AAB announces merger with AAB

Leading Irish independent accountancy and business advisory firm AAB today announced a merger with Anderson Anderson & Brown (AAB), the tech-enabled business critical services group, to fast-track ambitious growth plans and create a significant regional presence across the UK and Ireland.

AAB is an independent audit, accounting, tax and business advisory firm with revenue of c£9.5m and a team of over 120 people across 5 office locations in Belfast, Balbriggan (Dublin North), Newry, Dungannon and Mallusk. The 9 AAB shareholder directors are all remaining in their current roles and will continue to drive the growth of AAB as part of the AAB Group.

AAB Group has grown rapidly in the last 12 months, following 3 M&A transactions and investment from August Equity in October 2021. AAB’s complementary geographic presence will further enhance the wider AAB Group as a key player in the UK & Irish accountancy and business services markets, adding Ireland to its other regional hubs across Scotland and England. The merger with AAB is another major step forward in AAB’s growth journey as it becomes a group with £50M+ revenue and 550+ team members in 10 offices across the UK and Ireland.Following the merger, AAB shall continue to actively pursue its organic and M&A growth plans, looking to strengthen its team with further recruitment across all locations, and continue to identify attractive M&A opportunities which augment the group’s current activities.

Managing Director at AAB, Feargal McCormack added:

“We are delighted to be merging with AAB. The synergies across our teams, service provision and sector specialisms, provide a fantastic platform for exciting future growth. In addition to this, we were attracted to AAB as the group has impressive global connections and experience working with high-growth SME businesses and large corporations internationally. This instantly gives us the capabilities to do even more for our clients, wherever they wish to do business across the world, whilst also providing our teams with enhanced opportunities to progress and develop as part of a larger group.”

Graeme Allan, Chief Executive at AAB commented:

“This merger is a very important milestone for the group. With AAB, we gain an impressive team with a great reputation and significant presence across the island of Ireland. There is a strong cultural fit between our firms, and at the heart of this is a passion for helping team members and clients achieve their goals, which makes us hugely excited about the opportunity this merger presents.”

AAB advises on Deal of the Year 2022 (£2.5m – £10m)

Corporate Finance Deal On Thursday 3^rd March 2022, AAB’s Transaction Services team took to the Europa Hotel in Belfast for the Insider Northern Ireland Dealmaker Awards 2022.

Celebrating alongside the region’s market leaders in transaction services, the night recognised the major transactions and professionals enabling a whole host of mergers and acquisitions in Northern Ireland, the island of Ireland and around the world.

After a record breaking year for deals in 2021 for AAB’s Corporate Finance team, the team was honoured to be shortlisted for two awards, namely Deal of the Year (£2.5m – £10m) and Transaction Services Team of the Year for a second consecutive year after being named winners in 2021.

The Team was both honoured and delighted to be part of the winning Deal of the Year, described by the judges as ‘the outstanding deal this year.’

Winner: Investment in RGM Vent by Foresight Group (Benchmark International, Edwards & Co., AAB, HNH, TLT LLP, RP Advisory, Confidas, FWB Park Brown, Amplifi Talent, KryptoKloud, Marsh Commercial)

The Judges described the investment as having, ‘substantially increased the market share of RGM, a bespoke ductwork design and installation company, and allowed it to work on larger projects. The judges felt that by increasing the scale of RGM’s operations across the UK and Ireland, and therefore contributing to the region’s economic recovery, this was the outstanding deal this year.’

Feargal McCormack, Managing Director of AAB continued by adding, ‘Team AAB is delighted to have contributed to what has been acknowledged as one of the most exciting deals of the year.’

Looking to 2022, the team are focused on the year ahead which is shaping up to be another year of award-winning deals!

For the full story, visit Dealmaker Awards 2022

AAB Reports Record Year in Deal Activity

Working with a diverse range of sectors, AAB’s Corporate Finance team delivered exceptional results in 2021, providing transaction assistance to deals with a combined total value in excess of £190m for leading brands and growth economy.

This represents the HIGHEST deal value in the firm’s 30 year track record in the mid-market segments across the island of Ireland, North and South.

The team has a proven track record of delivering creative deal strategies, structured around the unique needs of each client, hundreds of times over—from corporate clients to family businesses. Testament to their success, the team are recognised as market leaders in transaction services and as a result, secured the inaugural Transaction Services Team of the Year Award at last year’s Insider Northern Ireland Dealmaker Awards.

