Aberdeen-headquartered accountant AAB continues acquisition spree with purchase of English firm Elstan HR

Aberdeen-headquartered accountancy group AAB has snapped up an English outsourced/integrated HR business, saying the move is part of its strategy to extend its consultancy services in this area.

From left: Louise McCosh, AAB People partner; Katie Aldred, MD of Elstan HR; and Douglas Martin, chief commercial officer at AAB. Picture: contributed.

AAB said that following the acquisition of Elstan HR, terms of which were not disclosed, its HR and people services arms (AAB People in Scotland and Think People Consulting in Ireland) now comprises more than 60 HR, health and safety, and talent-development specialists working across six locations, turning over nearly £5 million a year.

Elstan HR, which is based in South-east England and will next month begin trading as AAB People, was founded in 2015 by current MD Katie Aldred, and works with clients across various sectors, but has developed particular expertise in technology and leisure/retail.

The Aberdeen-headquartered business, which bills itself as a tech-enabled business-critical services group, says Elstan HR is the ninth business to join the group since it secured investment from August Equity in 2021, including its purchase of historic Scottish accountant French Duncan earlier this year. AAB, which now has more than 1,000 staff across the UK, Ireland, and internationally, says it expects to continue to pursue “ambitious” organic and acquisitive growth plans in 2024.

AAB chief commercial officer Douglas Martin said: “The acquisition of Elstan HR provides an exciting opportunity for AAB Group to expand the range of HR consultancy services that we can deliver for our clients, particularly integrated HR support for large SMEs and corporates.”

Louise McCosh, AAB People partner added: “This is a great strategic fit for the AAB People business unit. Not only are Elstan HR’s culture and values synergistic with the AAB Group, but this move will also provide us with a footprint to grow in London and South-east England across all the AAB People service lines.”

Also commenting on the deal was Katie Aldred, who said: “This deal has come together at a great time for us as we look to accelerate our next stage of growth, whilst enhancing the depth and breadth of the services we offer. AAB has a strong relationship-driven approach and we are looking forward to working with our new colleagues in AAB People, and across the wider AAB Group, to deliver even more value for our clients, whilst providing great opportunities for our team.”