Make bin - OSX Mavericks

Hoping someone can help with this. I’m trying to follow the instructions in ‘Getting Started’ http://hoxtonowl.com/wiki/Getting_Started and the GitHub README GitHub - pingdynasty/OwlWare: Firmware for the OWL programmable effects pedal go upload my own patch to the Owl via USB. Unfortunately when I try to ‘make bin’, I get the following error:
arm-none-eabi-gcc: error trying to exec ‘cc1’: execvp: No such file or directory

From a bit of googling about it looks as though this may be an issue with my PATH and where the arm-none-eabi-gcc expects to find things, but frankly I’m getting a bit lost.

Any help would be much appreciated,
Steve