AAB aims high after funding injection
● Accountancy firm targeting £40m revenues and 100 new jobs
Accountancy and business advisory firm Anderson Anderson & Brown (AAB) has secured a £4 million funding package to support its “ambitious” growth plans, looking to double group revenues and create more than 100 UK jobs.
The Aberdeen-headquartered company has secured the boost from Barclays, as it looks to increase its presence in the UK and overseas.
AAB will use the investment to grow headcount at its Aberdeen, Edinburgh and London offices, where it plans to create more than 100 jobs over the next three years, as well as to expand into key markets across the globe.
It aims to almost double group revenues, from £22m last year to £40m, by capitalising on opportunities to broaden its client base in fast-growing areas such as global payroll and mobility.
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.
0 L to r: AAB’S Ricky Cowan, Graeme Allan, Lyn Calder and Fraser Porter
GRAEME ALLAN, AAB
“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.”
AAB’S global payroll team now numbers about 20, with turnover at the division surging 50 per cent to just under £2.3m during the past year.
The firm has also created a
global tracking software system, which utilises “interactive dashboard technology” and can be integrated with the payroll process, providing clients with “regular and transparent” views of their operations on a real-time basis.
AAB intends to target further activity in the upstream oil and gas (exploration and production), food and drink, technology and public sectors.
The firm also said it has seen “significant” growth since the launch of its Edinburgh office earlier this year, with revenues forecast to be in excess of £1.5m by March.
The Capital office has also recruited 30 new staff members, including nine senior appointments, such as Kenny Fraser, a former partner at Big Four practice PWC, to strengthen its technology advisory arm.
Relationship director at Barclays corporate banking in Scotland, Angela Yule, who led the deal team, 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.”
Andy Hall, head of corporate banking, central Scotland at Barclays, added: “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.”
AAB currently employs around 280 staff and provides accountancy and business advisory services to individuals and businesses ranging from start-ups to global corporations. It supports clients across nearly every major country in Europe, North and South America, Asia, Africa and Australia.
“We are confident that the funding support will allow AAB to continue to expand across Scotland and internationally.”