One of the UK’s fastest-growing accountancy firms, Aberdeen-based AAB Group, just got bigger after it swallowed up central belt rival French Duncan.
Although the value of the deal is undisclosed, it is AAB’s largest acquisition to date.
The group now employs more than 1,000 people – including nearly 80 partners – across the UK, Ireland and internationally.
And its rapid growth journey is expected to continue during 2023.
This is our largest strategic acquisition to date and significantly strengthens our market position in Scotland.”
Graeme Allan, chief executive, AAB
French Duncan has provided accountancy and other business support services for more than 100 years.
It employs more than 200 people across offices in Glasgow, Edinburgh and Stirling.
Graham Finnie was the firm’s managing partner and he is now managing partner for AAB in Glasgow.
Shared ‘passion’
AAB chief executive Graeme Allan said: “This is our largest strategic acquisition to date and significantly strengthens our market position in Scotland.
“We share a passion for supporting clients to achieve their goals by offering an unparalleled range of services to the businesses and individuals who choose to work with us.
“Our teams will be able to provide an even better service to our clients as a result of this deal.”
‘Superb next step’
Mr Finnie said: “This deal is a superb next step for the French Duncan team.
“We have admired the journey AAB has been on and by joining the group ourselves we will create unmatched opportunities for our teams and our clients through enhanced technology, investment and expertise.”
From today, French Duncan, together with its specialist hotel accounting and “people” businesses, will start trading under the AAB umbrella.
French Duncan Wealth Management and FD Intelligence do not form part of the deal.
AAB – based at the Prime Four business park, Kingswells – is turning over about £80 million annually following a string of recent acquisitions.
The company provides “tech-enabled business critical services” to clients in nearly every major country in Europe, North and South America, Asia, Africa and Australia.
Just last month it announced its first US acquisition for an undisclosed sum.
Payroll services company Dominion Systems, based in Grand Rapids, Michigan, is now part of an increasingly diverse AAB portfolio.
Dominion was the group’s seventh acquisition in the past 16 months.
Last August AAB announced it had snapped up Irish human resources business Think People Consulting for an undisclosed sum.
That deal came just a few weeks after the group swooped to buy customs consultancy Charlton House, also for an unspecified value.
AAB also “merged” with FPM, based in Newry, Northern Ireland, but with operations on both sides of the Irish border.
Central belt ambitions
Purpose HR, of Edinburgh, and Glasgow-based accountancy firm Hardie Caldwell were both snapped up by AAB in 2021 as the group made a strategic push into the central belt.
AAB acquired Leeds-based independent accountancy firm Sagars later the same year to further grow its UK regional presence.
The group was founded in 1990 by retired senior partner Mike Brown and two former Ernst & Young colleagues, Bobby Anderson and Sheena Anderson.
Recent expansion is fuelled by investment from London-based August Equity in 2021.
Conversation