NEW CLIENTS BOOST FRENCH DUNCAN’S ENTREPRENUERIAL SERVICES DIVISION FOLLOWING CONTRACT WINS WORTH £250k
A leading Scottish mid-tier chartered accountancy firm has bolstered its Entrepreneurial Services Division (ESD) following a significant period of new business growth.
French Duncan, which employs more than 200 people across three prime locations, has seen a wealth of new clients come on board after proactively supporting SMEs through the many challenges brought about by Covid-19. The move has resulted in new business wins of over £200,000 in the last few months alone.
With SMEs representing 99.3 per cent of all private sector businesses, 55.4 per cent of private sector employment and 41.5 per cent of private sector turnover in Scotland*, Covid-19 has seen nearly 10,000 cease trading, with a further 30 – 40,000 under threat**.
Key challenges for SMEs have been trying to remain cash generative, managing staffing issues, securing finance, attracting new customers and maintaining operations, at a time when the economy was shutting down. As well as working with clients to determine their best way forward, the team at French Duncan provided support in navigating the unchartered financial complexities such as the rapidly introduced furlough scheme.
Having invested in its ESD, French Duncan is focused on providing valuable support to clients who have come through intact and are now seeking advice in managing their recovery and setting realistic business projections.
Family-owned TK Murray, an electrical and heating contractor dealing with both corporate and private customers, approached French Duncan during lockdown, looking for advice and support regarding its accounts and cashflow. French Duncan has since helped them with commercial advice including guidance on available government support, and will be preparing quarterly management accounts for them as they seek to recover and then continue to grow the family business during the Covid-19 pandemic.
Greg Callan, partner and head of ESD at French Duncan, said: “As a business owner myself, I know the last few months will have proved a real test for many SMEs as they sought to overcome some of the most prevalent challenges, including keeping staff, identifying potential revenue streams and managing liquidity. Our role has been to utilise our experience to work with our clients to help them make good business decisions in extremely difficult circumstances”
Graeme Finnie, managing partner of French Duncan LLP added: “The pandemic has put pressure on businesses in ways no one could have imagined even six months ago. By understanding the critical issues they face, we have been able to work closely with clients to deliver bespoke solutions. I think above all, the fact that we have been there for clients when some advisers haven’t, has allowed us to win new clients despite the obvious problems all businesses currently face. I am so proud of the way French Duncan staff have gone above and beyond to help our clients"
For further information, please contact French Duncan’s press office on firstname.lastname@example.org or M: 07821 352 847
Notes to Editors:
* Taken from Scottish Government Business Statistics Report 2019
** Taken from Fraser of Allander Institute ‘The Impact of Covid-19 on Scottish Small and Medium-Sized Enterprises (SMEs): Prognosis and Policy Prescription’ – June 2020