Armstrong Watson: The Northern Powerhouse of accountancy

Armstrong Watson, an award-winning accounting and financial advisory firm headquartered in Carlisle, is on a winning growth trajectory. With 19 offices from Glasgow to Manchester, the firm’s annual turnover of £50 million is projected to reach nearly £66 million in the coming financial year.

While the company has a long history dating back to 1867, today, its rapid expansion is driven by organic growth, lateral hires, and strategic acquisitions. To fuel its ambitions, Armstrong Watson needed a financial partner capable of providing flexible funding to several aspects of the business. HSBC UK offered a holistic solution that goes beyond traditional lending, to enable the firm’s expansion.

The power of putting people first

Armstrong Watson’s success is rooted in its distinctive, people-first culture. As Paul Dickson, Managing Partner explains, the firm has grown from around 280 people five years ago, to approximately 800 today. “We put a lot of our success down to the fact that we’ve got lots of good people in,” says Dickson. “We are a people business because we don’t make anything. It is people, people, people.”

This commitment to its team has earned Armstrong Watson national accolades, including recognition as one of the ‘Best Places to Work in the UK’ by The Times. In the competitive professional services sector, this commitment to a strong culture is crucial for attracting and retaining the top talent that enables Armstrong Watson to deliver an exceptional service.

Holistic solutions for expanding needs

Armstrong Watson’s swift expansion in recent years highlighted the limitations of its previous banking arrangements. While its former bank had been supportive, an ad-hoc, short-term approach to lending lacked the requisite agility for the firm’s ambitious acquisition plans.

“We were looking for a facility with a bank that would allow us to move more quickly on opportunities,” Paul recalls. The firm had outgrown its previous lender and needed a partner that understood its sophisticated funding needs. An existing relationship with HSBC UK deepened substantially when Senior Relationship Director Ben Foster took over the account in May 2024.

Ben and his team began by investing time in understanding Armstrong Watson’s strategic goals. They felt confident they could deliver the flexibility Armstrong Watson needed, offering both deep sector expertise and swift execution. “HSBC UK’s understanding of our sector has been brilliant,” says Paul. “This includes knowledge of complex financial structures like partner capital loans.”

The comprehensive refinance package, completed in March 2025, established HSBC UK as Armstrong Watson’s sole banker. The focus of the package was a large Revolving Credit Facility (RCF) to finance strategic acquisitions, as well as an overdraft for general working capital, and term debt for a commercial premises.

Rather than having to arrange individual term loans for each acquisition, the RCF provides a flexible pool of capital to draw from. “The revolving nature of the facility provides flexibility with the ability to draw and repay as required.” Ben explains this enables Armstrong Watson to act swiftly on M&A opportunities, without needing to wait for permission for each transaction.

A strategic partnership beyond lending

HSBC UK’s support was about much more than just lending. The bank has integrated Armstrong Watson onto its broker programme, allowing the firm’s corporate finance arm to earn introductory fees for successful client referrals, fostering reciprocal business. Discussions are also underway for asset finance solutions for IT equipment, professional indemnity insurance, and financing for a salary sacrifice scheme to help employees buy electric vehicles.

HSBC UK leverages its market share and network to provide strategic value. “We’re in a position to help and support with M&A activity using our sector knowledge and insights,” says Ben. “For example, if we get wind of other accountancy firms that might be looking to consolidate.”

Armstrong Watson’s growth strategy for the next three to four years is clear: continued expansion, alongside significant investment in tech, including AI-linked platforms. The funding solutions from HSBC UK are designed to provide the necessary headroom for this ambitious roadmap.

HSBC UK’s forward-looking, growth-oriented philosophy aligns strongly with Armstrong Watson’s approach – positioning the firm to capitalise on opportunities, expand its footprint, and continue its journey as a leading, people-focused accountancy practice.

Paul’s tips for powering growth

1. Prioritise a people-first culture
   By fostering a strong, people-first culture, we've been able to attract and retain top talent, which helps us deliver exceptional service. Recognising employees as the backbone of the business can lead to long-term growth and recognition.
2. Leverage strategic financial partnerships
   Partner with a bank that understands your business’s unique needs—not just as a lender, but as a growth partner. By sharing your ambitions and plans, they could help unlock opportunities, support strategic initiatives like acquisitions, and even connect you with resources and networks to fuel your business growth.
3. Adopt holistic and flexible funding solutions
   Instead of relying on ad-hoc or short-term lending, speak to your banking partner about your long-term goals and challenge them to put in place tailored financial packages that support these in the best way possible. This may give you more agility and scalability for your growth plans.
4. Invest in technology and skills
   Our roadmap includes investment in technology, such as AI-linked platforms, to stay competitive and efficient. By prioritising tech advancements, you may enhance operations and strengthen your position for future growth. But don’t do this in isolation – equip your teams with the skills to work with the new technology.

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