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Saturday, January 18, 2020

Accountancy firm secures £4m funding package for expansion

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Anderson Anderson & Brown (AAB), one of the UK’s leading Chartered Accountants and Business Advisory firms, has secured a £4m funding package from Barclays to support the firm as it seeks to expand its national and international footprint.

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AAB will use the funds to grow its Aberdeen, Edinburgh and London offices, where it plans to create over 100 jobs over the next three years, as well as continuing to expand into key markets across the globe. It aims to double group revenue to £40m by capitalising on opportunities to expand its client base in fast growing areas such as global payroll & mobility alongside growth aspirations in the upstream Oil & Gas (E&P), food and drink, technology and public sectors.

Headquartered in Aberdeen, AAB has over 280 staff and provides an extensive range of accountancy and business advisory services. It works in close partnership with individuals and businesses of all sizes and requirements, from start-ups to global corporations. Since launching its Edinburgh office earlier this year, the firm has seen significant growth, both in terms of new client wins with revenue forecast to be in excess of £1.5m by March, and in recruitment with 30 new people joining the team, including nine key senior appointments.

Graeme Allan, Managing Partner at AAB, said: “It’s an extremely exciting time for the business and Barclays’ significant experience in the professional service sector will play a vital role in helping us achieve our ambitious growth plans. In addition, Barclays’ national and international presence, and its proactive and collaborative approach, means that we are confident that the innovative and tailored funding support solutions they are providing will allow AAB to continue to expand across Scotland and internationally.”

Andy Hall, Head of Corporate Banking, Central Scotland at Barclays, said: “We worked hard to create a tailored and competitive package which, coupled with our expertise in the professional services sector, means that we can support AAB as it looks to consolidate and grow its business in the UK and internationally.”

Angela Yule, Relationship Director, Barclays Corporate Banking, Scotland, said: “AAB is a great example of the kind of innovative, ambitious and forward-thinking business that we’re committed to supporting across Scotland. We’re excited to be supporting them on their growth journey.”

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