“We are thrilled with the significant expansion of our restructuring offering this strategic acquisition brings” – Donald McKinnon, Wbg
Professional services and accounting firm Wbg has boosted its headcount after acquiring Fife-based Dunedin Advisory for an undisclosed sum.
Founded in 2009 and becoming an employee-owned business in 2020, Dunedin’s management team comprises licensed insolvency practitioners, chartered accountants and business professionals. With its main office in Glenrothes, predominantly servicing the east of Scotland, the firm works with individuals and businesses.
Allan Dowie, chief executive of Wbg, said: “Dunedin Advisory specialises in the provision of expert business advice, growth and succession planning together with the restructuring and recovery of businesses. It also supports businesses facing insolvency and individuals with personal debt or creditor guarantees.
“This acquisition will see 11 new colleagues welcomed to Wbg, taking the headcount of our restructuring function to 33 thereby making it a formidable offering for both corporate and personal restructuring advice across all sectors in the UK market through Wbg’s office network.”
Wbg has 190 employees operating across an eight-strong UK office network in the UK and Ireland, with a fee income of £16 million.
Donald McKinnon, the firm’s chief operating officer, said: “Dunedin Advisory is well known to Wbg, both firms having acted for Scottish government executive agency Accountant in Bankruptcy (AiB) under contracted out insolvency services, and we are thrilled with the significant expansion of our restructuring offering this strategic acquisition brings, which will enhance the range and depth of services we can bring to our burgeoning client base.
“This acquisition takes the combined business to five insolvency practitioners, one of the largest teams in Scotland, and gives Wbg the highest headcount in Scotland for restructuring with a combined £4m annual revenue.”
Dunedin Advisory director Christine Convy added: “We are delighted to become part of Wbg through this deal which will directly benefit our clients by bringing together our team of expert business advisors with Wbg’s widely acknowledged business turnaround and restructuring specialists to create a cohesive, sector-leading, robust nationwide offering to individuals confronting cashflow and debt problems, as well as business owners and directors seeking solutions to business challenges.”