AAB Consolidates Brands to Propel Future Growth

AAB, a professional services firm across the UK and Ireland, has announced a strategic consolidation of its brands, to strengthen its position as a leading provider in the mid-market. 

Now employing c.1,000 people across 12 office locations, FPM will transition to be under the brand name AAB and Think People will fully integrate to trade under the AAB People brand name.  

FPM was established in 1991 by Feargal McCormack headquartered in Newry. Strong growth each year since 1991 saw FPM expand into a top-tier cross border firm with 5 offices and over 120 team members. In a strategic growth deal in 2022, FPM joined AAB and marked the first private equity investment of its kind across the island of Ireland.  

Think People, an HR consultancy established by Emer Hinphey and Anne Dougan in 2006 also joined AAB Group in 2022. Headquartered in Belfast, the team brought new skills to the service capabilities of AAB with the introduction of leadership and development services for clients across the island of Ireland. 

This strategic move is designed to simplify and optimise the strength of the overall AAB brand, enhance market presence, and deliver a more integrated experience for clients. AAB’s strategic growth plan, which includes enhancing client engagement, expanding its service offerings and investing in technology, has continued backing from August Equity.  

“Our brand consolidation marks a pivotal moment in the next step of our growth journey,” said Emma Lancaster, Chief Executive at AAB. “By bringing our diverse services together under the AAB name, we are not only simplifying our structure but also amplifying our ability to deliver integrated, innovative solutions to our clients. This alignment is crucial as we continue to pursue our ambitious growth targets and expand our footprint across the island of Ireland and the UK.” 

A transition period is underway where clients can expect a seamless change with no disruption to services. The unification will enhance the firm’s ability to offer holistic professional services, reinforced by the depth of expertise synonymous with the FPM and Think People brands becoming AAB and AAB People, respectively. 

“AAB’s mission has always been to provide exceptional service and value to our clients,” added Lancaster. “By uniting our brands, we will operate more efficiently and effectively, ensuring that our clients continue to receive the best possible support as they navigate their own journeys. I’d like to thank everyone in our team across the island of Ireland for their continued hard work delivering exceptional support for our clients.” 

Feargal McCormack of FPM and Emer Hinphey of Think People added: “As founders of FPM and Think People, we are both immensely proud of the milestones achieved and excited for what’s to come. Transitioning to the AAB brand marks a deliberate step towards our future and highlights the collective strength and shared mission of delivering outstanding service and value to clients. Together, we look forward to navigating this exciting new chapter of growth and possibility.” 

These measures are designed to support the rapidly growing business and its expanding client base which has trebled in size since 2021. In 2023, AAB ranked in the top 20 of Accountancy Daily’s Top 75 Accountancy Firms. AAB plans to continue the rapid growth journey and has heavily invested in technology and integration to support these ambitious plans. 

AAB’s commitment to its clients remains steadfast, with a focus on delivering unparalleled accountancy, consultancy and advisory services that drive success. 

AAB Augment Corporate Finance Service In Yorkshire

AAB, a leading professional services firm across the UK and Ireland, is expanding its corporate finance offering across the North of England with the appointment of two new key team members based in Leeds.  

Patrick Lynch joins as Corporate Finance Partner, alongside Harris Jones as Corporate Finance Manager. Both Patrick and Harris will be based in the heart of Leeds, in the office on St Paul’s Street. 

Patrick, who brings more than 14 years’ experience in professional services, spent almost a decade at an independent corporate finance firm based in Yorkshire. His experience encompasses both buying and selling roles on transactions, on behalf of SMEs and private equity firms based throughout the UK. 

Patrick joins six other Partners and Directors in AAB’s corporate finance leadership team across the UK and Ireland.   

Throughout the past seven years as a Corporate Finance Advisor, Harris Jones has amassed significant experience in advising shareholders, management teams, and institutional investors within the mid-market, most recently in the M&A team of a global environmental consultancy group. He combines this role with being a Lecturer of Finance within the Accounting and Finance subject group at Leeds Business School. 

