Scots accountancy chief reveals acquisition plans for Azets
He disclosed the ambition in an exclusive interview with The Herald, in which he underlined the difficulties which the current economic uncertainty was causing clients. Business owners are looking to the firm for advice on how to manage challenges such as the recent rise in employer national insurance contributions and forthcoming changes to inheritance tax against a shifting macroeconomic backdrop that has been rocked by Trump tariffs and geopolitical tensions.
The Scottish part of Azets began to take shape in 2017, when Scots accountancy firms Campbell Dallas and Springfords became part of Staffordshire-based Baldwins, which in turn was part of the Cogital Group. Campbell Dallas then merged with long-established Scots accountancy firm Scott Moncrieff under the Cogital umbrella, before Cogital was subsequently rebranded as Azets in 2020.
Azets has a presence across the Nordics.
Mr Gallanagh had been a partner at Campbell Dallas for nearly 20 years before its acquisition by Azets. Speaking in the Azets office in Braehead, he said the firm's growth over recent years has been powered by a flurry of acquisitions, with turnover on course to reach £330 million in the current financial year. He said the firm will continue to assess potential deals but will be more selective in terms of targets.
The most recent deal struck by the firm in Scotland was the acquisition of Paisley-based Milne Craig in August. The acquisition saw more than 90 staff join Azets, lifting the number of people employed at its Braehead base to 320.
Read more:
Mr Gallanagh, who has been Azets' UK chief executive since 2022, said: 'We are very choosy now on how we acquire. The marketplace is, from a consolidation perspective, getting significantly harder. At one point, we were the only private equity supported firm and now there's about 50 supported in the private equity space. It is getting harder to acquire good businesses, but we are very conscious that we bought some businesses at the outset… that maybe aren't businesses that we would buy now. And we have made some wonderful acquisitions in recent years.'
He said that Azets will now only acquire firms that have the potential to enhance its offer or fill a 'geographical white space that we have, and it doesn't take a rocket scientist to see where we are looking at'.
Mr Gallanagh declared: 'If you look at the East Anglia side of the UK, you have got a big white gap in there. We are under-represented in London and Birmingham, and we can do a lot more in Manchester, and even in Scotland. There are spaces in Scotland we want to do more.
'We are in discussions with some firms in London and have one in the east side of England. We would be hopeful that we could conclude that before the end of June.'
He added: 'It is no longer about just buying businesses for the sake of buying businesses – it is ensuring that they are adding value to what we have and most importantly that their culture is aligned to ours. A lot of our time is spent now on the culture of the business before we acquire, which is really, really key.'
Asked to gauge sentiment among the firm's client base, Mr Gallanagh the uncertainty caused by global events and macroeconomic headwinds, including US tariffs, is 'causing concern pretty much across the board'.
He said: 'It is across the whole of business, it is not in any particular sector. That uncertainty brings a real nervousness for people. I think the second thing is the changes in tax – the increase in national insurance [and] increase in the living wage which are putting a strain on already strained businesses.'
Read more:
This pressure has led firms to cut costs, including ESG (environmental, social and governance) and marketing spending, while investment plans are being held back because of changes to agricultural property and business property relief. These changes are part of reforms by the UK Government to raise more money from inheritance tax (IHT).
Greig McKnight, Azets' regional managing director for Scotland, said: 'The changing tax environment is on all our clients' minds. Peter referenced the IHT impact – suddenly a lot of business owners have got a change in the landscape. The business property relief is being taken away, so they have got potentially a 20% IHT liability. That is impacting almost all of our clients and that has a knock-on effect on the decisions that they take.'
Mr Gallanagh said the IHT changes are seeing family firms 'bringing forward conversations' around inheritance tax, when previously the issue may not have been discussed, in some cases until it was too late.
