Newry accountants taken over by Scottish firm
- Published
FPM, the Newry-based accountancy firm, has been taken over by the Scottish business services group Anderson Anderson & Brown (AAB).
FPM has annual revenue of around £9.5m and a team of over 120 people across five offices in Belfast, Balbriggan, Newry, Dungannon and Mallusk.
AAB has been growing rapidly, using a private equity investment to fund the takeover of other firms.
In the last year it bought businesses in Glasgow, Edinburgh and Leeds.
The addition of the FPM business means it will now have annual revenues of over £50m and a team of 550 people.
The nine FPM shareholder directors are all remaining in their current roles.
Managing Director at FPM, Feargal McCormack added "We are delighted to be merging with AAB. The synergies across our teams, service provision and sector specialisms, provide a fantastic platform for exciting future growth."
He added that the greater scale of the business "instantly gives us the capabilities to do even more for our clients, wherever they wish to do business across the world."
The financial terms of the deal have not been disclosed.