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Scottish accountancy firm wins Rasul deal

 

Entrepreneur picks Johnston Carmichael to handle finance

A scots entrepreneur has appointed Johnston Carmichael to handle financial affairs at 19 of his companies after a competitive tender process.

The audit and tax services contract was put up for grabs when Shaf Rasul appointed Bruce Gellatly as his new finance director.

Previously, Gellatly was a partner at Ernst and Young and had signed off on Rasul's March 2008 accounts.

This created a conflict of interest for the accountancy firmmeaning it had to withdraw from providing services.

Johnston Carmichael, Scotland's largest independent accountancy firm, won the contract ahead of one of the big four and two national mid-tier firms.

It will now provide accountancy services for the 2010 financial year for E-Net and 18 other UK-based businesses majority owned by Rasul.

Included in the list is a £30million capital and property investment portfolio.

Rasul said: "Practical, hands-on and proactive advice is what we're looking for and Johnston Carmichael ticks all the boxes together with their knowledge of the Scottish business community which is very in-depth.

"We are constantly on the look-out for new investment opportunities, especially in Scotland, so it's appropriate that we appoint the largest independent firm of advisers in the country."

Rasul has interests in around 40 businesses globally, specialising in buying up failing businesses and turning them around before selling them on at a profit.

Scott Holmes, head of audit for Johnston Carmichael, said: "Working with innovative and fast growing entrepreneurial companies is one of our core strengths.

"We've hit it off very well with Shaf Rasul and his colleagues and we look forward to working with them."

E-Net was set up in 1999 growing quickly into the largest storage media distributor in Europe and one of the biggest buyers of optical storage products in the world.

Rasul has also invested in a number of other companies and helped them to achieve improved results.

He joined the online version of BBC Dragons' Den in 2009 and also acts as a mentor to new businesses and budding entrepreneurs.

 

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