Commenting on the appointments, Head of Corporate Finance, Gordon Steele said: 

“Welcoming both Patrick and Harris to the team is another key milestone for us. The AAB corporate finance team is well-established in Scotland, and across the Island of Ireland, and we’re delighted to offer these enhanced services to the North of England. The experience and expertise of both Patrick and Harris will add significant value to our already market-leading team.”   

James Hunt, Head of Leeds, added: 

“Since AAB entered the Leeds market in 2021 we have introduced an enhanced range of services to support our clients across the North of England. With both Patrick and Harris joining our team here in Leeds we are excited about the addition of end-to-end corporate finance services to the expanding offering we deliver locally, to benefit our clients both now and in the future.”  

AAB now has corporate finance team members based in offices across Aberdeen, Edinburgh, Glasgow, Leeds, and Belfast, supporting clients across the UK, Ireland and internationally. The team provides M&A advisory, due diligence/transaction services, business valuations, fundraising support, business rescue and recovery, insolvency, and litigation support.  

Recent accolades achieved by the team include being named the Top Financial Adviser for M&A activity in Scotland, according to Experian’s United Kingdom and Republic of Ireland M&A Review, and Transaction Services Team of the Year Award by Insider Media at the Northern Ireland Dealmaker Awards 2024. 

Pittsburgh Steelers visit AAB as they are awarded rights to expand brand in NI and ROI

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(LtoR) AAB Managing Partner Feargal McCormack, former Pittsburgh Steelers quarterback Kordell Stewart and Director of Business of Development & Strategy

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AAB Managing Partner Feargal McCormack hosted Daniel Rooney, Director of Business of Development & Strategy at Pittsburgh Steelers (Grandson of former US Ambassador to Ireland) and former Pittsburgh Steelers quarterback Kordell Stewart who played in the only previous NFL Game in Ireland at a pre-season game involving Pittsburgh Steelers back in 1997 at Croke Park.

AAB and the Rooney family’s close association goes back over 30 years when Dan Rooney, then President and CEO of the Pittsburgh Steelers and later US Ambassador to Ireland, hosted Feargal McCormack alongside Seamas Mallon MP and Dr Tony O’Reilly CEO of Heinz Corporation, in Pittsburgh at the foundation of the Newry Pittsburgh Partnership.

In 2000, Dan Rooney became the third person in history to be presented with the Charter of Newry and at this time AAB created a Rooney Room in their Newry office in his honour. During the recent visit to Newry, Feargal McCormack was delighted to host Daniel Rooney and Kordell Stewart in the AAB Rooney Room.

To mark the success of the NFL Global Markets Programme, Six-time Super Bowl champions Pittsburgh Steelers are hoping to host an NFL game here in the future after the NFL franchise was awarded the Pittsbugh Steelers the rights to expand their brand across the Island of Ireland.

The Steelers were founded in 1933 by Art Rooney, whose great-grandparents, James and Mary Rooney, emigrated to Canada from Newry before the family eventually settled in Pittsburgh.

The Rooney family still own the Steelers and the Pittsburgh Steelers current President Art Rooney II (son of Dan and father of Daniel Rooney) said they are looking forward to “growing our fanbase and the love of American Football” on the island of Ireland through the Global Markets Programme.

Court-sanctioned SME Restructuring Plan imposes cram down of HMRC preferential debt

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The High Court in London recently sanctioned a Restructuring Plan for Houst Limited despite opposition from HMRC, one of the company’s major creditors. AAB PARTNER, SEAMAS KEATING explains the significance of the case.

Restructuring Plans were introduced as a Business Recovery and Rescue option in the Corporate Insolvency and Governance Act 2020. While a number of larger entities have already had Restructuring Plans sanctioned under the new regime, Houst Limited is the first SME to do so. The case is significant as it highlights a potential alternative rescue route for SMEs in financial difficulty.

