Outsourcing
An outsourcing partner that helps you play to your strengths
Prestonfield House: A tale of resilience, growth and collaboration
Prestonfield House and The Witchery are iconic hospitality institutions in Edinburgh. For over a decade we’ve shared absolute trust with their business leaders, that’s seen total financial outsourcing to our team. In that time, we’ve managed improved profitability and top line revenue, while our teamwork enables owner and MD, James Thomson, to focus on people, ideas and growth.
We met James back in 2006 when his business was at a crucial point in its journey. He faced the pivotal decision of how to manage the financial intricacies of his expanding business to ensure stability for the long term and was looking for an adviser who could join him on his journey, complementing his own experience and skill set.
"Outsourcing to Mazars is the best thing we did."
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Even icons face challenges: Prestonfield’s resilience
Formulas for success are not easy to devise, apply or retain in hospitality. Especially in times of political and economic uncertainty, when hit by rising costs, evolving legislation and regulation. Covid-19 was devastating for many hospitality businesses. When most had nowhere to turn, Prestonfield knew to expect our support in adapting to an unfurling crisis. Our work together helped James and the team to continue to shape a thriving enterprise that has gone from strength to strength. For over ten years since, we have had the privilege of supporting him in driving growth and profitability across his ventures. We like to think we’ve built our relationship on trust, creating space for James to focus on his core passion—creating exceptional guest experiences—while we handle the financial complexities, allowing James to navigate the complex landscape of hospitality with confidence.
"Mazars has their finger on the pulse… It's a great comfort knowing there's a team of advisers there and a big company behind you who are dealing with all these issues every day with other businesses. They've seen it all before and they have the talent to deal with it."
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Delivering a tailored, holistic service
We’re able to build uniquely specialist teams to meet each new need that the Prestonfield team has. Whether it is payroll, corporate tax support or a strategic step they need to navigate, we’re there for James and the team at every turn. We handle transaction processing, budget setting, payrolls and staff bonus calculations, through to strategic and board support. We guide them through business model reviews, redesigning scenarios with a service-focus, to help shape the direction of business in a way that makes good financial sense.
"They slot into the team effortlessly and are a part of our family. We don't see them as an external supplier now because they are such an important part of the team and get on with everyone so well."
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Achieving growth and transformation, together
We also support James with his personal affairs including personal financial planning, tax and pension advice, alongside total financial support for the businesses.
With advice that is trusted and delivered on, we’ve eliminated financial pressures and removed the worry of what’s coming next. When Covid brought the worst of uncertainty, we sought to bring clarity and confidence. Helping Prestonfield adapt daily, modelling scenarios, plotting projections, sharing ideas, and building a way forward. A way that’s resulted in increased profitability and top line revenue.
Today, the day-to-day running of the business is sound, with procedures in place to support resilience and efficiency. This allows the Prestonfield team to focus on people and on what they do best. Exceptional, memorable hospitality experiences. It’s the reason why they exist, and the reason why they thrive.
We look forward to seeing what’s next for Prestonfield.
What’s next for your business?
As a business leader, you have probably thought about the future of your business. We understand that your business is a big part of your life, therefore choosing which direction to take can raise challenging questions.
Mazars C-suite barometer 2024
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