Accounting firm acquires Fife-based insolvency business
A firm of insolvency experts with its headquarters in Glenrothes has been taken over.
Dunedin Advisory has been acquired by leading independent professional services and accounting firm, Wbg.
Founded in 2009 and becoming an employee-owned business in 2020, Dunedin’s management team comprises licensed insolvency practitioners, chartered accountants and business professionals. It mainly covered the east of Scotland, working with individuals and businesses looking for solutions with cashflow and debt management, business challenges, restructuring, consolidation, financial pressures, dispute resolution or a business exit.
Allan Dowie, chief executive of Wbg, said: “Dunedin Advisory specialises in the provision of expert business advice, growth and succession planning together with the restructuring and recovery of businesses. It also supports businesses facing insolvency and individuals with personal debt or creditor guarantees.
“This acquisition will see 11 new colleagues welcomed to Wbg, taking the headcount of our restructuring function to 33 thereby making it a formidable offering for both corporate and personal restructuring advice across all sectors in the UK market through our office network.”
Donald McKinnon, Wbg COO, said: “Dunedin Advisory is well known to Wbg, both firms having acted for Scottish Government executive agency Accountant in Bankruptcy (AiB) under contracted out insolvency services, and we are thrilled with the significant expansion of our restructuring offering this strategic acquisition brings, which will enhance the range and depth of services we can bring to our burgeoning client base.
“This acquisition takes the combined business to five Insolvency Practitioners, one of the largest teams in Scotland, and gives Wbg the highest headcount in Scotland for restructuring with a combined £4m annual revenue.”
The acquisition announcement was also welcomed by Christine Convy, director at Dunedin Advisory. She said: “We are delighted to become part of Wbg through this deal which will directly benefit our clients by bringing together our team of expert business advisors with Wbg’s widely acknowledged business turnaround and restructuring specialists to create a cohesive, sector-leading, robust nationwide offering to individuals confronting cashflow and debt problems, as well as business owners and directors seeking solutions to business challenges.”
Wbg has 190 employees operating across eight offices in the UK and Ireland. It aims to be one of the UK’s leading specialist professional services firms with a plan to achieve £50m fee income through continued organic growth and further planned acquisitions. It is also committing significant investment in people and technology to enhance its resource and service market demand.