Companies with HMRC debt

The introduction of secondary preferential status for HMRC in December 2020 heightened concern about the feasibility of existing restructuring options such as Company Voluntary Arrangements (CVA) and Administration for companies with significant HMRC debt.

Up to now, HMRC’s position (which is clearly stated in their published criteria and reflected in HMRC practice) is that they will not accept a CVA or restructuring procedure where unsecured creditors are paid a dividend unless HMRC’s preferential liability is fully discharged.

In the Houst Limited case, HMRC adopted this approach and voted against the Restructuring Plan which proposed both a cram down of preferential debt and a dividend for other classes of creditors. However, despite voting against the Plan, HMRC did not otherwise participate in the Court process.

Significance of Houst Limited’s Restructuring Plan

Although existing recovery processes such as CVA can be efficient, they do not enable a company to seek court approval for restructuring in the absence of acceptance by creditors. The significance of the Houst Limited case is that it shows Restructuring Plans may be an option for SMEs with significant HMRC liabilities. The Judge highlighted that HMRC obtained a better return through the Restructuring Plan than would have been obtained had the business failed.

Hopefully, the outcome in this case may encourage HMRC to take a more commercial approach to voting and consider accepting CVAs and Restructuring Plans, which although they may compromise the return on preferential debt, give a better overall return than the alternative insolvency process.

In a related development, HMRC recently issued guidance stating their intention to be more proactive in exercising their voting rights around proposed insolvency arrangements. However, the guidance does not state whether they will reconsider their position on cram down of preferential debt where this results in a better return to HMRC and gives the company the possibility of being rescued.

Future corporate rescue and recovery

When deciding on the best rescue option for an SME in financial difficulty, the pros and cons of both Restructuring Plans and CVA will need to be weighed up. The type of creditors, and the potential return that can be achieved, will determine the most appropriate rescue mechanism. As always, the earlier a company in distress obtains professional advice, the better the chances of formulating a successful recovery plan. For further information and/or advice, contact our Restructuring & Recovery team.

Here to help

If you want to know more about Restructuring Plans for SME’s, give us a call on 028 9024 3131. We’d be happy to help!

Greater Newry Area Celebrates Business Success

The resilience of the business community in the Greater Newry Area has been celebrated at a glittering awards ceremony. The biennial event took place at the Canal Court Hotel & Spa on Thursday 7^th October and honoured the achievements of 27 individuals and organisations.

The awards were organised by the Newry Chamber of Commerce & Trade and sponsored by Newry, Mourne and Down District Council and Shelbourne Motors.

Chamber President, Emma Mullen-Marmion commented: “There is no question the last 18 months have been amongst the toughest times faced by businesses and society in general. However, from the over 200 award applications received by the Chamber, we can clearly see that the local economy is being driven by many successful, ambitious and talented enterprises.

The strength of this year’s awards clearly illustrates a confident, determined business community, focused on creating jobs and generating wealth and prosperity for our region. We were delighted to present a Special Recognition Award to the Southern Health and Social Care Trust to honour their commitment during the Covid-19 pandemic. Newry Chamber wanted to thank all Health Care staff for the vital role they played in helping to care for our citizens and keeping us all safe.”

The Award for Outstanding Contribution to the Greater Newry Area went to Ciaran Rafferty. The highly respected Solicitor has for over four decades been involved with charity and community sector organisations. Most notably Newry Credit Union, Clanrye Group and St Vincent de Paul Society.

Best Businessman was awarded to Connaire McGreevy of CTS – Connect Transform Sustain, with the Best Businesswoman award going to Gemma Murphy from Jack Murphy Jewellers.

Congratulating all the winners, Emma Mullen-Marmion said: “The Greater Newry Area is recognised as a place synonymous with entrepreneurship, innovation, excellent service, product quality and customer care. This year’s awards have recognised the very best that this region’s business community has to offer. Well done to all companies that entered and congratulations to the winners.”

AAB announces key promotions during period of strategic growth

AAB, a leading professional services firm across the UK and Ireland, has today announced the promotion of five team members into key leadership roles. This move not only underscores AAB’s dedication to fostering talent and commitment to excellence but also signals a continued trajectory of growth, with 150 team members promoted across the 12 AAB office locations.

