, brings invaluable insight for businesses navigating complex challenges. Alistair’s extensive track record in business development and growth strategy further strengthens our ability to support clients in achieving their ambitions. Their appointments mark significant milestones in our growth journey, and by adding more experience to our fantastic team, we continue to build on the tailored, market leading services we deliver for our clients.”
AAB also recently announced the appointment of Leeds-based Sarah Hex as Business Development Partner. An accomplished business development and client services leader, Sarah brings over 20 years of experience in professional, financial and investment services. Based in the firm’s Leeds office, she will lead strategic business development for AAB across the North of England.
Leading UK and Ireland professional services firm, AAB, has announced the appointment of Leeds-based Sarah Hex as Business Development Partner.
Sarah brings over 20 years of experience in professional, financial and investment services. An accomplished business development and client services leader, she will lead strategic business development for AAB across the North of England. An active member of the Leeds community, Sarah co-founded One for The City – an organisation which works to enhance community engagement. She is also a director on the Leeds Digital Board. Sarah is passionate about collaboration, innovation and balancing technology with a personal touch, to adapt to evolving client needs and industry trends.
James Hunt, Head of Leeds at AAB commented:
“Sarah’s appointment marks an exciting step forward for AAB as we continue to expand our presence and capabilities across the North of England. Sarah’s leadership in strategic business development will be instrumental in identifying and securing new opportunities, while remaining firmly focused on our clients’ needs. The growth of the local market, and the increasing client demand we’ve experienced, serve to highlight the incredible potential in this region, and we are excited about the opportunities to come.”
Sarah Hex, Business Development Partner at AAB added:
“I’m thrilled to join AAB during such an exciting period of growth, and to collaborate with the fantastic team here in Leeds, and across the wider business. At AAB, we deliver a truly unique blend of professional services, empowering businesses and individuals with tailored solutions to support them at every stage of their journey. There’s nothing more rewarding than seeing our work drive client success, and I’m eager to help our teams expand further while continuing to support our clients in achieving their goals.”
Leading professional services firm, AAB, has invested in Ormsby & Rhodes, one of the longest-established firms in Ireland, strengthening its international presence and access to the European market. The deal propels AAB past the £100m revenue mark.
Ormsby & Rhodes was established in 1911 and is consistently ranked in the top 20 firms in Ireland. Ormsby & Rhodes is a €7m+ revenue business which provides audit, accounting, tax, payroll, company secretarial and business advisory support to a wide range of clients in Ireland. The business will continue trading as Ormsby & Rhodes and all 10 partners remain committed to driving the business forward which provides client continuity.
Emma Lancaster, CEO at AAB commented: “This strategic move follows on from our first successful investment in Ireland in 2022 and will bolster our international reach through growth opportunities across Europe. Our commitment remains focused on delivering the highest quality of service for our clients while fostering lasting partnerships built on trust enabling our clients to succeed.”
David Marsh, Managing Partner at Ormsby & Rhodes added: “As trusted advisors to a wide range of clients and businesses, this investment from AAB will open up new opportunities for our clients to prosper and for our team to thrive professionally. Our clients will benefit from an expanded pool of expertise, enabling us to provide even more comprehensive and tailored advice, no matter how complex the requirements. We look forward to building on our success while maintaining the trusted client relationships that have always been at the heart of our business.”
Since securing investment from August Equity in 2021, AAB has trebled in size and now employs more than 1,000 people. The rapid growth journey is set to continue as part of delivering its ambitious growth strategy for 2030.