Accountancy firm Johnston Carmichael brings in next generation to restructuring team

Accountancy and business advisory firm Johnston Carmichael has embarked on a “significant” expansion of its restructuring team – which it states is one of the largest in Scotland – with the appointment of seven trainee accountants.

The firm said such trainees, most of whom joined it over the last 12 months, are based across Scotland and were recruited as senior practitioners gradually retire across the industry.

Other steps taken by the business include an investment in Graeme Bain, a Central Belt-based director and licensed insolvency practitioner, who has now been taking formal insolvency appointments at Johnston Carmichael since May 2020. He leads the firm’s provision of insolvency-related services to the Information Commissioner’s Office.

Matt Henderson, meanwhile, retired from his role as restructuring partner at the end of May but remains a consultant to the firm and has continued to support Mr Bain.

The firm added that in recent months its other restructuring partners have also assumed external roles, such as Richard Bathgate this year being appointed chair of the Scottish arm of insolvency and restructuring trade body R3, the Association of Business Recovery Professionals.

Johnston Carmichael also pointed out that it joined Moore Global at the start of the year, making it part of a vast international accounting and advisory network.

Donald McNaught, partner and head of restructuring at the Scottish firm, said: “We’ve been building the Johnston Carmichael team for some time now, in recognition of the need to develop the next generation.

'We’ve been building the Johnston Carmichael team for some time now, in recognition of the need to develop the next generation,' says Donald McNaught. Picture: contributed.

Crossroads

“We are at a crossroads in our market just now with the expectation that insolvency levels will rise as businesses navigate an exit following the pandemic, energy costs rise and the cost-of-living crisis bites. Getting appropriate advice from a regulated, professional advisor can make all the difference as to whether a business survives or fails. I would advise any business experiencing financial distress to seek early advice about the options open to them.”

Johnston Carmichael says its restructuring team provides comprehensive geographical coverage, with partners Gordon MacLure and Richard Bathgate leading in Aberdeen and Inverness, supported by senior manager and licensed insolvency practitioner Carol James, also in Inverness.

Mr McNaught and Mr Bain cover appointment-taking in the Central Belt, supported by manager Sarah Bedford who recently joined the firm and director Suzanne Adshead.