The newly appointed individuals bring a wide range of experience and the new roles will be critical as the company expands its team across the UK and Ireland.

Helen Daniels assumes the role of Audit Partner in the AAB Leeds office. Helen has been a key member of the Audit team specialising in owner-managed businesses and the financial services sector.

Lynn Gracie has accepted the position of Private Client Partner based in the AAB Aberdeen office. Leading the Private Client International Tax team, Lynn provides specialist tax advice connected to internationally mobile individuals, including Non-Residents and Non-UK Domiciles, providing holistic tax solutions across global jurisdictions.

Gregor Angus, who joined AAB in March 2023 has been promoted to the role of Business Development Partner, North of Scotland. This appointment marks a commitment from AAB to drive further growth in the North of Scotland region across all service lines.

Based in the AAB Aberdeen office, Andrea Begg has been promoted to Business Advisory Director. In her new role, Andrea will continue to deliver the highest standard of service and advice to owner managed and family businesses over a number of sectors. Andrea is also in the AAB tax investigations team.

Assuming the role of Business Advisory Director based in the AAB Glasgow office, Gillian Rushton joined AAB in March 2016. Gillian provides business advisory tax services to a range of clients across all industries, as well as a being a member of both the AAB technology sector team and the tax investigations team.

Emma Lancaster, Chief Executive Officer of AAB commented on the promotions: “Helen, Lynn, Gregor, Andrea and Gillian are dedicated team members at AAB and it is a great
pleasure to recognise each of these individuals with their promotion to our leadership team. We are committed to promoting from within, ensuring that every team member has the opportunity to progress their career. As we continue to grow, their contributions will be pivotal in driving our vision forward and maintaining the high standards our clients know we can deliver to support their own business and individual growth.”

Since securing investment from August Equity in 2021, AAB has tripled in size and now employs c1,000 people across 12 office locations in the United Kingdom, Ireland and the United States, with strategic plans in place to continue to scale the business rapidly, supported by the promotions announced today.

AAB helps raise over £100k at first AABIE charity ball held in Northern Ireland

AAB hosted over 450 guests at the AABIE Charity Ball, held for the first time in Newry on Saturday night (June 8) 

Held in the city’s Canal Court, the Ball raised an astonishing £100,369 for the AABIE Charitable Initiative (known as ‘AABIE’) with all funds going directly to the charity.   

Feargal McCormack, AAB Managing Partner – Ireland commented “We are incredibly grateful to everyone who played a part in making the AABIE Ball such a success. To our connections who made such generous donations, our table hosts and guests who joined us on the night and to every person that made our event possible, thank you so very much.  

“One of the driving forces behind joining AAB back in 2022 was the synergy across both our teams. Being active members of our local communities and giving something back through AABIE is key to this. We are truly thrilled, and incredibly proud, of what we have achieved together for AABIE this weekend.” 

Formed in 2016, AABIE is AAB’s very own charity, and is the platform which enables everyone across AAB, including AAB team members, to invest in their local communities through grant funding and volunteer time. This approach means that the support AABIE provides is varied and widespread, and the charity is well-placed to help many people.  

To date, AABIE has supported over 180 charities across the United Kingdom and Island of Ireland. The latest grant round (ended 31 March 2024) saw AABIE pledge over £38,000 to 28 different charities, the largest amount the charity has ever pledged in a single grant round.   

Some of the recent charities AABIE has supported include donating over £10,000 to Down Right Brilliant (Newry and Mourne), Fighting Words Northern Ireland (Belfast) and the Gary Kelly Cancer Support Centre (Drogheda). The funding enabled Down Right Brilliant to provide an overnight residential trip to an outdoor activity centre for adult members of DRB, and to provide a workshop for siblings of members with Down Syndrome. Fighting Words Northern Ireland ran an after-school creative writing course for local teenagers with their funding, and the Gary Kelly Cancer Support Centre was able to cover the cost of therapists providing three months of reflexology therapy for clients who have a cancer diagnosis. 