Furthermore, AAB was recently shortlisted for a second consecutive year by the Insider Northern Ireland Dealmaker Awards 2022, for Transaction Services Team of the Year, as well as Deal of the Year. Winners will be announced at the awards ceremony on Thursday 3 March 2022.

A once-in-a-generation opportunity for companies to make acquisitions or sell

Transactions are currently at record levels as companies take advantage of deal making opportunities, says AAB Tax Director MALACHY McLERNON.

Merger and acquisition activity accelerated last year as businesses reset their strategies following two years of intense disruption. Globally, deals in excess of $5 trillion were reported with new customer habits, digital transformation and availability of capital contributing to a record-breaking year.

“Despite risks ranging from potential new Covid-19 variants to supply chain issues, high inflation, interest rate hikes and political uncertainty, deal activity is extremely buoyant,” says AAB Tax Director Malachy McLernon.

“Well-capitalised businesses are taking advantage of opportunities to consolidate their market position while proactive companies are bringing on board new skills to enhance their product or service offering.”

Queen’s University Honours Feargal McCormack

Queen’s University honoured AAB Accountants Managing Director – Ireland Feargal McCormack today (Friday 24^th September 2021) by conferring an honorary degree of Doctor of Science in Economics (DSc Econ) for services to business and commerce, in the presence of new University Chancellor Secretary Hillary Rodham Clinton.

In the degree citation, Feargal a former Queen’s graduate and past President of Chartered Accountants Ireland (2018/19) was also acknowledged for his considerable contribution to the Public and Charity sectors.

Feargal commented:

“It is a great honour to receive this honorary degree of Doctor of Science in Economics (DSc Econ) from Queen’ s University Belfast, my Alma Mater, where I have fond memories of studying economics and accounting, being the inaugural President of Queen’s University Accountancy Society (1982/83) and having been pro-active in sports administration with the Queen’s Gaelic Football Club”.

Each year Queens University celebrates the outstanding achievements of individuals both in Northern Ireland and around the world by presenting honorary degrees to leading figures from the world of business, politics, sport, the arts, policing and education. The conferring ceremony took place in Whitla Hall and the honorary degree programme included the following citation,

“Feargal McCormack is a leading figure in the field of professional accounting and a past President of Chartered Accountants Ireland.  A Queen’s Graduate, Feargal qualified as a Chartered Accountant with KPMG in 1986. He joined the Industrial Development Board (now Invest NI) as a Principal Officer, one of the youngest in the history of the Northern Ireland Civil Service. In 1991, Feargal established AAB Accountants LLP, now AAB. Under his leadership, the company has grown significantly and now operates out of 5 locations with over 120 employees across the Island of Ireland.  Feargal has also made a considerable contribution to the Public and Charity sectors.”

To watch the Installation and Honorary Graduation Ceremony or to find out more about the new University Chancellor, Secretary Hillary Clinton and the Honorary Graduands Click Here >

AAB named Market Leaders in Transaction Services 2021

AAB’s corporate finance team has been awarded the inaugural Transaction Services Team of the Year Award by Insider at the Northern Ireland Dealmaker Awards 2021.

The Transaction Services Team of the Year Award recognises the team that has advised and facilitated in the most exciting deals, by providing the highest quality transaction services throughout the year.

Alongside shortlisted firms such as EY and Grant Thornton, AAB secured the title through its differential services and were announced winners of the award, with the judges commenting: “AAB has grown to be a market leader in transaction services within the SME space in Northern Ireland. The judges felt that the enhanced procedures that the team implemented for due diligence assignments, adapting these to the rapidly evolving pandemic crisis, made the AAB team stand out.”

Feargal McCormack, Managing Director at AAB – IRELAND commented: “This is a wonderful achievement for our Corporate Finance Team – to be recognised amongst so many highly accomplished peers in the sector. Furthermore, it is well deserved by our industry-leading team for the key role they play in advising a wide portfolio of complex international and local deals in Northern Ireland.”

Ashok Thomas, AAB Corporate Finance Lead continued: “To win this award at any time is an incredible achievement, but to achieve this award against the backdrop of the last year is testament to the strength and expertise of the team and demonstrates the relationships we are proud to have formed with businesses in Northern Ireland.”

The Northern Ireland Dealmaker Awards, which are sponsored by Danske Bank and HSBC, are sought-after by the corporate finance community in Northern Ireland and reward the top performing professional advice and funders in the region.

Philip Cunliffe, Insider’s Regional Business Editor, who chaired the judging panel, said: “This last year has been a hugely difficult and challenging one for businesses in Northern Ireland and for the corporate finance firms and banks that support them.

