Celebrating 50 years: Five reasons Pennington Williams stands the test of time
By Lisa Bean, FCCA, director
1976 was the year of the UK’s record heatwave, when punk rock transformed the music scene and Wirralian Harold Wilson stepped down as Prime Minister.
It was also the year Pennington Williams started helping Wirral businesses with their accountancy needs.
With 50 years under our belt, we’re now one of Wirral’s longest-standing accountancy firms and one of a few remaining independent practices.
It’s time to celebrate, reflect and share why we stand the test of time and how we’re ready for the next half century.
- We’re Wirral born and bred
From local nuances and in-jokes to understanding how our peninsula gives us a unique identity, we’re as ‘Wirral’ as the businesses we support. Our local clients include large distributors of microbiological tests, estate agencies, solicitors and even marine pilots at Woodside who guide the commercial ships down the Mersey!
Liverpool and Chester may take the limelight, but our borough is a hub of business and entrepreneurship. The Wirral International Business Park alone is home to more than 150 businesses.
We’re particularly passionate about helping small enterprises as they grow and Wirral businesses have a lot to offer, particularly to others in the area. We’re very supportive of each other. Ultimately, we’re a small business ourselves, with all the day-to-day trials and tribulations while planning our future. I happily share that experience with others.
- Independence keeps us flexible
As an independent practice, we can offer a truly personal service. Franchised or acquired firms sometimes find themselves restricted, having to operate and speak to clients in a certain way. They may also be limited in what they can offer.
We build our services entirely around the client, listening to you and interpreting your needs – everything from compliance and business valuations to taking on staff as your business grows. We can even be the financial expert on your Board. We’re always about sound business advice, not box-ticking.
- We prioritise relationships over tech
When it comes to technology, we meet you where you are. Some of our clients are tech-savvy; some still use pen and paper, and that’s fine. We would never stipulate the systems or processes you need to work with us. Some accountancy firms do.
We get asked a lot about the impact of AI on accountancy. The axe is often dangled by those who understand accountancy as a compliance-driven figure on a spreadsheet. Good accountancy is much more than that.
Yes, AI has its uses. It makes processes and research more efficient and can generate ideas. It also helps us translate complex HMRC legislation into a format our clients can understand. But it can’t replace the human element: knowing your business inside out, your history, other income streams and what makes you tick. Relationships and good advice are as important as ever.
One example I use is a client who invested in cryptocurrency on the advice of AI. They simply asked, “I want to invest x amount. What should I put it in?” AI didn’t consider anything about their background, current income or tax situation. Was it the best decision? Probably not. Our advice and options would have been thoroughly evidence-based!
- Our advice stands the test of time
I got asked what advice is as true now as it was in 1976. It’s simple. Planning and preparation never go out of fashion. Keep on top of that business plan! After the bank’s seen it, many owners file it away and forget about it. You need to review it regularly to ensure it’s still guiding you in the right direction and that you’re making timely decisions with the right information. For instance, spending £100,000 in the next six months could be a great idea if you’re clear on cash flow, but if not, it could impact your working capital and the future of your business. You may be a new venture or long-established, but if your strength isn’t business planning, we’re here to help.
Interestingly, clients’ expectations are changing; they want more from an accountant than they can get from a computer. And this is where compliance-focused accountants need to up their game. Advice is the added value. It’s about taking the time to explain to clients what they need, not just responding to what they want. Advice is what we do really well. It’s what we enjoy.
- We’re not the traditional men in grey suits
Women-led accountancy practices are still niche. Men in grey suits remain a stereotype for a reason. While Pennington Williams was traditionally and successfully run this way for more than four decades, I’ve worked hard to break the mould and reshape our offer around advice rather than just compliance-focused services. It’s about helping you navigate both the profitable and challenging times. This approach has always helped us stand out, from my time as manager through to partner and now owner.
One example that stays with me is when I was invited by a 150-year-old family business to tender for accountancy support after they were stung with an unexpected HMRC bill. I went into the meeting having thoroughly researched the industry and the company, including its structure.
They loved our fresh, research-based approach, which offered three immediate tax-saving tips and clear guidance on tax planning. The other shortlisted accountants had taken an ‘old boys’ cookie-cutter approach, pigeonholing the company and offering nothing bespoke. Needless to say, the client chose us and they’re still with us to this day. We have quarterly advice and strategy meetings where I listen to what’s happening in the business, good and bad, and we discuss strategies to make the good even better and ways to tackle any issues.
And our support goes beyond what we can offer directly. We have a wonderful network of fellow small businesses, such as recruiters, lenders, and financial advisors, who can offer expert support to bring your business strategy to life.
I often recommend the networking groups I attend to local businesses too. These include Networx4business meetings in Hooton and Heswall and the Quay Business Forum at The Lauries in Birkenhead, which we sponsor.
And sneaking a sixth point in here… 6. Our (soon-to-be-vacated) historic residence is unmatched We’re proud to have called the imposing three-storey sandstone building, Stanhope House, our home. It’s unlikely any accountancy practice on the Wirral could match the grandeur of this Grade II listed building. Built in 1633, it’s full of quirks and historic features, from an ornately carved stone in reception to the boardroom with its impressive wood panelling, a stone fireplace and window etchings. We hosted a historical dig a few years back and were told smugglers used a tunnel at the edge of the property that goes all the way to Cammell Lairds! There’s also a cellar, but I’ve not got the temperament to go and take a look… We’ve been in Stanhope House since 1984, along with some of our long-standing clients, so it’s sad to leave in many ways. But we’re looking forward to starting the next 50 years in a building fit for the future – a new home for our team and a bright new space to welcome you. |
Change is constant. The past 50 years have shown us that. At Pennington Williams, we’re here to help you navigate your business through a changing landscape. Whatever your industry and size, we’re here for it all, from making the most of technological advances to responding to the uncertainty of new government policies.
Got a burning question or need some advice on where your business goes next? Contact us for a no-obligation chat.
