Greig McKnight

This represents a roughly 30% increase in turnover over a two-year period, driven by a combination of organic growth and the strategic acquisition of Paisley-based firm Milne Craig in August 2024.

Managing director Greig McKnight told The Herald that the business is currently performing 8% ahead of the previous year, successfully hitting internal targets despite a volatile macroeconomic climate.

The firm’s expansion follows a period of significant consolidation, having integrated several Scottish practices including Campbell Dallas and Scott Moncrieff before rebranding as Azets in 2020. While Mr McKnight indicated that further acquisitions remain a core part of the firm’s strategy, he noted that a shrinking pool of independent Scottish practices has made finding the right opportunities increasingly difficult.

This growth occurs against a backdrop of domestic and international uncertainty. Scottish businesses are currently navigating rising operational costs, including increases to employer national insurance and the national living wage, which Mr McKnight suggests are squeezing margins and delaying investment decisions. Furthermore, global concerns regarding US trade tariffs and drug pricing have impacted sentiment within the whisky and pharmaceutical sectors.

In response to these challenges, Azets has pivoted towards specialist consultancy. The firm has invested heavily in its tax department, hiring new partners and directors to assist clients with increasingly complex fiscal requirements.

Following the Milne Craig deal, which added 90 staff, the firm’s Scottish headcount now nears 500 as it continues to recruit across all levels to meet rising demand for specialist advice.