McGowan Rutherford is an established location interiors wholesaler pinch a customer guidelines of 3000 unit outlets spanning nan magnitude and breadth of nan UK. Based successful Burwell, Cambridgeshire, nan business sources precocious value modern and classical pieces from astir nan globe.
With 10 labor and a £4 cardinal turnover, McGowan Rutherford supplies a afloat scope of ornamental products from coasters to furniture, taking successful classical European styling arsenic good arsenic vintage and retro designs. The 57000sq ft storage has caller banal arriving daily, pinch each pieces showcased connected tract successful a dedicated showroom.
While description has prompted respective moves, nan institution has remained committed to nan Eastern region since inception – it had its first premises successful Great Dunmow, successful Essex, erstwhile it was founded much than 30 years ago. Find retired much here: www.mcgowanrutherford.co.uk
The challenge
Small businesses person seen large challenges complete nan past fewer years: Brexit, Covid, shipping value hikes owed to ongoing conflicts, moreover Houthi precocious seas piracy – each person had a large effect connected nan costs of doing business.
Those issues were exacerbated by nan debased savings rates disposable to smaller businesses, which near galore reluctant aliases incapable to invest.
Ian Rutherford is nan laminitis and head of McGowan Rutherford. He explained: “When rates were really low, location was small constituent successful moving rate into immoderate savings relationship – if you’re getting 0.2% return, past it conscionable isn’t worthy it.”
With savings rates backmost to a healthier level pursuing years of debased returns, Ian was keen to find a location for his rate surplus – however, for illustration galore mini business owners up and down nan country, Ian’s views of nan bigger banks had go tainted arsenic they moved further distant from nan business exemplary successful spot erstwhile his business launched 3 decades ago.
Like galore different smaller businesses, Ian was emotion nan nonaccomplishment of nan individual work he erstwhile weighted arsenic nan large banks proceed to retreat from nan precocious street, prioritise automation, and switch face-to-face interaction pinch a one-size fits each work level.
Ian said: “There are advances successful exertion which are becoming much commonplace – and that doesn’t ever activity retired good for nan customer. While these things were expected to supply much choice, they really supply less, not slightest erstwhile it comes to individual interaction.”
Another illustration of nan measurement mini business needs are not being accommodated by nan bigger banks is nan changing cognition to cash. “It feels for illustration banks are discouraging nan usage of rate yet, for a business for illustration ours, nan charges for paper payments are immense – 2% is simply a important amount” commented Ian.
Ian’s acquisition is borne retired by investigation precocious carried retired by Saffron Building Society, looking astatine nan narration betwixt larger financial institutions and their smaller business customers.
The solution
McGowan Rutherford has had a lengthy financial narration pinch 1 of nan biggest precocious thoroughfare banks but erstwhile it came to managing institution reserves, Ian felt nan nonaccomplishment of individual interaction and knowing of his mini business needs meant his champion options for savings accounts laic elsewhere.
He said: “I’d ever had a bully narration pinch my slope – I utilized to beryllium capable to chat to my slope head astatine immoderate time. Now, I don’t moreover person a slope manager. I deliberation there’s a business hub location but I person nary thought where. There’s surely nary individual work provided anymore.”
Like truthful galore different mini businesses, Ian wanted a savings partner he felt comfortable with, and 1 that could supply nan individual interaction and support lacking successful his day-to-day banking. In May 2024, he turned to Saffron, nan building nine he’d saved pinch arsenic a child.
“It’s awesome pinch Saffron. I tin prime up nan telephone to my narration head astatine immoderate point, either to inquire a mobility aliases person money moved around,” Ian commented.
“Trust besides played a large portion successful my decision; they are a very sensibly tally building society.”
A Fair Financial Playing Field for SMEs: Don’t Bank On It
Earlier this year, Saffron surveyed much than 500 SME financial decision-makers successful SMEs crossed micro, mini and mean enterprises, asking their views connected nan authorities of nan banking manufacture from nan position of smaller businesses, pinch concerning results:
SMEs:
- Feel forgotten by large banks: 62% of East of England SMEs judge that large banks put larger businesses first while 44% opportunity providers simply don’t understand them and their needs;
- Need much flexibility: 67% of nan region’s SMEs opportunity location should beryllium greater elasticity to meet their needs (73% UK-wide);
- Depend connected individual relationships: 55% of East of England SMEs want a Relationship Manager who understands their business (66% UK)
- Worry astir automation: 62% of UK SMEs fearfulness that accrued usage of AI and automation will negatively effect nan individual work they value, falling to 55% successful nan East of England;
- Are sunk successful apathy: contempt dissatisfaction, 69% of Eastern SMEs person nary plans to move providers, somewhat supra nan nationalist mean of 65%.
The afloat report, A Fair Financial Playing Field for SMEs; Don’t Bank On It, explores nan barriers smaller businesses brushwood erstwhile dealing pinch nan bigger banks: Your business savings are successful nan champion spot …right? | Saffron Building Society
How Saffron supports mini business savings
Saffron provides a scope dedicated business savings accounts pinch consistently competitory liking rates, and costs tin beryllium accessed successful branch, complete nan phone, online and via nan Saffron app.
The broad scope includes:
- Instant entree accounts – including those pinch an charismatic bonus
- Notice accounts – a boosted complaint for costs you don’t request instant entree to
- Monthly income accounts – to thief boost your cashflow
- Fixed complaint bonds – truthful you tin beryllium definite of a bully return immoderate happens successful nan economy
Additional benefits:
- Ability to deposit and retreat rate and cheques successful branch
- Exclusive ‘Business Savings Promise’ intends up to 50% of fixed word costs tin beryllium accessed early if a business runs into unexpected difficulty
Dedicated business savings experts are disposable to thief complete nan phone, connected webchat and successful branch