Azets‘ Scottish operations are projected to achieve a turnover of £51 million, marking the first time the accountancy and advisory firm expects to surpass the £50 million milestone. This forecast represents approximately a 30 per cent increase in revenue over the past two years.
The firm’s expansion in Scotland is attributed to a combination of organic growth and strategic acquisitions, notably the integration of Paisley-based accountancy firm Milne Craig in August 2024. This acquisition added around 90 staff, increasing Azets’ Scottish workforce to nearly 500 employees as the firm continues to recruit across its advisory, tax, and audit services divisions.
Greig McKnight, Managing Director for Scotland at Azets, stated that the business is “currently performing 8 per cent ahead of the previous year and remains on track to achieve the projected turnover figure despite a volatile economic environment.”
Azets’ growth trajectory follows a period of notable consolidation within the Scottish accountancy market. The firm previously integrated practices such as Campbell Dallas and Scott Moncrieff before rebranding under the Azets name in September 2020, as part of a broader international strategy. While further acquisitions remain a key component of the group’s expansion plans, Mr McKnight observed that the number of independent Scottish accountancy firms has significantly reduced, making suitable opportunities more challenging to identify.
This expansion comes against a backdrop of increasing financial pressures on Scottish businesses. Companies are navigating rising operational costs, including increases to employer National Insurance contributions and the National Living Wage.
Furthermore, global economic uncertainty continues to influence sentiment across several industries. Concerns surrounding potential US trade tariffs, particularly on Scotch whisky, persist.
In response to these complex market conditions, Azets has enhanced its specialist consultancy capabilities, particularly within its tax advisory division. This includes recruiting additional partners and directors to support clients in navigating increasingly intricate fiscal and regulatory requirements.
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