
Aberdeenshire’s Grace May has reported a more than 20% increase in revenues, with all of its growth coming from work in the energy sector.
The Banchory-based recruitment firm saw revenues reach almost £500,000 in the most recent financial year.
Following its success in the energy sector, Grace May is doubling down as it increases positions within the industry, namely in renewables.
In pursuit of further growth, the business is also looking at new verticals such as legal, human resources, and engineering.
The north-east of Scotland accounted for more than half of the firm’s revenue last year as it expanded into new areas across the UK.
The firm is branching into Glasgow, Edinburgh, Birmingham and Manchester to expand its client base.
The Aberdeenshire business has said that it has “plans for more expansion” in the future.
‘Operating challenges continue’
Grace May director and founder, Sasha Jaypalan, commented: “Despite operating against a difficult economic backdrop and in a competitive sector, we have been able to successfully grow from our roots in the energy sector and forge a path based on our founding principle of understanding our clients and candidates, and working precisely to get the best results time after time.
“Operating challenges continue, and we have had to remain resilient throughout, but by partnering with clients to navigate present market conditions and leverage the benefits of a relationship-based approach we have positioned ourselves as success enablers who work alongside our clients towards common goals.”
Jaypalan started his business in 2015 after losing his job as a commercial helicopter pilot due to a downturn in the market at the time.
Recently, to mark a decade since opening the doors of Grace May, Jaypalan had a conversation with Energy Voice news editor Erikka Askeland for E-FWD.
In this conversation, Jaypalan said: “In the industry, there has been so much change.
“I think back to when we just started, we had Brexit straight away, that was a major game changer. We also experienced, within the recruitment industry, IR35 which had a big impact on contractors and then more recently we’ve seen the likes of Covid.”
IR35: How ‘individuals have adapted’
He explained that there have been some “serious changes” since he started the business 10 years ago.
Touching on IR35 legislation, Jaypalan said he is hopeful that changes will come in “the near future”.
Off-payroll legislation was reformed in the private sector in April 2021, which made all medium to large-scale businesses responsible for determining the IR35 status of contractors they hire.
This caused uncertainty for private contractors in the offshore sector, with subject expert Qdos reporting that the tax system was the top concern for freelancers in 2023.
Jaypalan said that since then, people and businesses have adapted to ensure that they are best placed to deal with current policy.
He explained: “Individuals have adapted, so rather than being set up as a limited company, individuals will go through an umbrella company.
“I think people are resourceful, companies are resourceful, whatever obstacles are put in their way, I’ve just noticed organisations find ways to sort of keep the business going and keep things moving forward.”
The Grace May boss argued that IR35 “actually hasn’t impacted businesses that much”, however, it “probably has” impacted the growth of the economy.