Glasgow-based 180 Advisory Solutions, an insolvency and business advisory firm, celebrated its third birthday following a new business acquisition and expansion into the Republic of Ireland.
The firm was founded in 2014 by Barry Stewart and George Lafferty, after the two were made redundant with the pair investing their redundancy payouts and life savings in the new business.
From 2014, the pair have driven outstanding growth in their business, doubling turnover year-on-year until they hit the £1m mark in 2017.
Now, a few weeks on from the company’s third birthday, the pair are celebrating the successful integration of a Scottish business acquisition and their first foray into the European market after opening a personal insolvency office in Dublin.
180 Advisory Solutions acquired AMI Financial Solutions in 2016 and successfully integrated it into the existing business.
Barry Stewart believes the company’s success is down to the empathy he and co-founder George Lafferty have for their clients.
“Our clients often ask how do we know what it’s like to experience financial struggles and I tell them it’s because we’ve been there.
“Three years ago, we were both made redundant — shortly after learning my wife was expecting our first child — so we know exactly how it feels to have the rug pulled out from under you.
“However, I also know that financial struggles are not the end for you or your business. I have personally seen dozens of struggling businesses and thousands of individuals take control of their situation, recover from their struggles and secure their long-term future.”
Stewart said: “On a personal note, this acquisition was especially poignant as one of the staff we took on was someone that I had previously employed right out of university over 10 years ago.”
Earlier this year, 180 Advisory Solutions achieved authorisation under the Financial Conduct Authority (FCA) and expanded into the Republic of Ireland, opening a personal insolvency office in the heart of Dublin.
Stewart said: “We are tremendously proud to have achieved FCA authorisation and are very excited at the expansion as we can now reach and support thousands of individuals and businesses who are struggling with debt.”
The smaller end of the insolvency industry is going through a period of significant consolidation. Moving forward, 180 Advisory Solutions is in talks with two further sole practitioner insolvency firms with a view to acquiring (or merging with) their businesses.
Stewart said: “With a new office in Dublin, FCA authorisation, growing turnover and ongoing business acquisition targets, this is a very exciting time for 180 Advisory Solutions. I’m very optimistic about the future and can’t wait to see where we are in another three years.”
