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AAB Group / News / Page 3
Leading professional services firm, AAB, today announced that Goldman Sachs Alternatives has agreed a deal to acquire the firm from August Equity, subject to regulatory approvals.
The transition marks a significant milestone for AAB, reinforcing the firm’s trajectory of sustained growth while ensuring continuity for clients and further strengthening its reputation in the professional services market. AAB became a £100m revenue firm in January 2025 having tripled in size in just three years.
AAB supports businesses and individuals with accounting, tax, audit, corporate finance, HR, payroll and wealth advisory. Since 2021, the firm has experienced exceptional expansion under August Equity’s partnership by tripling in size, completing 16 strategic acquisitions, broadening its footprint across the UK and Ireland while growing the team headcount to over 1,000 people.
Emma Lancaster, Chief Executive at AAB, said:
“Our partnership with August Equity has been transformational. Their investment and strategic support enabled us to accelerate our growth journey, invest in talent and technology, and expand the range of services we offer to clients. As we welcome our new private equity partner, Goldman Sachs Alternatives, we remain focused on delivering long-term value to our clients and our team while accelerating our growth strategy with exceptional backing.”
Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives, who will now support AAB’s continued development, added:
“We are delighted to invest in AAB at this hugely exciting stage in its evolution. As a Top 25 Accounting firm in the UK, we see AAB going from strength to strength and fast becoming a leading provider of professional services to the UK and Irish mid-market.”
Mihir Lal, Managing Director within Private Equity at Goldman Sachs Alternatives, also added: “We have strong conviction that Goldman Sachs Alternatives can support Emma and her team on a journey of strong growth, technology enablement, and continued M&A across key markets.”
Commenting on the deal, Kishan Chotai, Partner at August, said:
“It has been a pleasure to work with the outstanding team at AAB and support the leadership team and wider business over the last few years. Together, we have delivered a strong and sustainable growth strategy that has positioned AAB as a major force in the UK’s professional services market, and underlines August’s ethos and track record in investing in people-led, essential services businesses. We are proud of what has been accomplished and look forward to following AAB’s journey as it continues to thrive with Goldman Sachs Alternatives.”
August Equity will leave AAB in a strong position to continue its upward trajectory with robust leadership, a diversified service offering, and a proven track record of execution.
As a result of the deal, AAB will further accelerate its growth journey delivering the high-quality service and specialist expertise that clients have come to rely on with the added benefit of increased investment in technology, AI and automation.
The transaction is subject to regulatory approval and is expected to close in 2025.
AAB and August were advised by William Blair and Alantra (Corporate Finance), OC&C (Commercial), PwC (Financial and Tax) and Addleshaw Goddard (Legal). Goldman Sachs was advised on the transaction by Houlihan Lokey (M&A), Linklaters (Legal), EY Parthenon (Commercial), and EY (Financial & Tax).
Leading professional services firm, AAB, has today announced the acquisition of Ryan & Crowley, a respected accountancy and advisory firm based in Dublin, further accelerating their ambitious growth strategy in Ireland.
Since securing investment from August Equity in 2021, AAB has more than trebled in size through a combination of strategic mergers and acquisitions alongside continued organic growth. The latest deal follows strategic investments across Ireland with Ormsby & Rhodes in January 2025 and FPM in May 2022.
Emma Lancaster, Chief Executive at AAB said: “Ireland is a key growth market for us and this latest acquisition reflects our long-term commitment to building a significant presence here. Conor and the Ryan & Crowley team share our passion for delivering smart, proactive advice. Both teams pride themselves on developing deep relationships with clients who value what we do.”
Ryan & Crowley, led by Managing Partner Conor Ryan, brings decades of expertise supporting entrepreneurial and family-owned businesses, with a strong reputation for personal service and deep client relationships.
