Allica Bank, the UK’s fastest-growing private company, is doubling the size of its accountancy partnerships team to 16 less than a year after launch, having seen significant demand from the accounting sector.  

Accountants play a leading role in supporting and advising established SMEs across the country, but many of these SMEs feel that they no longer get the support from their bank that they once used to. Allica’s accountancy partnership team was set up to help accountants step into the gap that high-street banks have left when it comes to business support and expertise.

The expansion comes as new data released by Allica, based on a survey of more than 70 accountancy firms across the UK, shows that businesses are desperate for advice, but are unsure where to get it. Many are turning to their accountancy partner, with 36% of accountants reporting being asked for business advice by their clients on a daily basis.

However, it’s clear that one area businesses really struggle to find advice is when it comes to banking and finance. More than half of accountants said that, while their clients get some support from their business bank, more support is needed. Only 3% believe business banking customers are getting all the support they need from their banks.

This is confirmed in a further survey of 450 established SMEs (businesses with between 5 and 250 employees) undertaken by Allica Bank. It revealed that just 41% believe their business gets the attention it deserves from its bank, while 47% are receiving no interest on their business savings. Allica Bank research reveals that, compared to larger corporate businesses, many are offered lower rates or even no interest on their business savings by traditional banks. This ‘lost interest’ is costing the average business £2,268, equivalent to around £9 billion of unrealised interest across the whole country, hitting the cashflow of hard-pressed SMEs.

Accountants clearly don’t believe they have been given the tools to fill that gap either. Another poll Allica conducted of 170 accountants in partnership with the ICAEW revealed that only 8% of accountants regularly and proactively discuss business banking with their clients. While nearly half of those polled (46%) said they don’t have these conversations with clients at all and they don’t feel confident doing so.

Led by Sophie Hossack and Richard Williams, the partnerships team at Allica Bank offers personalised and dedicated support to accountants and their established SME clients, helping them find the right products to grow or improve the health of their business. Focusing specifically on the established business segment, the bank has seen huge success, being named the fastest-growing company in the UK in The Sunday Times 100 last year.

Commenting on the expansion of the team, Sophie Hossack, Head of Partnerships at Allica Bank, said:

“Accountants play a key role in helping established SMEs across the country innovate, adopt technology and understand the numbers that drive the growth of their business, and they need the wider industry's support to do this. Our accountancy partnerships team has spoken with over 1,000 accountancy firms across the UK, hearing the frustrations and challenges they and their clients face when it comes to banking.”

“It used to be the case that businesses, regardless of their size, would have had a local relationship manager, supporting them with banking and broader business needs. While the demand for this level of customer support is still there, many high-street banks have withdrawn from serving established SMEs and taken away their relationship managers.

“This ‘gap in the market’ means accountants are increasingly key advisors to the businesses they work with. Crucial to supporting accountants in this role, and ultimately supporting the established SMEs they work with, is equipping accountants with the resources they need to offer this advice. Our team aims to give accountants this support to and help them unlock huge value for established SMEs, from market insights to better products and more personalised help.

“The success our team has experienced and the demand we’ve seen means we’re today doubling the size of our accountancy partnerships team to offer even more accountants and established SMEs the service they deserve and the economy needs.”

Established SMEs - businesses employing anywhere from five to 250 people – account for a third of UK employment and GDP, making them crucial to the health of the UK’s economy and communities across the country.

Jonathan Vowles, from JVCA Accountants in Milton Keynes, has been working with Allica Bank’s partnerships team over the last year. He commented:

"As an accountant, I am always exploring how I can look beyond my clients’ numbers and provide more holistic support to their broader business. Helping them get more from their banking is one example of this – often it’s just one small change which can make a big difference.

“Allica’s partnerships team have made this easy. The benefits to my clients are obvious in terms of interest rates and cash back etc, but it’s the tailored support I can offer which really exceeds expectation. My dedicated partnership manager ensures I can have a real conversation with someone I know and provide real-time advice and meaningful answers to my clients. It’s old-fashioned relationship banking done right: genuine conversations, personalised solutions, and the tools to truly support my clients."

Other changes to the team include the promotion of Simon Lofts to the role of National Key Accounts Manager, where he will be a trusted partner to national ‘top 20’ firms, who represent many thousands of SMEs across the UK. He will help them to streamline their client onboarding and banking relationships and provide a direct line to the banking services all established SMEs across the country need. Lofts brings a wealth of experience in the accounting technology industry to the role, having previously held key positions at ICAEW, Xero and Coconut.

The announcement of the partnership team’s expansion comes following a stream of successes for Allica Bank in 2024, which recently revealed it had lent over £3 billion to established businesses in the UK, and had raised over £4 billion in customer deposits.