From Zero Fees to €7M: The TGS Hellas growth formula
While other firms compete on price, TGS Hellas built €7M in revenue by positioning as trusted advisors. Here’s how →
Stories from the TGS network, gathered and written by John-Paul Flintoff.
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TGS Hellas started with a bold vision, three people and zero fees.
Seven years later, the startup has grown to 40 professionals generating €3 million in Greece and approximately €4 million in additional revenues through subsidiaries across south-east Europe.
Here are the founders:
They began, says Telis (Aristotelis) Androutsopoulos, with a strategic decision that would make many accounting firm leaders uncomfortable: abandon traditional positioning.
"Our clients buy from us our experience. It’s not about percentages on VAT!”
Expansion
For years, he says, the people at TGS Hellas have been presenting themselves as trusted advisers, not bean counters.
The firm’s managing partner, Christodoulos Seferis, brought strategic Big Four experience from his leadership role covering South East Europe at EY.
From the start, TGS Hellas recognised that while clients see accounting as a cost centre, they will pay premium rates for trusted advisory services.
Now the firm has expanded beyond Greece into Romania, with ambitious plans for south-east Europe, starting with North Macedonia and Serbia.
Having positioned themselves to serve medium to large firms, they're not competing on price in the small business market, but winning substantial clients who value expertise over commodity services.
Back in 2018, joining TGS was a calculated strategic move.
“We wanted to create our own brand, in a network with no presence in Greece or south-east Europe,” Telis explains.
In another network, Greece might have been an afterthought. Within TGS the Greek firm could help shape the direction. “We liked TGS because it had no presence in our region and was very dynamic,” says Telis.
Since joining the network TGS Hellas has helped to drive its expansion way beyond south-east Europe.
"We provided TGS with people who have vast experience with big boards. Christos brings a lot of experience to the TGS board. He offers a lot of strategy ideas and experience from the Big Four."
The challenge from AI
Like other network firms, TGS Hellas is wrestling with big questions about the future.
Artificial intelligence is fundamentally reshaping the profession, and the Big Four is investing billions in AI development.
"AI is taking away the accounting function, and auditing too," Telis predicts. "In the longer term the remaining work is advisory."
Above all else, he says, TGS needs a strategy for AI: “We are not yet discussing it enough. We have had strategies to grow the network, develop the trademark, and so on. But the strategic decisions we have had to make so far have not been like this.”
Looking ahead, he would like to see TGS develop further in Europe, with members in all EU countries, especially the big ones. “And we need to have a presence in the US."
This is not just about geography but about building a network capable of competing at the highest levels as the profession transforms, serving multinational clients just as well as the Big Four.
The Lessons
For Strategic Growth:
- Abandon traditional accounting roles for advisory positioning
- Build regional expertise, not just local presence
- Prepare for disruption: AI will reshape the profession, so position accordingly
The TGS Hellas Method:
- Leverage Big Four experience for network credibility
- Focus on medium-to-large clients who value expertise over price
- Contribute to network strategy, don't just consume benefits
- Anticipate industry changes while others react
Closing
Today, as TGS Hellas generates €7 million and influences network strategy across Europe, its decision to bet on a dynamic, growing network rather than an established player looks smart. Telis and Christos would be the first to tell you that you don't just join networks, you help to build them. When you do that right, growth follows.
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