Conor Ryan, Managing Partner at Ryan & Crowley, commented: “This is a truly exciting opportunity for our team and our clients. The shared values and commitment to delivering exceptional service made this a natural fit. We look forward to expanding our offering and capabilities with the support, resources and wider network of Ormsby & Rhodes and AAB.”
The acquisition brings AAB Group’s Irish headcount to over 200 people and follows a series of successful deals across the UK and Ireland. AAB now employs more than 1,000 people across the UK and Ireland.
The rapid growth journey is set to continue as part of delivering its ambitious growth strategy for 2030.
Leading professional services firm AAB welcomed over 300 guests to the third AABIE Charity Ball, held for the first time in Leeds on Saturday, 14 June 2025. Taking place at the iconic Aspire venue, the event was a great success, celebrating the growing impact of AABIE as it looks ahead to its 10-year anniversary in 2026.
The evening, hosted by James Hunt, Head of Leeds at AAB, raised an incredible £45,000 for the AABIE Charitable Initiative (known as ‘AABIE’). All proceeds go directly to AABIE, AAB’s charitable initiative supporting a wide range of local causes through funding and volunteering.
James Hunt commented:
“As AAB continues to grow in Leeds and across the wider region, expanding our footprint in the local community is a key priority. The AABIE Charity Ball is a meaningful way for us to live out our commitment to being active members of both our local and global communities. At AAB, we believe in playing our role and living up to our values – doing what we can to learn, teach, preserve, and develop, challenge, and nurture. Supporting AABIE allows us to put this into action, right here in Leeds and across the regions we operate in.
“We’re incredibly grateful to everyone who helped make the Ball such a success – from our generous donors and table hosts to every guest and supporter on the night. Your support enables AABIE to continue making a real difference – thank you.”
Formed in 2016, AABIE empowers AAB team members to support the causes they care about, delivering impact through grant funding and volunteering. To date, AABIE has supported over 320 charities, awarded more than £430,000 in grant funding, and contributed over 7,000 hours of volunteering across the UK and Ireland.
In Leeds, AABIE has recently supported several impactful local projects:
Sheena Anderson, Chair of AABIE, said:
“The funds raised from our three AABIE Balls have made a significant difference to how AABIE operates. Together, they have raised almost £200,000 – helping us to support even more people and causes across every region AAB serves. The generosity shown at this year’s Ball will once again be instrumental in helping us continue our vital work.”
Emma Lancaster, Chief Executive at AAB, added:
“At AAB, we care deeply for our people, our clients, and the communities we’re part of. Through AABIE, we aim to go above and beyond together, and what makes AABIE so special is that it’s powered by our people – their time, their passion, and their dedication. Events like the AABIE Ball remind us of the difference we can make when we come together for a shared purpose.”
Previous AABIE Balls were held in Aberdeen and Newry, and Leeds now joins this legacy of regional engagement, reflecting AAB’s values and commitment across its growing footprint.
In the last 12 months, AABIE has donated over £135,000 to 86 charities across all Aberdeen, Belfast, Bolton, Bradford, Dundee, Edinburgh, Glasgow, Leeds, London, Manchester and Stirling. Beneficiaries from the latest grant round (which closed on 31 March 2025) included Dean Cauvin Young People’s Trust, which received funding for equipment in a specialist residential house supporting young parents and their babies, and The Enterprise Centre Limited, which delivers the ‘Running with wild animals’ programme for disadvantaged young people aged 11–18. This round also provided top-up grants to support the personal fundraising of 17 AAB team members and delivered 315 hours of community volunteering.
The current AABIE grant round closes on 30 June 2025. More information on how to apply for funding or volunteer time is available at aabgroup.com/aabie.
Leading professional services firm AAB has appointed Paul Turner as Corporate Finance Partner, further strengthening its expanding Corporate Finance Team in Central Scotland.
In his new role, Paul will lead AAB’s Corporate Finance team in Edinburgh, working closely with Iain Walker and colleagues across Central Scotland and beyond.
