McGoff Group – Dave Foran
McGoff is a privately owned, property development, construction and operational business delivering market leading new builds and turnkey development solutions. Dave Foran, Corporate Finance Director of McGoff Group Projects, explains that their business model is somewhat complex:
“We’re operators as well as developers although the company is founded on a 50-year-old main contracting business. An example of the operational side of what we do might be finding a plot of land to develop a care home, developing and constructing it, and then ultimately operating it. So, we have a number of different and fully functional operational businesses under the broader group banner too.”
The fact that FFT could handle the diverse nature of McGoff’s business model and help them with a major corporate structure consolidation project has been highly beneficial to Dave and his team.
“For many years the group’s operations were structured as an unconsolidated corporate group, encompassing many different SPVs and mini groups under the common control of the McGoff family. Projects were typically developed through Special Purpose Vehicles (SPVs) in order to attract various investors and lenders to fund the schemes.
“Although this approach was very successful, it was difficult for the outside world to assess the overall performance of the group due to the numerous SPVs with varying ownership structures. We completed a consolidation of the corporate group just over a year ago. This marked the culmination of a six-month process. FFT played a central role in this.”
Dave appreciated the open and transparent nature of the FFT team during this major project, as well as their efficiency and ability to react quickly to potential setbacks. He says: “They’re very quick, very open, transparent and to the point. With a big group like ours, you do get issues that crop up – things you’re not expecting. It’s just the nature of what we do. But FFT are very responsive and straightforward. It’s an open and honest relationship.”
The way FFT performs audits is also something Dave appreciates. Where other auditors can cause some disruption within a business, FFT work seamlessly with his team. “They’re professional but they aren’t disruptive,” he says. “Their team gets on with our team, and whilst the process is robust there’s never any unnecessary conflict in the relationship”
Although FFT is a general practice accountancy firm, their depth and breadth of knowledge is still highly regarded at McGoff. Even so, Dave says: “When they are unsure of something – which is rare – they aren’t afraid to say so and go and get a second opinion. I think that’s a great quality, actually, they’re prepared to take advice as and when they need it, which means you know you can trust their guidance.”
In short, Dave is happy with the service and advice that FFT provide and would recommend them to other businesses in a similar position. “If I had to describe them in three words, I’d say they are reliable, responsive and practical – everything you need in an accountant and auditor.”
