MID-TIER accountants French Duncan have today announced a 10-per cent rise in turnover in the last financial year, to pounds-5m, together with the appointment of two new partners.
Graeme Finnie has joined the Glasgow-headquartered firm as corporate advisory partner, following stints as an assistant director, corporate finance, at "big four" firms Deloitte & Touche and Ernst & Young.
Finnie is returning to accountancy after several years in industry, where he held the posts of managing director of both credit card direct sales company Fender Sturrock and of pensions administration company @sipp plc.
Formed two years ago, French Duncan's corporate finance department now generates annual income of about pounds-250,000. The division is being rebranded as a corporate advisory department under Finnie's control, offering both corporate finance advice and consulting services.
Finnie commented: "Over the years I've dealt with a range of business issues, as both an adviser and as a managing director. I believe that these experiences will enable me to provide a service to clients not readily available from many CA firms."
Associate Annette Menzies has been promoted to partner in business recovery, which the firm said is an acknowledgement of her role in growing the department, which has doubled staff numbers in 18 months.
Some pounds-1m of French Duncan's turnover was generated through business recovery, up from pounds-480,000 in 2003, while the department's profitability rose by 25-per cent.
After training with Cork Gully, the insolvency arm of Coopers & Lybrand, Menzies went on to workwith the Scottish Executive before joining a mid-tier national practice. After switching to French Duncan, her experience and knowledge in both the corporate and personal markets has been instrumental in moving the fledgling business recovery department forward.
New assignment wins for French Duncan included the audit of Livingston-based Secure Risks, the dollars-12m turnover global security business, an audit and tax engagement with jeweller MM Henderson, and substantial start-up funding for The International Golf Registry, a European golfing business. Robert Kerr, French Duncan managing partner, said: "Our latest partners, whether helping businesses expand or recover from difficulties, mean that we are now well positioned to progress our strategy of pursuing work for increasing numbers of larger corporates."
French Duncan has appointed three partners in as many months, also taking on tax specialist Gillian Wrigley from Ernst & Young. The firm's total partner complement now stands at 15.
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