“But, despite this, some fantastic deals were done which reflects superbly on the strength and resilience of the region’s advisory community. I can tell you that the judges had a very difficult time in selecting the shortlists but believe they represent the very best of the region.”

You can read the full announcement here

Celebrating 30 Years in Business

Celebrating 30 years in business… and what a journey it’s been!

The team at FPM (now trading as AAB) are thrilled to be celebrating 30 years in business on Thursday 19th August 2021, and extend sincere thanks to current and former staff, clients and all those who have been part of their story so far. As FPM marks this momentous milestone, they have taken this opportunity to look back on how it all started and how far they’ve come…

The Birth of FPM

Feargal Padraig McCormack founded FPM in August 1991 at 98 Hill Street, Newry with a part-time secretary, Catherine Hillen (Kate), who remains part of Team AAB to this day, as their longest serving employee.

With his lifetime motto, “I don’t care how much you know until, I know how much you care”, Feargal has shaped FPM’s culture to center around “Caring and Serving” clients, colleagues, and the local community.

Reflecting on the past 30 years, FPM Founder and Managing Director, Feargal McCormack says:

“From the beginning, FPM focused on being an innovative and enthusiastic champion of change, committed to making a difference to the lives of our clients and the communities in which we serve, with a passion for our planet, by satisfying today’s needs without endangering future generations.

Who We Are, Today

Feargal continues,

“While our firm has grown significantly, we remain true to our original caring ethos. We focus on building long-term partnerships with clients and we measure our success on how we help them to achieve their professional and personal financial objectives, along with lifetime aspirations and dreams.”

Today, as it celebrates 30 years supporting business, FPM has grown into a multi-award-winning accountancy and business consultancy practice, recognised as a leading independent cross-border firm on the Island of Ireland.

Team FPM, led by 10 equity directors, boasts a competent and energetic workforce of 120+ business advisors operating from the firm’s Newry Headquarters and 5 offices across Ireland, north and south. Clients include many of the most prestigious businesses on the Island of Ireland.

Since the firm’s 25th anniversary in 2016, FPM has picked up some of the highest accolades business has to offer, including:

2020 Irish Accountancy Awards Large Practice of the Year
2019 British Accountancy Awards Mid-Tier Firm of the Year
2019 Sunday Times Top 100 Small Companies to Work For (placed 1st in Northern Ireland and 27th in the UK overall)

Looking to the Future

While we reflect on the past 30 years, our primary focus is set firmly on the future.

People and Culture Director, Teresa Campbell adds:

“This year marks three decades of growth, achievements and lessons learnt. In reaching this point, we owe everything to our strongest asset, our people. I am constantly in awe of the talent that our FPM team has to offer and am really excited as we prepare to welcome seven new trainees later this month.”

As we look forward and celebrate, we say “Thank You” to all of our customers and co-workers, both past and present, without whom none of this would have been possible.

Extending thanks to past and present customers and co-workers, Feargal states:

“I am extremely proud of everything that Team FPM has achieved and grateful to our clients who have made our journey to date so exciting. Looking to the future, we are confident, that FPM will continue to be a progressive and outward-looking organisation, dynamically engaged with its many constituencies and driven by a vision and passion, not just for itself, but for the communities it serves.”

Here’s to the next 30 years!

AAB win Irish Large Practice of the Year 2020

Independent, Ireland based accountancy practice, AAB, with offices north and south of the Irish border, proved to be leading their sector when awarded two of the most sought-after honours at the Irish Accountancy Awards, which took place virtually on Wednesday, 18^th November 2020.

The magnitude of taking home these awards, namely: Large Practice of the Year for a second consecutive year and Individual Excellence Young Accountant of the Year – awarded to Senior Manager, Ashok Thomas, was a significant accomplishment for Team AAB, who have collectively focused all efforts and resources on supporting clients and the community in what has been an extraordinary year.

The host, Richard Curran, broadcasted the event live from Dublin City on Wednesday afternoon and congratulated AAB on the prestigious wins,

‘There really was no box that this firm did not tick’

AAB Secure Debt Deal & Save Farm in €500,000 Landmark Case

The Irish Independent Reports

A farmer and his wife have been spared the prospect of bankruptcy and the loss of their family farm after a court ruled they could avail of personal insolvency arrangements to restructure more than €500,000 in debts.

The decision is significant as it signals a new pathway for heavily indebted farmers to deal with creditors without being forced to sell their land.

