iMultiply has acquired Allen Accountancy Recruitment Ltd, a specialist public practice accounting recruitment company, for an undisclosed sum. Managing Director Alex Allen will now lead iMultiply's expanded public practice division, placing accounting and finance staff from across the UK and internationally with companies in the Central Belt.
"Alex brings fantastic depth of experience to the role, with more than a decade's experience in serving accountancy firms like BDO and Johnston Carmichael," said iMultiply CEO Kirsty Mackenzie. "There's also an extremely good cultural fit between the two companies: we're both committed to really understanding our candidates, to furthering their careers, and to delivering excellent service for the organisations who trust us to find the very best match for their needs and culture."
She said the time was right to expand iMultiply's investment in its accountancy practice division, which serves a market with recognised staff shortages. Following the downturn in 2008, a slowdown in hiring meant fewer trainees were brought on by public practices, leading to the current shortage in skilled staff.
Alex Allen will be based in iMultiply's Glasgow office, with a focus on servicing dynamic candidates and firms looking for talent in areas including corporate tax, insolvency, corporate recovery, audit and accounts preparation. In the current competitive environment, Alex says companies can improve their prospects of securing sought-after candidates by focusing on and being able to communicate what makes their organisation different from others in their field.
“It’s also important for practice organisations to keep pace with market salary rates, and to consider what they can offer in areas like relocation packages, flexible hours, and funding for personal and career development,” he said. “It’s useful, too, if accountancy practices can keep an open mind about international candidates: they’re often overlooked but can frequently become an extremely valuable resource and successful employees in an organisation.”
Alex added that iMultiply's network includes candidates not just in Scotland, but also across the UK, Ireland, and internationally, giving iMultiply's client companies access to a wide range of qualified accountants and financial staff.
Growth in interim division
iMultiply, which now employs 16 across two offices, is on track to reach its £2 million turnover this year, and is also growing its interim division. Last month the company launched its Agile FD service, which gives small and medium-size companies access to experienced financial directors for interim and project work.
"A lot of the demand in interim recruitment is unplanned and tactical, and we’re expanding our network so that we know who's available at short notice for any financial role, whether that's payroll staff or a fully qualified accountant," Kirsty said. "But our Agile FD service is different. These are strategic, interim placements of experienced financial directors with companies who need assistance on areas like R&D tax credits, fundraising or being brought through the process of an acquisition."
"The Agile FD service really grows out of our understanding that emerging businesses have distinct needs," Kirsty continued. "We have a large network of trusted FDs, CFOs and financially savvy Non-Execs who have the skills and flexibility to meet the needs of emerging businesses and their investors. These individuals possess powerful track records of success, their own strong networks, and experience of working in fast-paced environments. Emerging companies pass through crucial stages of development, and interim access to a seasoned executive at the right time can make all the difference."