Macquarie Capital has taken a stake in AMS Accountants Group, aiming to fuel its expansion across Scotland and the wider UK with a people-first approach that’s already shaking up the market.
A Young Player with Big Ambitions
AMS only set foot in Scotland a few months ago, but it hasn’t wasted any time making its presence felt. In that short spell, it’s picked up more than £200,000 worth of new contracts. These aren’t just in one niche either—clients span energy, food and drink, and other key sectors.
The mood inside AMS feels different from most accountancy firms. There’s a sense they’re more concerned with fixing problems than ticking compliance boxes. As Steven Fraser, managing partner for Scotland and the North-east, put it: “We’re not trying to be the biggest, we’re trying to be the most useful.”
That philosophy—while it sounds simple—has been a rarity in an industry often bogged down by jargon, formalities, and layers of process.
Why Macquarie’s Backing Matters
Macquarie Capital’s investment isn’t just a balance sheet boost; it’s a signal that the AMS model has legs. The firm now has the financial firepower to speed up hiring, build tech capacity, and secure new office space in key Scottish hubs.
Fraser believes the money will help AMS “move faster, invest in the right places and stay focused on what matters.” In his view, that’s about spotting client headaches early, offering advice before a crisis hits, and keeping relationships tight.
One partner at a rival mid-tier firm, speaking off the record, said the deal has “raised eyebrows” in the Scottish accountancy scene. “When a global player like Macquarie puts its name and money behind a small but growing practice, it tells you something about where they think the market’s going.”
A Market Ready for a Shake-Up
It’s no secret that Scotland’s business services sector is crowded. From the Big Four giants to small high-street bookkeepers, there’s no shortage of choice. But AMS appears to be betting on a middle path: broad service capability, but without the impersonal feel.
Here’s a snapshot of where the Scottish accountancy market sits today:
| Segment | Estimated Market Share | Key Traits |
|---|---|---|
| Big Four | 45% | Global reach, large corporate focus |
| Mid-Tier Nationals | 25% | Regional spread, industry specialists |
| Small Independents | 30% | Local focus, high-touch relationships |
AMS wants to sit between those last two—big enough to offer tax, audit, legal, payroll, and corporate finance under one roof, but small enough that clients still feel known.
How AMS Works Differently
Talk to anyone at AMS and they’ll tell you about phone calls. It might sound quaint, but they make a point of actually speaking to clients rather than hiding behind email threads. Fraser says: “If a business owner calls us on a Monday morning with a problem, we want them to hang up knowing we’ve got it covered.”
That hands-on approach has meant they’ve picked up business from owners tired of being “just another account number” elsewhere. It also seems to resonate with sectors where timing is critical—like energy projects and food production, where delays can cost serious money.
A few things they’re doing that others aren’t:
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Prioritising on-site visits over remote-only contact
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Keeping advice in plain English, avoiding legalese
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Fixing small issues before they snowball into expensive crises
Scotland’s Role in the UK Expansion
Scotland isn’t just another branch for AMS—it’s the proving ground. Macquarie’s backing means they can test their approach here before rolling it out in bigger UK markets.
Fraser says the country offers the right mix: a diverse economy, from whisky to wind farms, plus a strong network of SMEs that value personal service. “If it works here, it can work anywhere,” he says.
Their strategy for the next 18 months in Scotland includes:
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Opening at least two more offices, likely in Aberdeen and Edinburgh
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Building sector-specific teams for energy, hospitality, and agriculture
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Partnering with local business networks to deepen community ties
The Human Side of a Financial Business
For all the talk of scaling, AMS seems determined to keep its service model grounded. That means remembering birthdays, checking in when clients hit rough patches, and—yes—still doing the occasional last-minute paperwork sprint before a tax deadline.
Fraser laughs when asked how scalable that kind of service is. “It’s not easy, but it’s worth it. Businesses want to feel someone’s in their corner.”
This, more than the Macquarie investment, may be what sets AMS apart. If they can grow without losing that human touch, they could carve out a strong position between the corporate behemoths and the corner-office operators.
