Positive approach pays off for Inverness firm
FIVE new jobs are being created at Ernst & Young’s Inverness offices as part of an ongoing drive to double its turnover.
The appointments, in the tax and audit departments, will be phased in throughout this year and represent a 10 per cent increase in staff.
Peter Mearns, managing partner at the premises on Stoneyfield Business Park, said the expansion reflected the firm’s confidence in the long term strength of the region’s economy. It also signals the success of the approach taken to the economic downturn.
“When the recession started we launched an approach called opportunity through Adversity and began working with clients to do what we could to steer them through the recession,” he explained.
“At first it was about survival, looking at cash flow and sources of finance, and then developing a business model to deal with the new reality and seize opportunities. Our focus was on how people could survive and grow, as opposed to running about with a woe is me attitude. That marked us out from some other firms and helped us make a real leap forward.”
The office is three years into a five year plan to increase turnover by 100 per cent. It has passed the 50 per cent mark and Mr Mearns is confident the target will be reached as several major clients plan for growth despite the downturn.
“There is no doubt the past couple of years have been the toughest economically I have come across in my professional career,” he acknowledged. “Construction, leisure, hospitality and retail have been hit but people forget some other sectors have been strong through the recession. One example would be fish farming, an area we have built a leading position in over the past few years.”
Oil services is another buoyant area, with Global Energy and Orion amongst a number of Ernst and Young’s looking abroad for sales and acquisitions.
“To me the great thing is that 10 years ago businesses operating in that way would have felt pressure to relocate south but now they do not and are very comfortable using technology and with the growth in status of Inverness,” Mr Mearns added. “That is not just about becoming a city, it is about the football team being in the SPL, the events we are putting on and the Scottish Open Golf which is coming this summer.”
Looking ahead, Mr Mearns predicts another tough year for the majority of local firms but believes there is light at the end of the tunnel.
“I am realistically optimistic,” he said.
NEW FACE
Executive director Steve Sandys is the first of the new appointments at Ernst & Young’s Inverness office.
The 49-year-old has transferred from the firm’s Birmingham office and has extensive experience of advising entrepreneurs and owner-managed businesses. He joined Ernst & Young from venture capital company 3i in 1994.
He replaces James MacDonald, who has been appointed to the board of Global Energy.
