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Allica Bank has doubled the size of its accountancy partnerships team to 16 – less than a year after launch – having seen demand from the accounting sector.
The expansion comes as new data released by Allica revealed that businesses are “desperate” for advice, but are unsure where to get it. As a result, many are turning to their accountancy partner, with 36% of accountants reporting being asked for business advice by their clients on a daily basis.
More than half of accountants said that, while their clients get some support from their business bank, more support is needed. Only 3% of respondents believe business banking customers are getting all the support they need from their banks.
The accountancy partnership was first set up to help accountants step into the gap that high street banks have left when it comes to business support and expertise, as many SMEs feel they no longer get the support from their bank that they once used to.
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. 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.
“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.”
In 2024, Allica Bank had lent over £3bn to established businesses in the UK and had raised over £4bn in customer deposits.