Following these donations, AABIE reached the milestone of pledging over £300,000 of vital grant funding since the charity was launched. Another recent milestone achieved by AABIE was reaching over 6,000 hours of volunteer time delivered. All AAB team members are entitled to a day of volunteer leave each year to support community projects and causes close to their hearts.  

Sheena Anderson, AABIE Chair said “When we launched AABIE in 2016 we only had one community we worked within, which was Aberdeen, and it is fantastic to see how we have managed to increase the reach and impact AABIE has in new and different communities as AAB has grown.  

“Raising over £100K is a wonderful result and will enable AABIE to continue to support so many charities and worthy causes across the United Kingdom and Island of Ireland. It is a privilege to work with my fellow AABIE Trustees and see what a significant impact grant funding and volunteer time can have on the lives of so many people.”   

Emma Lancaster, AAB Chief Executive added: “AABIE is a very special charity, and the way we operate is that bit different. Everyone across AAB is involved with AABIE, and it is our team members who truly make the work AABIE does possible through volunteering and raising almost all money donated through grant funding. 

“We are very proud of AABIE, and proud of the work our teams do to ensure AABIE is successful. But we know there is so much more we can do to continue to support the communities we operate in, and we can only do that if AABIE has the funds available to support the charities and worthy causes who need our help. Achieving what we have this last weekend will enable this amazing charity to continue to carry out its great work, and we are so thankful to everyone for their support and generosity.”  

The current AABIE grant round closes on 30 June 2024. More information on how to apply for funding or volunteer time can be found at aabgroup.com/about/aabie/.

Double win for AAB at 2024 Irish accountancy awards

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Leading cross-border accountancy and advisory firm, AAB has been recognised with two awards at the prestigious 2024 Irish Accountancy Awards held recently at the Royal Dublin Convention Centre in Dublin…

AAB was awarded the titles of ‘Green Practice of the Year’ and ‘Large Firm of the Year’ at the awards ceremony, which highlights industry excellence, and recognises the profession’s ongoing dedication in driving business and organisational success.

Over 400 accountancy leaders gathered to celebrate the high achievers in the Irish accounting profession, and to honour the teams and individuals who have been standout performers within the industry over the past 12 months. Launched in 2016, the awards were once again hosted by Colm O’Regan, critically acclaimed stand-up comedian, columnist and broadcaster. They were presided over by an expert judging panel, who whittled down the 123 finalists to the 26 winners announced on the night.

On receiving the Green Practice of the Year and Large Firm of the Year Awards, Aveen McShane, ESG Director at AAB commented,

 

“We are immensely proud of our team and their dedication to providing pioneering cross-border solutions to our clients in Ireland, Northern Ireland and around the world.

Our dedication to sustainability doesn’t stop in house. There may be a perception that the accountancy sector has a relatively small carbon footprint, and therefore has little need to change, but we beg to differ. We recognise the power and reach we have to make a monumental difference throughout the entire business landscape. Recognising that our biggest impact as a service firm lies with our clients, we have developed ESG services which fully embrace this evolution, by actively supporting our clients on their own sustainability journeys. It is such a privilege to work in a dynamic and progressive organisation, which is committed to investing in sustainability and green practices.”

AAB Partner, Gary Digney, added:

‘We are thrilled to win two prestigious awards again for a consecutive year. This is a fantastic recognition of our workplace culture and demonstrates the strength of our team, many of whom will undoubtedly be our future business leaders.”

AAB were represented at the awards by a cross section of team members.

Scroll down to view all the photos from the night and get in touch if you would like to find out how AAB can help you achieve your goals.

AAB Announces Promotions For Three Key Leaders To Drive Growth

AAB, a leading professional services firm across the UK & Ireland, has today announced the promotion of three business leaders to drive forward its ambitious growth plans. With a commitment to building deeper relationships with clients, AAB has appointed Lyn Calder as Chief Growth Officer, John Beevers as Head of Professional Services and Neil Robb as Head of Business Advisory. 

