UK-based Allica Bank has announced plans to double the size of its accountancy partnerships team, increasing the headcount to 16.
This expansion comes less than a year after the team was first established.
The team, which is led by Sophie Hossack and Richard Williams, offers “personalised and dedicated” support to accountants and their established SME clients.
The expansion follows Allica Bank’s survey of more than 70 UK accountancy firms, revealing that businesses are eager for advice but unsure where to turn. As a result, 36% of accountants report being asked for business guidance by clients daily.
In addition to the expansion, Simon Lofts has been promoted to national key accounts manager.
Lofts will now work closely with national ‘Top 20’ firms, which represent a significant number of SMEs across the UK, the company said.
He will be responsible to streamline client onboarding and banking relationships, ensuring a direct line to the essential banking services for established SMEs nationwide.
Lofts brings extensive experience from the accounting technology sector, having previously held significant roles at ICAEW, Xero, and Coconut.
Allica Bank partnerships head Sophie Hossack said: “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 While the demand for this level of customer support is still there, many high-street banks have withdrawn from serving established SMEs and taken away their relationship managers.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,” Hossack added.
The announcement comes on the back of Allica Bank recently revealing that it had provided more than £3bn ($3.9bn) in loans to established UK businesses and raised more than £4bn in customer deposits during 2024.
