Created in June 2010, FRP Advisory was formed to undertake a management buyout of the Business Recovery Services division of Vantis. The firm did not provide a cash payment for the business, but agreed to absorb around £11m of Vantis’ debt. The group’s founders, Jeremy French and Geoff Rowley, used their initials to form the basis of the firm’s name: French Rowley Partners.
Currently, the firm has 480 team members and 74 partners nationwide, across 22 separate locations, including in Durham, Birmingham, St Albans and Preston.
FRP Advisory specialises financial services relating to forensics, corporate finance, debt, restructuring and pensions; offering a broad range of solutions across these areas for its clients. The firm’s client base includes small local enterprises, as well as multinational corporations.
On its website, FRP Advisory describes its approach as being all about transparency. “Recognising a need for transparency in difficult situations is how FRP came about and it is integral to the solutions we provide. Every client always receives clear, honest and strategic advice.”
In its interim report for 2021, the firm posted strong trading during the first half of the financial year, despite the global pandemic and financial downturn. The group generated £35.9m in revenues over the six months to 31 October 2020, up by 14% compared to the same period the year before. Furthermore, adjusted underlying EBITDA was £9.7m, up 7% compared to the same 12 months before.
Commenting on the results, chief executive officer Geoff Rowley, said: “I am pleased to report a positive first half year for the business in line with the board’s expectations.
“This is testament to our team’s outstanding response to the challenges of Covid-19 which has allowed us to seamlessly provide the high quality advice and service that our clients expect from us.”
He added: “There is still uncertainty around the shape and scale of the economic recovery caused by the Covid-19 pandemic and additional pressures on some businesses from the UK leaving the EU. The medium-term outlook for our market is positive.”
Recently, FRP Advisory made inroads in expandings its Scottish team, with appointments to its restructuring advisory team. Michelle Elliot, an accountant with 20-years of experience in advising business owners, and Stuart Robb, a specialist in contentious insolvency and corporate restructuring, were among the appointees.
On her appointment, Elliot said: “Joining FRP enables us to expand and strengthen our restructuring offer while also tapping into the firm’s national network and brand to provide clients with the full suite of advisory services, including debt advisory, forensic services and corporate finance.
“We work closely with a range of stakeholders across Scotland, including funders, accountants and lawyers and this move will not only enable us to better support them and their clients, it will also provide further opportunities for growth.”