Glasgow firm doubles corporate recovery arm

Accountancy firm Scott-Moncrieff has acquired the Glasgow-based corporate recovery practice of Moore Stephens.

Following the acquisition for an undisclosed sum, 15 staff will move to Scott-Moncrieff's Glasgow office in Bothwell Street where they will be assimilated into the firm's corporate advisory group, effectively doubling the its size.

Stewart MacDonald, a partner in Scott-Moncrieff who leads the corporate advisory group, said his team had already been working on many business turnaround assignments, including business restructuring, refinancing and debt recovery, and had seized the opportunity to expand.

He said: "Looking forward I see this being an area that will continue to grow, so when the opportunity arose to acquire an experienced corporate recovery team we moved to bring them in house.

"For the past two years there has been an increase in the number of requests from businesses asking for assistance on turnarounds, help with cash flow issues and so on, and there is no question business leaders value the advice of trusted business advisers in challenging circumstances.

"The additional resources we can now offer from the expanded team will be welcomed by those in need of support."

MacDonald said that the expanded team would be looking beyond Glasgow and Edinburgh to work with companies throughout Scotland.