Johnston Carmichael’s Edinburgh office expands as fee growth rises

Mark Stewart
Mark Stewart

Business advisory and accountancy firm Johnston Carmichael has expanded its Edinburgh premises, after the firm signed up to an extra 1,400 sq ft of office space at 5 Melville Street.

The deal takes its overall office footprint in the capital to close to 15,000 sq ft as the Edinburgh team reported 13 per cent year-on-year fee growth in the last financial year.

Over the past five years, the firm’s Edinburgh office has recorded an overall growth in fees of 63 per cent.

The strong financial performance is supported by significant investment in new hires, which continues to position the office as a centre of expertise and a destination for talent. In the past financial year, the office headcount - bolstered by a number of new service heads - increased by 11 per cent.

The Edinburgh office now boasts 140 employees with a wealth of multi-sector expertise and experience running through its nine core service lines; with expertise ranging from Audit and Tax, to Business Advisory and Financial Planning. Following a number of strategic hires over the last couple of years, the firm has strong specialisms in areas including Entrepreneurial, R&D and Employment Taxes, as well as a strong digital solutions offering.

The firm’s well established central belt Corporate Finance team had a particularly busy year having been involved in 29 deals with a value of around £300 million during the last financial year.

Recent recruitment has focused on Infrastructure & Renewable Energy; Food & Drink; Agriculture; and Technology & Life Sciences and Financial Services, which both experienced close to 24 per cent fee growth in the past year.

As 2019 shapes up to be one of the most significant for businesses across Scotland in many years, Johnston Carmichael is committed to further investment to ensure clients are well-placed to navigate the challenges that lie ahead, such as Making Tax Digital and the changes to off-payroll rules. The firm has also set up a dedicated Brexit team under the guidance of Susie Walker, Johnston Carmichael’s head of tax, and will invest further in strategic hires.

Mark Stewart, managing partner of Johnston Carmichael’s Edinburgh office, said: “Johnston Carmichael opened its Edinburgh office in 2002 with 12 people; I’m very proud to say we now have over 140 talented employees and our new office space will enable us to keep making quality additions to the team over the coming year.

“The investments we have made, and will continue to make, in our services, operations, offices and people are delivering growth rates that are out-performing the wider market. They have enabled us to build a team with market leading experience and expertise that will provide the advice and services our clients need to thrive. There will be economic headwinds for businesses in the coming months, but I’m confident there is an abundance of opportunities in the market to ensure our Edinburgh success story continues.”