Aberdeen-headquartered professional services firm AAB has invested in Ormsby & Rhodes, one of the longest-established chartered accountancy practices in Ireland.
The companies will merge in a deal that strengthens AAB's international presence and access to the European market while bringing its annual revenues past €120m.
Established in 1911, Ormsby & Rhodes provides audit, accounting, tax, payroll, company secretarial and business advisory support and has consistently ranked in the top 20 firms in Ireland.
Ormsby & Rhodes has annual revenues of more than €7m, and the deal will see the company offer new services such as ESG reporting frameworks and sustainability strategies.
Accounts for Ormsby & Rhodes Ltd show the company had accumulated profits of €3.8m at the end of 2023 after making €123,700 that year, down from €299,600 in 2022.
The firm employed 25 people between payroll, secretarial, compliance and back office.
The business will continue trading as Ormsby & Rhodes, and all 10 partners remain committed.
“As trusted advisors to a wide range of clients and businesses, this investment from AAB will open up new opportunities for our clients to prosper and for our team to thrive professionally," said David Marsh, managing partner of Ormsby & Rhodes.
"Our clients will benefit from an expanded pool of expertise, enabling us to provide even more comprehensive and tailored advice, no matter how complex the requirements.
"We look forward to building on our success while maintaining the trusted client relationships that have always been at the heart of our business.”
AAB has trebled in size since securing investment from August Equity in 2021 and now employs more than 1,000 people, and the company is pursuing an ambitious growth strategy.
In 2022, the firm merged with Northern Ireland-based accountancy and advisory business FPM, which at the time had revenues of £9.5m and 120 staff across offices in Belfast, Balbriggan, Newry, Dungannon and Mallusk.
AAB appointed Teresa Campbell as head of office within its island of Ireland operations in September, replacing FPM founder Feargal McCormack.
“This strategic move follows on from our first successful investment in Ireland in 2022 and will bolster our international reach through growth opportunities across Europe," said Emma Lancaster, CEO of AAB, of the latest merger.
"Our commitment remains focused on delivering the highest quality of service for our clients while fostering lasting partnerships built on trust enabling our clients to succeed.”
In addition to its Irish locations and eight offices in Scotland and England, AAB also has a site in Michigan.
Photo: (l-r) David Marsh and Emma Lancaster. (Pic: Supplied)
