Fuel Accountancy

Introduction

Plymouth-based Fuel Accountancy Services have been steadily growing since being set up in 2018. In 2023, they decided they needed more room and found the perfect premises for their expansion.

Their high-street bank was taking months to respond to their commercial mortgage application, however, and they were close to losing out on the opportunity. In stepped their Allica Bank relationship manager, Matt, who made them an offer in just seven days.

Who are Fuel Accountancy?

Fuel are a full-service accountants based in Plymouth. Set up by Richard May and Simon Richards in 2018, the business now employs nine staff and supports businesses across west Devon and east Cornwall. They pride themselves on taking a modern, hands on approach to accounting, providing financial expertise and guidance in a simple and straightforward manner.

Fuel supports a diverse range of established businesses in the area, including those in the hospitality, motor dealers and the construction sector.

The story

Fuel Accountancy has seen steady growth since being founded by Richard and Simon in 2018. The pair’s refreshing and modern approach to accountancy has seen the business expand its client base in the region each year. “We’re very personable, hands-on and proactive for an accountancy practice,” Simon explained.

It meant that in 2023 the business was outgrowing its premises. “We were desperate for more meeting space,” Simon said. “And we were aware that on top of needing more space for our existing staff, we have plans to hire another two by the end of this year, as well.”

It took some time for Simon and Richard to find the right premises for them, but eventually they came across a modern, two-story unit near Plymouth city centre, right on the waterfront. It was perfect for a forward-thinking and growing accountancy firm.

Simon and Richard had some trouble finding a bank that would help them, though. “We were almost three months into an application with one high-street bank and still weren’t made a formal offer,” Simon said. “It was taking them so long it almost got to the point of us losing the property.”

How Allica Bank helped

Thankfully, Allica Bank stepped in. “Allica were able to make us a commercial mortgage offer within seven days of making the application,” Simon said. “Allica were really competitive compared to the high-street but, importantly, very quick to help us.”

After refitting the building to be bright and spacious, Fuel successfully moved into their new premises in late-2023. “It was a very interesting building to begin with,” Fuel’s Relationship Manager at Allica Bank, Matt West, noted. “I think it used to be an old security office. It’s been incredible to see them turn that into somewhere that’s a really attractive place for Fuel’s team to work.”

A key driver in being able to support Fuel so quickly was the dedicated support of a relationship manager. “Having a relationship manager at Allica has really changed the way we deal with banks,” Simon explained. “In the past, certainly for small businesses, having access to anybody that can help you over the phone has been tough. It makes a massive difference on a day-to-day basis having that contact with Matt.”

What’s next for Fuel Accountancy?

Having moved into their new premises, Fuel are now focusing on continuing to grow their business and their team.

They have even started recommending Allica to their own clients and opened their own bank account with Allica. “Allica’s business current account is able to offer some really effective savings rates,” Simon said. “The app’s also really easy to use, and it can integrate with a number of accountancy software providers.”

Looking forward to Fuel and Allica’s journey, Matt said, “Fuel have a really good reputation in the Plymouth economy. I’m really proud be part of their growth and I hope they’ll be able to see me as part of their wider team.”