He said: 'Now those conversations can happen up front. We would rather have them upfront without a 20% tax cloud hanging over our heads, but hopefully in the longer term a lot of businesses will have better succession planning in place.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald Scotland
30 minutes ago
- The Herald Scotland
Less than 3% of ScotRail services cancelled in 2024
A high water mark in 2022 saw 23,207 services cancelled, or 3.7% of all trains. Early figures in 2025 have also been positive, with only 2.2% of trains cancelled this year, as of 16 May. Mark Ilderton, ScotRail's Service Delivery Director, praised the findings. He told The Herald: 'Everyone across Scotland's Railway is working flat out for our customers to ensure our rail service is a safe, reliable, and green form of public transport. 'We operate more than 2,100 services every day, with around nine out of ten of those services meeting the punctuality target, getting customers to where they need to be. 'Cancellations can be for a number of reasons, many of them outside the control of ScotRail, but represented around two per cent of more than 650,000 services we operate across the country over the course of the year.' ScotRail trains were cancelled less than 3% of the time in 2024. (Image: Merseytravel) However, the number of public performance monitoring (PPM) failures has fluctuated in recent years. The figure increased slightly between 2022 and 2024, rising from 69,625 to 73,359. However, the overall failure percentage dropped from 11.2% to 10.7%. PPM tracks the publicity of train services, measuring the percentage of trains which arrive at their destination within five minutes for regional trains and ten minutes for long distance services. Ilderton said that while the trends were 'encouraging', there was more work to be done. He said: 'Our focus is building on the hard work of our people to deliver the safe and reliable railway that our customers expect and deserve, and to encourage more people to travel by train instead of using the car. 'And with more than nine out of ten customers satisfied with our service according to Transport Focus, the independent watchdog for transport users, it's testament to the hard work of ScotRail staff in delivering a safe, reliable, and green railway.' Read more from Josh Pizzuto-Pomaco: Rail station reopenings will lead to multi-million economic boost, quango says ScotRail 'one of UK's best for passenger satisfaction' ScotRail is 'fixing' AI train announcer after controversy over voice used The Herald's FOI request also queried the cost of ScotRail's AI announcement system, dubbed 'Iona'. The system sparked controversy after Scottish voiceover artist Gayanne Potter alleged tech firm Read Speaker used recordings of her voice to develop the software — without her permission. When asked to provide details on how much it cost to develop and implement the system, ScotRail declined, stating 'Iona' did not incur "development costs' as it was 'an off the shelf product'. Potter told the BBC: "I have to look on social media and see people mocking it, berating it. "They don't realise it's actually a real person who's been put through a dreadful voice app." Potter added: "It's hard enough for people in the creative industry to sustain careers but to be competing with a robotic version of yourself just adds insult to injury." First Minister John Swinney has told MSPs in Holyrood that ScotRail would be 'fixing' the software.
Glasgow Times
an hour ago
- Glasgow Times
I tried Glasgow's newest food and drink tour
Gillian says she was inspired to start the business as the loves 'doing food tours everywhere I go' and wanted to combine the city's food scene with its history. She told the Glasgow Times: 'I did my first ever food tour in New York in 2008 and I just got hooked and thought this would be a great idea to set up in Glasgow.' She continued: 'I thought it would be great to combine the two [food and history] because Scotland's produce is amazing, and it's not always recognised, and Glasgow's history is really interesting. We love sharing stories of Glasgow's past. 'I also wanted to support local and independent businesses. You don't get many about these days so it's great to support them as well as the local community and economy.' READ NEXT: New restaurant opens in Southside bringing a taste of Algeria to Glasgow Mercat Cross (Image: David Dixon via The Merchant City Stroll, which launched in April, was developed alongside Visit Glasgow with Gillian using sources such as Slow Food Glasgow's Sustainable Food Directory to develop a route around the oldest part of the city. She explained: 'I looked at the route and how it would not only cover local and sustainable produce but also logistics, looking at how I would incorporate the city's history into the tour. 'This tour is all about great food and drink, trying traditional and multicultural tastings - it's a city of many cultures. The businesses I work with focus on sustainable produce.' She added: 'We not only want locals to come and enjoy their city, but also want visitors to come and explore the city the way I see it. Glasgow's got so much to offer.' Saint Mungo mural (Image: Newsquest) The Merchant City Stroll starts at the Mercat Cross where I met our tour guide Rae, who was a fountain of knowledge on Glasgow's history. I was on the tour alongside a family of four visiting from the USA. Our first stop was a short walk around the corner to coffee shop and bakery Outlier on London Road. Outlier, which opened in 2022, makes all of their baked goods on site. Here we were each given a coconut macaroon which gives a nod to multicultural influences in Scottish cuisine. READ NEXT: Further details revealed for brunch spots new 'bigger and better' eatery Macaroons at Outlier (Image: Newsquest) This is not my favourite sweet treat but on taking a bit I was surprised by how much I enjoyed this one. It was nice and moist with the perfect amount of coconut