Finance staff firm targets growth after deal

Edinburgh’s iMultiply acquires Allen Accountancy Recruitment

RECRUITMENT firm iMultiply Resourcing has acquired Edinburgh competitor Allen Accountancy Recruitment as part of a strategy to ramp up its presence in the public practice accountancy sector.

Edinburgh-based iMultiply, founded in 2012 by chief executive Kirsty Mackenzie, aims to grow its business in public practice – charted accountancy firms which provide accounting and business services.

Tapping into a market that has a shortage of skilled staff as a result of the economic downturn in 2008 when fewer trainees were being brought into public practice, the expanded division, based in the firm’s Glasgow office, will be headed up by managing director Alex Allen.

Speaking about the acquisition, which was for an undisclosed sum, Ms Mackenzie said that iMultiply had been seeking to expand and was introduced to Mr Allen by an intermediary.

“We felt it was an extremely good cultural fit,” she said, adding that his experience in serving accountancy firms such as BDO and Johnston Carmichael would bolster iMultiply’s public practice credentials when it comes to placing accounting and finance staff from across the UK – and globally – with companies in central Scotland.

Mr Allen said: “After building the Allen Accountancy business for 10-11 years and working for clients ranging from big companies like KPMG to small businesses with one office, I was looking to take it to the next level and found a meeting of minds with iMultiply. They have some exciting ideas that appealed to me and will add value to clients.”

The expanded operation, he added, will focus on servicing candidates and firms looking for talent in areas including corporate tax, insolvency, corporate recovery, audit and accounts preparation. Mr Allen said iMultiply’s network includes candidates not just in Scotland, but across the UK, Ireland and overseas, giving clients access to a wide range of qualified accountants and financial staff.

On track to achieve turnover of £2 million in this financial year, iMultiply’s focus is high-growth and entrepreneurial businesses. “We’re very clear about where our market is and I think that has given us traction,” Ms Mackenzie continued.

“Our goal is to expand and Glasgow is a big growth area for us

Our goal is to expand and Glasgow is a big growth area for us – it’s currently just 30 per cent of our business

– it’s currently just 30 per cent of our business. There’s an argument that Glasgow’s SME market is twice the size of Edinburgh’s so it’s a significant opportunity for us.”

Last month, the company launched its Agile FD service, which gives small and medium-sized firms access to experienced financial directors for interim and project work. “A lot of the demand in interim recruitment is unplanned and tactical, and we’re expanding our network so we know who’s available at short notice for any financial role,” said Ms Mackenzie.

“The service grows out of our understanding that emerging businesses have distinct needs,” she continued. “Emerging companies pass through crucial stages of development, and interim access to a seasoned executive at the right time can make all the difference.”