Specialist business advisory firm FRP has announced the acquisition of the Cypriot advisory group APP in a deal that marks the launch of FRP’s first international office.
Headquartered in Limassol, Cyprus, APP is led by father and daughter Augoustinos Papathomas and Christina Papathomas. The group is split into APP Advisory and APP Audit Co Ltd, and provides a range of services across assurance, taxation and business consulting to clients across Cyprus and internationally.
With more than 35 years’ experience, Augoustinos is a restructuring specialist. He founded APP in March 2018 and has worked on some of the highest profile receiverships and liquidations in Cyprus in recent years, including the liquidation of Cyprus Airways and the liquidation of Cyprus Popular Bank.
Christina is a trained Chartered Accountant and joined APP in 2021. Prior to this, she spent eight years working for Deloitte in London and has experience working with both listed and large private groups, supporting clients across the infrastructure and real estate industries. Since joining APP, she has specialised in restructuring and insolvency projects.
Following the acquisition, Augoustinos and Christina both join FRP as partners. The rest of the APP team, which includes 14 colleagues and one consultant, will also join the firm and continue to work from their current office in Limassol.
APP will rebrand to FRP following the deal but APP Audit Co Ltd will retain its current name.
FRP CEO, Geoff Rowley, said: “We have known and worked with the team at APP for many years. They share our values, are experts in their field and focus on providing the highest quality services to their clients. This combination lays strong foundations for future growth, and we’re pleased to welcome Augoustinos, Christina and the team to FRP. I have no doubt they will make a significant contribution to the business and look forward to supporting them as they continue to grow.”
“The acquisition also strengthens our international presence and supports our work with global advisory organisation Eight International, enabling us to better support our clients on international matters.”
Augoustinos Papathomas, founder of APP and partner at FRP, added: “We’re thrilled to be joining FRP. We have worked with the team for the last few years, and this cements what has been a fantastic working relationship. We are genuinely excited by the new growth opportunities this represents, whilst enabling us to continue to provide our existing clients with an industry leading level of service and creating employment opportunities for exceptional talent across Cyprus and beyond.”
Christina Papathomas, partner at FRP, said: “The partnership with FRP represents the start of a new chapter in our growth journey. We share many of the same values and I’m looking forward to meeting colleagues from across the group as we work together to support our people and clients.”
Financial details of the deal are undisclosed.