Azets Ireland is preparing to more than double its workforce as part of an ambitious national expansion plan over the next two years.

The professional services firm, which specialises in accounting and advisory services for mid-market companies, is adding 120 new positions by the end of 2024.

As well as beefing up its current staff of 100, the company is also expanding its presence in what it calls “key regional locations” outside its current bases in Dublin and Enniscorthy, Co Wexford.

The announcement is the first since Azets – which was created in 2016 in a three-way merger of Visma BPO, Blick Rothenberg and Baldwins – bought Baker Tilly Ireland in March with a promise of enlarging its footprint in the market and represents the first steps in the company’s Irish scaling plan.

“The expansion of our team and the broadening of our capabilities will ensure we are best positioned to advise entrepreneurial, owner-managed and family-owned businesses,” said chief executive Neil Hughes.

“Although SMEs are the engine of Ireland’s economy, their needs have been left largely unaddressed.

“With the contraction of the technology sector, instability in the banking system and rising costs, many SMEs are facing significant pressures.”

The move comes as the accountancy and professional services industry is facing dampened economic expectations, especially with the recent contraction in the tech sector.

Last month Accenture announced job cuts, largely in response to limited opportunities in the tech sector.

Mr Hughes and Baker Tilly were well known in the Irish market for debt restructuring advice, publishing a regulator insolvency index.

At the time of the acquisition, Mr Hughes said the SME sector had been neglected by the big accountancy firms in favour of serving large corporates and multinationals.

The acquisition by Azets represents an opportunity to grow beyond that niche to encompass audit, outsourcing, compliance and advisory, in addition to its accounting and insolvency specialisms.

The company said it is looking for experienced and entry-level candidates across audit and advisory, corporate finance, corporate governance, corporate recovery, EIIS fund management, examinership, forensic accounting, tax and transaction advisory.