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April 30, 2008

Scottish firm unveils new leadership structure

Scottish firm unveils new leadership structure

Scottish accountancy firm Scott-Moncrieff has announced a new leadership restructure. Gordon Armour has become the firm’s inaugural chairman and Nick Bennett is the new managing partner.

The decision to appoint a chairman represents a departure from the firm’s previous board structure. Armour’s focus will be on the strategic elements of the business, such as early identification of growth opportunities, staff development and new services. He is an expert in taxation and pensions and has an extensive history in Scotland’s financial services industry. The responsibilities of Bennett include the implementation of strategy, delivery of services and driving the business forward in key sectors. Bennett has been at the forefront of building the firm’s capabilities to serve the public service sector.

Armour told IAB the introduction of a chairman will provide greater flexibility for it to grow organically while carrying out strategic assessment and analysis of opportunities.

“We’ve been conscious of the huge pressure of the job previously dealt with by one individual and decided that we needed two people,” Armour said. “I think we felt there was the need to have someone to give strategic direction and someone else to be involved in the implementation of the policies.”

Scott-Moncrieff, a member firm of Moore Stephens International, has 23 partners and more than 180 staff at its offices in Glasgow and Edinburgh. It provides audit, tax, wealth management, business advisory and corporate consulting services to commercial, public sector, not-for-profit and private clients.

For the financial year 2006/2007, the firm reported overall revenues of £12.7 million ($26.4 million), up 8.5 percent from £11.7 million for the previous 12 months. It reported strong growth in corporate and consulting services, which increased by 20 percent. This included services such as corporate finance and business technology consultancy. Another area of growth for the firm was wealth management, which increased by 21 percent.

Armour said Scott-Moncrieff plans to build on these speciality services, in particular employer compliance, corporate consulting and value-added tax (VAT) services.

He said: “A few years ago, we only had a VAT partner, who was a recognised specialist, and one assistant. We now have four people in that VAT department and we’re likely to recruit another couple over the next year or so. That’s a recognition that there is more activity in the indirect taxation area and we would expect that to be an area of growth.”

Arvind Hickman

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