Business booming for Thorntons as expansion boosts turnover and profits

Thorntons has announced an increase in both turnover and profits following another successful year.

The firm’s turnover increased by £3.7 million to £20m as the business continued to expand, while profits increased from £3.9m to £4m over the same period.

The significant 21 per cent increase in turnover was driven by a combination of further organic growth in certain sectors, and mergers with the firms of Steel Eldridge Stewart and Murray Donald in Fife in 2014.

Craig Nicol, joint managing partner at Thorntons, said: “Our turnover increased exceptionally this year, driven primarily by growth in certain service lines and two major mergers which have increased the size of the business significantly.

“Though continuing investment and the costs associated with mergers have impacted on our short term profitability, our commitment to improving the efficiency of our operational processes will ensure increased profits and stability in future years.

“The commitment demonstrated by the entire Thorntons team to providing the best possible service to clients has ensured that our business has remained resilient.

“It is this dedication that fills me with confidence that we have a strong base from which to drive Thorntons forward to new successes.”

The firm currently has a workforce of around 420 people, including 39 partners.

Thorntons has offices in Dundee, Anstruther, Arbroath, Forfar, Cupar, Perth, St Andrews, Montrose and Edinburgh.