Until recently, personal insolvency arrangements (PIAs) have been associated with saving family homes, rather than property.

But the Circuit Court decision is the second in eight months where both a residence and a family farm have been saved through a PIA. It is the first time such an arrangement has been approved in the face of creditor opposition.

Danske Bank had presented a bankruptcy petition against the couple, both in their early 60s, and wanted the sale of their 112-acre Co Roscommon farm after they defaulted on loans of €434,000. The bank also appointed a receiver over their single-farm payment, an EU agricultural subsidy.

However, Judge Mary Enright approved PIAs that will restructure their total debts of €522,000. Under the arrangement, they will get 20 years to repay Danske. The couple will be in their 80s by the time the debts are cleared.

While there was no debt write-off involved, it means they will be able to keep their house and family farm.

The PIAs were devised by AAB Restructuring & Recovery Partner, Gary Digney and brought before the court by barrister Keith Farry, instructed by Elizabeth Howard & Co solicitors.

Danske Bank held the mortgage security over the farmlands, which were valued at €600,000. It argued these could be sold and that the farmer could clear all his debts, keeping the family home but not the farm.

In legal filings, the bank claimed it would be unfairly prejudiced by having to wait 20 years for repayment. It said the debtors defaulted nine years ago and had made only one repayment since then. It also claimed the arrangement was unworkable as the bank closed its personal and business banking operations in the Republic of Ireland in 2013.

These arguments were rejected by Judge Enright.

In a virtual court ruling last Wednesday, she said she could not condone the behaviour of the debtors, which may have partly been due to bad advice.

However, she said the court could not come to a decision to refuse the arrangement.

“I find no unfair prejudice. All creditors are being paid in full,” Judge Enright said.

The judge noted the single-farm payment would be able to cover all Danske Bank repayments under the PIA and that the bank would receive an additional €90,000 in interest.

The couple’s financial difficulties began with an outbreak of bovine tuberculosis, which meant their cattle herd had to be destroyed in 2009. They got compensation for only a third of the value of the cattle.

After rebuilding the herd, there was further misfortune two years later when calves contracted a disease caused by a lack of iodine. This led to one-third of the herd being lost, without compensation.

These events left them unable to service bank loans under existing terms.

Mr Digney, of AAB, said investment funds that had bought up farm debt from the banks were pursuing short-term strategies to recover the borrowings.

As a result, long-term restructuring was not being offered by such entities.

However, he said this case had shown this could be achieved under a PIA.

“The process guarantees engagement with decision makers and the court can overturn unreasonable refusals and approve the proposals,” said Mr Digney.

“If a farmer can pay his debts in full over time, surely they should be allowed to do it.

“This judgment shows that there is a way of allowing that to happen.”

UK Summer Statement 2020

The Chancellor, Rishi Sunak, has spent so much time in the spotlight that it seems hard to believe he has only been the job for five months. Yesterday’s financial statement was just the latest of a series of announcements by Mr Sunak since he presented his Spring Budget on 11 March, four weeks after entering 11 Downing Street. One way or another, all the announcements have been responses to the financial impact of the Covid-19 pandemic.

His latest statement was perhaps the most difficult, given the circumstances in which it was set.

Highlights include:

A £1,000 Job Retention Bonus will be introduced when the Coronavirus Job Retention Scheme ends for employees who have been furloughed.
A new Kickstart Scheme will cover employers’ costs for new six-month work placements for trainees aged 16-24.
A £1,000 payment will be made to employers for each 16-24-year-old on work placement and training.
Employers who hire new apprentices will receive payments of up to £2,000.
There will be a temporary cut to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000.
The rate of VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses.
An ‘Eat Out to Help Out’ Scheme will offer 50% meal discounts during August.

AAB retain Sunday Times Top 100 Accolade

FPM (now trading as AAB) were last night, Wednesday 19^th February, listed in the Sunday Times Best Companies to Work for in the UK. The only Northern Ireland business to be achieve Top 100 status, FPM were recognised among the very best workplace cultures in the UK for the third consecutive year, in what was the Sunday Times Best Companies 20^th Anniversary Awards Ceremony held at the in Battersea Evolution, London.

As the list went live at 12 midnight, FPM were placed 63^rd and acknowledged with the maximum three star accreditation for extraordinary levels of staff engagement and empowerment across all 8 factors of workplace engagement – Leadership, Giving Something Back, Personal Growth, Wellbeing, Team, Fair Deal, Managers & Company.