As the newly appointed Chief Growth Officer, Lyn Calder brings a wealth of experience in strategic planning and business development, poised to drive expansion initiatives and cultivate key partnerships. Lyn has been with AAB for six years and was previously the Managing Partner for the AAB Edinburgh office.  

John Beevers, in the role of Head of Professional Services, will leverage extensive expertise in business performance to enhance service quality and drive operational excellence overseeing Audit, Corporate Finance, Business Advisory, Tax and Private Client. John is based in the AAB Leeds office. John had previously been a partner for more than twenty years and joined AAB in 2021 as part of AAB’s strategic acquisition of the accountancy business. 

Neil Robb, who takes on the role of Head of Business Advisory, will lead efforts to provide tailored solutions for SMEs through delivery of accounting & tax compliance, digital accounting solutions and strategic advisory projects. Neil is based in Glasgow and joined AAB in 2023 in the eighth strategic deal for AAB in the acquisition of French Duncan. 

Emma Lancaster, Chief Executive Officer of AAB, commented: “The business has been on an incredible growth journey over the last three years. As part of our growth strategy, we are committed to providing unmatched opportunities for our team members to develop their own careers. Their proven track records and commitment to excellence make Lyn, John, and Neil key leaders as we continue to grow the business.  

“In their respective roles, these individuals will spearhead initiatives aimed at enhancing AAB’s position as a trusted advisor to clients. Their combined experience, expertise and passion will ensure that the business retains its client-centric focus and provides unparalleled service delivery.  

“With these appointments, we reinforce our commitment to deliver exceptional value to our clients and remain at the forefront of our industry.”  

Since securing investment from August Equity in 2021, AAB has trebled in size and now employs c1,000 people across 12 office locations in the United Kingdom, Ireland and the United States, with strategic plans in place to continue to scale the business rapidly, supported by the promotions announced today. 

Restructuring & Recovery team grows to support businesses in challenging times

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Our Restructuring & Recovery team is growing. Glasgow-based Phil Dunn has joined as Restructuring & Recovery Director, bringing over 20 years restructuring experience within three of the big 4 accounting firms.  

 

With Phil’s appointment, the Restructuring & Recovery department now comprises 28 professionals across Northern Ireland, Ireland, Scotland and England, and Phil is the fourth director in the team, joining Judith Howson, David McGinness, and Duncan Raggett. Judith recently gained her Insolvency Practitioners Licence with ICAS, and with 28 years’ experience in insolvency, she is also a Chartered Certified Accountant.  

The Restructuring and Recovery team also includes team members based across the island of Ireland, with Gary Digney and Seamas Keating leading the Irish team who are shortlisted as finalists at the Irish Accountancy Awards 2024.  

The growth of the Restructuring and Recovery team within AAB’s Corporate Finance division follows a steep increase in demand for support from businesses facing financial challenges.  Recent statistics published by R3 show that corporate insolvency numbers in Scotland for Q3 2023-2024 increased by 7.4% compared with Q3 2022-2023. 

Head of Corporate Finance, Gordon Steele, said: “Although the growth of the Restructuring & Recovery team has been prompted by challenging circumstances faced by other businesses, it is important to highlight that we have some of the best insolvency practitioners here. They approach each case with empathy and meticulous care.” 

“Our latest appointment, Phil Dunn, is a very welcome addition as the business continues to grow. He possesses a wealth of expertise in finding solutions for distressed SMEs, sole traders, and private individuals. He will work alongside another five high quality partners and directors in the Restructuring & Recovery team based across all our locations.” 

Phil commented: “I have been welcomed into a highly capable team that respect and trust each other, and we exemplify this in our approach to clients. Personally, I find that one of the most satisfying elements of what we do is the positive aspects of a restructuring process such as safeguarding jobs and preserving businesses, and I will continue to advise clients on the best options available to them, as I have done throughout my career to date.”