News-In-Brief

Today’s news in brief – 4/2/2025

Duncan and Toplis has acquired ALG, a North London-based firm, marking a major growth milestone for the company. ALG will rebrand, and its entire team, including directors Mark Hilton and Panos Michaelides, will remain in their roles. The team will join Duncan and Toplis’ Finchley office, which opened in 2024 following another acquisition. CEO Damon Brain sees the move as part of the firm’s “Growing Together” strategy. Michaelides believes the merger offers exciting opportunities for clients and employees. With regulatory approval secured, Duncan and Toplis continue discussions for further acquisitions as it celebrates its centenary year.

FRP Corporate Finance has finalized the sale of Powrmatic USA, completing Stamm International Corporation’s (SIC) three-year divestment process. SIC, a 70-year-old group, specialized in industrial heating, cooling, and chimney manufacturing. Powrmatic USA was acquired by AirX Climate Solutions, backed by Gryphon Investors. FRP’s Reading team, led by Simon Davies and Nick Wright, advised on all three sales, ensuring strategic fits for each subsidiary. SIC CEO Marilyn Skony Stamm praised FRP’s expertise in handling the complex transactions. The deal allows Powrmatic USA to expand under AirX, aligning with SIC’s values while securing the best outcomes for all stakeholders.

Reed reports that accountancy and finance salaries grew by 5% in 2024, below the national average of 6%. Payroll managers and assistant accountants saw the highest increases, while CFOs and finance directors experienced slight declines. Regional disparities were noted, with Scotland seeing the highest growth at 7.7%, while East Anglia recorded the lowest at 4.5%. Despite salaries averaging £54,300, a fifth of employees remain dissatisfied, citing stagnation amid rising living costs. Reed’s Alan Myers suggests non-financial incentives, such as recognition and benefits, to improve retention as 86% of professionals remain open to new job opportunities.

The Public Sector Audit Appointments (PSAA) has appointed Alan Edwards, Irene Asare, and Liz Murrall to its board, with Adrian Lythgo joining the audit committee. Edwards, a former PwC and KPMG partner, has extensive public sector experience. Asare, BBC News’ global HR director, specializes in business transformation. Murrall, an experienced accountant, has served on multiple regulatory committees. Lythgo, former Kirklees Council CEO, brings over 30 years of public sector expertise. PSAA chair Bill Butler welcomed their knowledge and leadership, while thanking outgoing directors Fraser McKinlay and Marta Phillips for their contributions during a challenging period for local audit.

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