flavour for me. On leaving Outlier, we headed into the historic Barras and to Crossbill Distilling, who have been producing their range of award-winning Scottish gins in the city since 2017and are the only distillery in the country to source their own juniper berries in Scotland. A sample of Crossbill Green Dry Gin at Crossbill Distilling (Image: Newsquest) I didn't plan on sipping on straight gin before 12pm - specifically their Green Dry which takes on the flavours of blue and red juniper berries and juniper needles - but it was surprisingly smooth, and you could pick up the fresh flavour from the needles. Our next stop was at the award-winning Bare Bones chocolate which came at the perfect time as it gave us an escape from a heavy dump of rain which started suddenly (but thankfully stopped just as quickly). At this stop, we were able to sample their chocolate and we each got a hot chocolate with a homemade marshmallow and were told a little about the process. Hot chocolate at Bare Bones Chocolate (Image: Newsquest) The hot chocolate was really rich and was a nice size, and I liked having the freedom to choose what chocolate we sampled. The second half of the tour was a much more food heavy as we made our way to Merchant Square for stop number three Table Twenty Eight. We were served a small portion of Barra scallops with asparagus and squid ink risotto, which gives a nod to the city's Italian population and influence. The scallops were perfectly cooked, and the risotto and asparagus were delicious. Scallops, asparagus at risotto at Table Twenty Eight (Image: Newsquest) We then made a quick dash across the road to Mharsanta where we each got a taste of Stobcross Lowland Single malt whiskey, a small bowl of Cullen skink and shared some plates of haggis, neeps and tatties with a whisky cream sauce. The Cullen skink in particular stood out to me here, it was creamy and full of flavour with a lot of smoked haddock flakes in the portion. Haggis, neeps & tatties and Cullen skink (Image: Newsquest) For our final food stop, we headed out east again to Drygate brewery where we had a small portion of fish and chips (well, skinny fries) with a glass of their Seven Peaks IPA which is also in the batter. The batter was nice and crisp with delicious flaky fish, and by the end of this last stop I was officially stuffed. Fish and chips at Drygate (Image: Newsquest) Throughout the tour we also stopped at sites such as The Barras, Glasgow Cathedral, the Necropolis, and St Andrews in the Square, as well as seeing several of the city's murals including the Big Yin, Saint Mungo and Fellow Glasgow Residents. I really enjoyed the balance of history and food and learnt a lot of interesting facts about Glasgow I didn't know thanks to Rae and I found there to be a good mix of dishes on the tour. Although the tour was four hours, with the stops spaced out how they were it was about 5000 steps in total so it wasn't a tiring walk. Both the Merchant City and West End tours are limited to a maximum of 10 people on each tour, and think being on a small tour better for being able to hear Rae, as well as for being able to chat with other guests. Archive image of Glasgow Cathedral (Image: Supplied) My tour-mates have done several food and drink tours in different cities, with them saying the Boston Food Tour would be hard to beat. So, what did they think of the Merchant City Stroll? 'This is our favourite one we've ever done,' they said, also praising the mix of food and history. Next time I have friends visiting from outside Glasgow and I'm not sure where to take them, I think this would be the perfect option. The Merchant City Stroll takes place Monday to Thursday and Saturday and costs £95 per person. You can find out more at
Scotsman
an hour ago
- Scotsman
'We don't feel valued' - Farmer angst over political uncertainty at Royal Highland Show
Inheritance tax and trade deal contribute to general sense of being 'well down the pecking order' Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... With hundreds of thousands of people walking through the gates to celebrate Scotland's largest agricultural show, you would think farmers felt supported. But that wasn't the general feeling among members of the farming community attending the Royal Highland Show in 2025, a year that has seen political change bring an uncertain future for many in the sector across the UK. Political promises Advertisement Hide Ad Advertisement Hide Ad Rural affairs secretary Mairi Gougeon opened the show with promise sounding statements, including the Scottish Government's decision to reject climate change advice to cut livestock numbers by almost 30 per cent by 2040. However, Tory MSPs attending the show, including Tim Eagle and Finlay Carson, were quick to point out cattle herds and sheep flocks are in decline anyway, with little to no mention of how policy will protect numbers dwindling further. MSPs, including Tim Eagle (second from left) at a political debate at the NFUS stand at the Royal Highland Show | Katharine Hay Ms Gougeon also announced £14m will be available for farmers to apply for funding for the Future Farmers Investment scheme. Some in the industry, however, felt this will only back a few hundred businesses and will instead just 'get hopes up.' Advertisement Hide Ad Advertisement Hide Ad Farmers on the ground were fairly dismissive of the SNP politicians bearing gifts, with some in the showground accusing ministers of paying lip service. Uncertain future for next generation Ewan McCall, who farms Luing cattle near Golspie, in the north east Highlands, spoke to The Scotsman about the uncertainty he feels in the sector and for his children, who he hopes will have a future in agriculture. Ewan McCall, who farms Luing cattle in the north-east Highlands | Katharine Hay 'It has been a tough year,' he said. 'We have had a lot of pressures from government: inheritance tax, the ongoing problems with tree planting and the grab for land for that. 