Paul brings over 15 years of experience in mergers and acquisitions and financial due diligence, having most recently been a key member of the Corporate Finance team at Forvis Mazars. He has advised on a wide range of transactions including company sales, acquisitions, management buy-outs, and fundraises, working with large corporates, privately owned businesses, private equity investors, and lenders.
AAB’s Corporate Finance team continues to go from strength to strength, completing 63 deals in FY25 and 15 transactions already in Q1 of FY26. The firm has continually ranked as Scotland’s top financial adviser for M&A activity by volume, according to Experian’s United Kingdom and Republic of Ireland M&A Review, retaining its number one position.
Gordon Steele, Head of Corporate Finance at AAB, commented: “We’re delighted to welcome Paul to lead our team in Edinburgh. He brings the ideal blend of technical expertise, client focus and leadership that aligns with our ambitions in Central Scotland. Renowned for his commercial acumen and hands-on deal leadership, Paul has a proven track record of delivering high-profile, complex transactions to successful outcomes. He brings a strong network and a highly personalised approach to client service, developing trusted relationships and advising shareholders and stakeholders through the critical stages of a deal process.
With growth in deal volumes of over 50% last year, Paul’s appointment will help us build on that strong performance and continue delivering outstanding results for our clients.”
Whilst the UK M&A market continues to evolve there remains strong appetite for high-quality opportunities, particularly in resilient sectors such as technology, healthcare, energy, manufacturing and financial services. Owner-managed businesses are increasingly focused on succession planning, while larger corporates and private equity investors continue to pursue buy-and-build strategies to accelerate growth. International buyers also remain active across the UK, targeting quality businesses as part of their strategic expansion.
In response to these market dynamics, AAB has seen significant growth in valuation, financial projection, and due diligence work, as businesses prepare earlier for transactions and look to get ahead of a more rigorous due diligence process. The firm’s proactive approach ensures clients are ‘deal ready’ and well positioned to achieve optimal outcomes.
Stuart Rose, Head of Edinburgh at AAB, added: It is fantastic to have Paul join the leadership team in Edinburgh. Paul’s appointment is a key step in building on the success already achieved by the Corporate Finance team here in Edinburgh and across Central Scotland. His expertise and leadership will play a crucial role in strengthening local relationships and delivering great outcomes for our clients, working collaboratively with colleagues across AAB’s local network and beyond.”
AAB’s Corporate Finance team supports clients across the UK, Ireland, and internationally. The team provides a comprehensive range of services including M&A advisory, due diligence, valuations, fundraising support, business recovery and insolvency, and litigation support.
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.
Leading professional services firm AAB has appointed Sarah Teshome as Corporate Tax Partner, further strengthening its expanding tax team in Leeds. This appointment underscores AAB’s commitment to helping clients across Northern England to navigate the ever-evolving tax landscape and help them to drive sustainable growth.
Sarah brings a wealth of experience, having previously served as a partner at one of the Big Four firms. She will play a pivotal role in expanding AAB’s international tax and transfer pricing offering, with a focus on supporting international businesses as they navigate increasingly complex and closely scrutinised tax environments. Her expertise will also be instrumental in guiding clients through their growth journeys, particularly those involving international expansion.
Sarah’s appointment underscores AAB’s continued investment in specialist tax services. Sarah’s expertise in pro-actively leading the delivery of tax services which is commercially aligned to our clients’ strategies is set to strengthen AAB’s offering, particularly in high-growth sectors such as retail, science, and energy.
The AAB Leeds office has seen considerable growth in recent years, as AAB continues to expand its presence in the region. Sarah will also collaborate closely with the team in Bolton, following AAB’s acquisition of Barlow Andrews last year. Working alongside Barlow Andrews’ corporate tax specialists, Sarah will help deliver high-value support in areas such as transfer pricing, customs, and cross-border structuring, as clients across both cities adapt to legislative changes and look to scale internationally.
