GLASGOW insolvency firm 180 Advisory Solutions is in talks regarding the take over of two smaller firms in deals that could boost its turnover by 20 per cent.

In the year to the end of June the firm, which was set up by Barry Stewart and George Lafferty in 2014 after their former employer, Think Money, pulled out of Scotland, turned over £1 million and made a profit of £450,000.

Mr Stewart said that if talks to take over two smaller insolvency practices are successful turnover for the current financial year could rise to £1.2m.

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The acquisitions would follow on from the firm’s recent acquisition of a 500-client business from Linwood insolvency firm AMI Financial Solutions and the launch of Irish business Insolvency Help.

“There’s a huge potential volume of people in Ireland struggling with debt and the level of negative equity is huge,” Mr Stewart said. “The driver of [recent insolvency] legislation is to help people stay in their houses.”

The firm is looking to add an administration team in Dublin.