PracticeAccounting FirmsScotland lags behind in restructuring says Haines Watts hire

Scotland lags behind in restructuring says Haines Watts hire

Annette Menzies calls for earlier planning to aid recovery of Scottish businesses

HAINES WATTS’ new head of business recovery has called for a ‘cultural change’ in Scottish businesses.

Annette Menzies, who will head a new five-strong team based in Haines Watts Glasgow, said the country needs a more vital business recovery culture.

Menzies said: “In England and Wales there is a much more dominant recovery and turnaround culture than in Scotland. With earlier planning we believe many more businesses could benefit from specialist recovery advice and we are keen to encourage wider awareness of that option.

Menzies, who is joined in the business recovery department by four of her French Duncan colleagues, will be encouraging businesses to seek early advice on the variety of recovery strategies and solutions available.

“Established entrepreneurs and leading business figures can help promote this cultural change as the owners of struggling businesses will often seek their guidance first. More value could be retained if more recovery work was undertaken.”

The creation of a new business recovery department at Haines Watts follows recent expansion in corporate finance, tax and forensic accounting at the firm. Haines Watts recently announced plans to grow fee income in Scotland by more than 50% to over £7m by 2014, and is recruiting in order to support the expansion strategy.

Richard Gibson, managing director of Haines Watts in Glasgow said: “We are delighted that Annette and her team have joined Haines Watts. There is growing demand from our clients and from the wider business community for business recovery services tailored to Scotland’s SME community. “

Menzies added: “There is an outstanding opportunity to build a new business recovery practice at Haines Watts. The firm has an impressive growth strategy and has exciting plans to build market share in Scotland and further afield. My team and I are delighted to be part of the next phase.”

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