Galway growth continues for Mazars with partnerships from arts to Stem

Mazars is growing in tandem with its clients where it has moved to new city centre offices in Galway, writes Siobhán Maguire in the Sunday Business Post.

In Galway, Mazars announced the creation of up to 30 new jobs over three years, doubling the headcount of its new office in Mayoralty House in Galway city from 30 to 60. While 20 of the new positions will service the outsourced accounting business in Galway, the additional ten roles will be in our audit, tax and advisory teams, according to the audit, accountancy and tax specialists.

“Our ambition is to become Ireland’s leading outsourced accounting provider. Mazars is expanding its client offering to service the increasing demand for outsourced accounting services,” said Austin Sammon, Audit, Advisory & Outsourcing Partner, Mazars Galway. “The factors driving demand include, the attractiveness of the West for multi-national organisations wishing to outsource accounting functions, the benefits associated with the outsourcing and the general globalisation of businesses.  Mazars has a niche speciality in the provision of global compliance services to multi-national companies which can be centrally coordinated from Ireland via Mazars internally developed platforms.”.

While the Western region took longer than the East Coast to recover from the 2008 financial and property crash, that recovery is now in full swing with positive business confidence in all sectors in Galway. The city’s infrastructure, which has been the biggest block to Galway’s growth, has only recently begun to be resolved. But key developments in the city are paving a new path of progress.

“With the Bonham Dock development now underway, Galway with have top quality City Centre office accommodation large enough to accommodate multinationals within 18 to 24 months and the city will finally be able to compete in that sector,” said Paul Mee, Tax Partner at Mazars Galway. “Substantial residential housing is beginning to come on stream with Barna and Oranmore being two hubs along with many infill sites closer to the city. Developments that had been stymied for years have recommenced like the O’Malley Development on the Coast Road in Oranmore, Bailypoint in Salthill where a new multiplex cinema has just opened, and the multi-use developments approved for construction at both the former Crown site in Mervue and the Gateway site in Doughiska.”

Growth in the region is spread across all sectors and not disproportionately skewed to one industry like it was in 2008 when too much economic activity was centred on property. Medtech and Biotech are and will remain critical sectors. The business innovation centres in both NUIG and GMIT and the Portershed are spinning out businesses that are investment-ready. The business angel network is active in Galway with more and more investors lining up to invest in these high potential start-ups.

“The questions that clients ask reflect this growth,” said Mee. “They have begun to focus on passing on their businesses and assets to the next generation through succession planning. Retention of staff is becoming a key issue with owners focused on trying to provide tax-efficient equity participation for key employees through share option, flowering/growth shares and the new KEEP scheme. They are seeking finance to put into place their ambitious expansion plans.”

While the services Mazars provides to businesses is vital, it also has strong links with the Galway business and arts communities. This year, Mazars became Druid’s Leadership Partner, supporting its programme of activities. Mazars’ support will have a direct impact on Druid’s activities, allowing the theatre company to further cement its position as one of Ireland’s leading cultural brands. Mazars has also supported the Galway Film Fleadh for nine consecutive years, and Mee acts as chairperson of the Galway’s Science & Technology Festival Day at NUI Galway campus which is recognised as one of Ireland’s leading festivals for the promotion of STEM.

“Galway is the largest urban centre on the west coast of Ireland and home to many multinational companies that use Galway as a hub for establishing global networks,” said Sammon. “With a young population and programmes such as Galway 2040 driving overall development, Mazars looks forward to future growth as an established member of the local and regional business community. There has been a very positive movement in recent months, securing successful planning decisions to enable the delivery of quality office accommodation in and around the City. We would encourage similar efforts to solve our ongoing traffic problems. Once we overcome these infrastructural hindrances, our City can grow for many years to come.”

This article first appeared in the Sunday Business Post  on the 29th September 2019.

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