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New division established

Hall Morrice hires on hopes of Aberdeen recovery

Aberdeen chartered accountants Hall Morrice has launched a corporate finance division to prepare for the north east’s economic recovery and has made two key appointments.

They will largely work with corporate entities and private equity houses seeking to invest in oilfield services companies.

Tom Faichnie has been appointed managing director of the division, while Melanie Gilmour becomes manager. Both have come from RSM Aberdeen, where they specialised on deals activity within the energy sector.

Mr Faichnie previously worked for international accountancy firms and leading banks. He has been based in Aberdeen for almost 20 years.

He said: “We have been seeing the green shoots of recovery for the region since the middle of last year and this is absolutely the right time to get ahead of the game and invest in Aberdeen.

“The decline in trading results seen during the period of low oil price appears to have stabilised and we can see that order books are now tipping back in the right direction. As companies start to build up again, they will need working capital to deliver and grow their order books and many will require funding.

“We also anticipate that we will see a lot of exits coming in the next six months, especially from companies at the smaller end of the scale. There now appears to be a steady base level of profitability upon which to structure a transaction and many shareholders who may have delayed selling their businesses are likely to see increased interest from the UK and overseas.”

Miss Gilmour is a qualified chartered accountant who previously worked for one of the big four, and has extensive transactional experience across different industries in addition to her oil and gas background.

Hall Morrice Partner Bob Bain said: “The marketplace has been volatile for the past two years, but despite that we are confident that there is a now a requirement – and more so in the future – to service corporate entities and private equity houses from a diligence capacity.

“Although we remain cautious, we are optimistic of an increase in deals activity.”

Founded in 1976, Hall Morrice has offices in Aberdeen and Fraserburgh.

Photo: Bob Bain (left), partner, welcomes Tom Faichnie and Melanie Gilmour (contributed)

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