'There are the trade deal issues as well. There's so much uncertainty at the moment that we don't feel valued. We don't really know what the future will be for the next generation.' Advertisement Hide Ad Advertisement Hide Ad Mr McCall said the declining beef herds, if left to continue, will impact the wider agricultural industry. 'We don't want the cattle numbers to drop any further, nor sheep numbers,' he said. 'We need to think about food security at a government level and take it seriously. We are in a very uncertain world at the moment.' On a positive note, the farmer said prices for cattle are currently good. But it's a small bonus. 'There are mixed emotions,' Mr McCall added. Advertisement Hide Ad Advertisement Hide Ad 'Our personal businesses have been okay. But it's the ongoing background pressures that probably have been putting a dampener on things. 'I am positive about the future but I would like to have more certainty about how things are going to progress and what the future holds for the next generation, for my kids.' Real impact of 'family-farm tax' Farming unions said they are going to keep up the pressure on UK ministers to revise or u-turn on the 'family farm' tax proposals. However, Secretary of State for Scotland Ian Murray, who attended the show on Thursday, said the party will not budge. Advertisement Hide Ad Advertisement Hide Ad It is one of the many worries looming over the farming industry, including for Mr McColl. 'The difficulty is if I was to die early, my kids would be faced with massive inheritance tax,' he said. 'The farm would have to be sold and they wouldn't get the chance to farm and that's something I feel really strongly about. In that respect, it's not good at all.' Laura Needhin, farmer in Aberdeenshire, echoed Mr McCall's concerns. Laura Needhin, a sheep farmer in Aberdeenshire | Katharine Hay 'There's a lot of uncertainty ahead,' she said. 'I don't think the Labour government, in particular, are backing farmers enough. Advertisement Hide Ad Advertisement Hide Ad 'Inheritance tax for lots of small farms that have moved through families for 200 hundred years are going to be gone. It's a big worry for a lot of farmers.' At the opening of this year's show, the National Farmers Union Scotland (NFUS) called on the Scottish Government to promise a multi-annual funding commitment for the farming sector. Lack of detail on future of subsidies to support farmers It comes after years of uncertainty on how Scotland's subsidy system will work post-EU with only half of the scheme confirmed a decade after Brexit. Sheep farmer and Scotland's Rural College (SRUC) lecturer Heather Kerr said while price stability in the sector is relatively good at the moment, 'it's always something you worry about because, long-term, we don't have a huge amount of information with what's going on with subsidies.' Advertisement Hide Ad Advertisement Hide Ad Heather Kerr, a sheep farmer and lecturer at the SRUC | Katharine Hay Ms Kerr added: 'It's difficult to plan so that we can be in a good place when the changes come as they are not things that you can just change overnight.' The college lecturer said while the employment rate for students with rural skills is high, the barrier for new entrants into farming still remains strong for those without the cash for land. At a debate held in the NFUS stand at the show, promises were made from politicians of all political stripes to do more to encourage new entrants and young farmers in the industry. A young farmer's outlook Young farmer Alice Haig, who farms with her dad in Forfar, pointed to multiple challenges the younger generation face in the sector. Advertisement Hide Ad Advertisement Hide Ad 'We're not as supported as people think we are. There's a bit of a rift in between people in towns and rural folk, and I think that's come on since this UK government has come in power.' She said the reality of farming doesn't always appeal to her peers, which could explain labour shortages in the sector. 'Sometimes younger people think it's a nine to five but it's not,' Ms Haig said. 'It's hard to get a job that's got set hours in farming. It's hard to make a good amount of money in farming. It's also hard to get reasonably priced housing in rural areas. It's cheaper to live in towns and cities, you get better paid, you can plan for the future. So I think farming suffers a bit from that. Advertisement Hide Ad Advertisement Hide Ad Laura Haig, who farms with her father in Forfar, Angus | Katharine Hay 'It's not just young farmers. I think the lack of support that farming is getting as a whole means we are not supported as young farmers and we don't see it as a prospect that we might once have done.' Agriculture 'well down the pecking order' Elsewhere, farmers shared the undervalued sentiment. Gordon McConochie , a farmer from Grantown-on-spey in the Cairngorms National Park, said agriculture seems to be 'well down the pecking order' when it comes to other land management such as species reintroductions. Gordon McConachie, who was showing Aberdeen Angus and Highland Cattle at the Royal Highland Show | Katharine Hay He said the increase in raptors has been 'phenomenal', but the impact on the farming community and other species are often overlooked. 'I have no faith in any of the politicians to do anything radical. They seem to be scared to venture into agriculture. We are the whipping boys of the country at the moment. 'Our farming leaders need to be stronger.' Advertisement Hide Ad Advertisement Hide Ad Retired farmer Andrew McConchie, who ran a livestock farm in Dumfries and Galloway, said: 'I represent hill farming. The only thing the governments seem to be interested in is carbon capture. Retired farmer Andrew McConchie, who farmed in the south-west of Scotland and represents hill farming | Katharine Hay 'My grandson started farming now, I retired ten years ago, I definitely wouldn't change places with him. You just don't know whether you're wanted or not.