Commenting on her appointment, Sarah said: “I’m excited to join AAB at such a pivotal time in its growth journey. The evolving international tax landscape presents real challenges for businesses, but also huge opportunities when approached with the right strategy. Transfer pricing is a critical part of any international business’s tax framework. With increasing scrutiny from tax authorities and the pace of regulatory change accelerating globally, businesses need strategies that are not only technically sound but also adaptable and aligned with their commercial goals. My focus is on helping clients build future-ready transfer pricing models that can evolve with their operations, manage risk effectively, and support long-term success across jurisdictions.
“I’m looking forward to working with our teams across Northern England, and further afield, to supporting clients with practical, forward-thinking advice which can make a significant difference to global success.”
James Hunt, Head of AAB Leeds, added: “Sarah’s arrival is another exciting step in the development of our Leeds office. We’ve seen fantastic growth across the region, and we’re continuing to build a team that can deliver the full range of services to our clients. With strong links across Northern England, and a focus on collaboration across locations, we’re creating opportunities to deliver specialist expertise with local knowledge. We’re delighted to welcome Sarah to the team.”
Leading professional services firm AAB has expanded its senior team in London, underlining its strategic commitment to growth and enhanced client support in the capital.
AAB, a top-25 UK firm that has trebled in size since 2021, has appointed Jai Raja as Audit Partner, James Snape as Audit Director, and Greg Smythe as Tax Director to bolster its audit and tax capabilities to meet growing demand. These appointments represent a strategic shift toward deeper local investment in London, building on three consecutive years of 30% combined annual audit and tax growth. AAB is focused on expanding its London presence to support existing clients and capture new market opportunities.
Jai Raja brings over 20 years of experience in audit, including senior roles within Big 4 and top 10 firms, with a focus on large infrastructure corporates and developing high-performing teams. James Snape adds more than a decade of financial leadership across practice and industry, including a CFO role, and has expertise in real estate and construction clients. Greg Smythe, appointed as Tax Director, brings significant expertise in international and corporation tax, advising both global and UK-based clients on complex restructuring and refinancing matters.
With over 100 team members and all core business units now represented in the London office, AAB is well-positioned to deliver integrated audit, tax, and advisory services to complex, high-growth businesses. This senior-level expansion also develops further opportunities for collaboration between audit and tax teams. This joined-up approach positions the firm to provide comprehensive solutions for businesses operating in increasingly regulated and fast-changing environments both in the UK and internationally.
John Beevers, Head of Professional Services at AAB, commented: “Our senior team in London continues to grow in strength and depth. The appointments of Jai, James and Greg to our senior team reflect our commitment to investing in both audit and tax and allow us to offer more comprehensive support to clients across key sectors.
“We’re seeing a consistent trend, particularly among large domestic and international corporates, of clients seeking service providers who can deliver both audit and tax under one roof. With our expanding team and collaborative model, we’re exceptionally well placed to meet that need and continue our growth journey in the capital.”
The announcement is also timely given the significant changes across both the audit and tax landscapes. Evolving regulatory frameworks, updates to accounting standards such as FRS 102, and the growing importance of technology and AI are reshaping how services are delivered. In tax, increased scrutiny from HMRC, shifting international tax rules, and greater complexity in areas such as transfer pricing, customs and restructuring are creating new challenges for businesses. AAB remains committed to investing in these areas, from regulatory readiness to digital innovation, to stay ahead of industry transformation and ensure clients receive proactive, tech-driven support.
Emma Lancaster, CEO of AAB, added: “Our continued investment in London is a vital part of our wider growth journey. While we’ve supported clients here for years, this is the next chapter in building our local presence. By expanding our senior team and deepening our community engagement, we’re making sure we can support existing clients more effectively and open the door to new opportunities.”
This announcement follows AAB Wealth’s recent acquisition of Magus Wealth, a deal which boosted their Assets Under Advice (AuA) to £1.8billion, reinforcing AAB’s strategic investment in London, across all business units.
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 in Ireland and the UK.
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.