4 Jan 2023

Modernised Monahans looks back on 2022

Out of the frying pan, into the fire. In a year where we have come through the worst of a pandemic, its ramifications – soaring inflation, eye-popping interest rates (which has risen to a 14-year high of 3.5% after the Bank of England imposed its ninth consecutive rise on Thursday 15th Dec) and falling GDP – have sent the economy into a recession. The situation has been exacerbated by Putin's war in Ukraine, driving up food and energy prices. The resulting cost of living crisis is eating into people's pay cheques and businesses’ profit margins.

Amid the turmoil, though, Monahans has weathered the storm, continuing to guide clients through the increasingly tumultuous financial landscape. Our successes in 2022, despite widespread economic difficulties, are a credit to our expertise and eagerness to continually make advances towards a more modern way of conducting business.

With that in mind, a full company rebrand was implemented on 1st April (no, it wasn’t an April Fools’ Day prank!), injecting a vibrancy into the logo that emulated Monahans’ intentions to stand out from the established sector. We also joined Prime Global, an award-winning, international association of independent accounting and business advisory firms.

While this expanded Monahans’ global reach, we also stayed true to our commitment to local business communities, with a move to new offices in Swindon, a location that has been at the heart of our firm for more than 120 years. After thriving in our Old Town offices for 50 years, a move to the ground floor of Hermes House on Fire Fly Avenue (opposite the national headquarters of the National Trust) will provide the team with exceptional office space so that colleagues can enjoy the benefits of social interaction, collaboration, community and training. It also suits the team’s aspirations to grow.

Internal growth and progression of our colleagues is crucial to company success and the promotion of Stephanie Hurst and Carmelo Lattuca to Directors demonstrates Monahans’ continued growth, despite the economic situation. Based in Monahans’ Swindon office, Stephanie’s role sees her spearheading the Corporate Tax function, with an overarching management role across all the business’s tax departments, while Carmello oversees client services from the Bath office, specialising in owner managed businesses, whether they be start-ups or mature organisations.

It is this high level of expertise that has allowed Monahans significant exposure across regional and national press, with our chief spokespersons providing a range of insights and opinions to leading media publications throughout the year. In March, Partner Dominic Bourquin spoke to Times Radio about the Budget announcement and the Daily Express featured his thoughts on rising inflation. (Incidentally, his predictions that interest rates would increase again by the end of the year were correct!)

Bath Life also ran a full-page profile piece on Dominic, exploring corporate finance, HMRC tax investigations and how he’s helping business navigate the cost-of-living crises. Elsewhere, Money and Finance Magazine published Managing Partner Simon Tombs’ insights on businesses taking control amid uncertainties, Director Clare Bowen penned an article on managing inflation rises for Accountancy Today, and Steph Hurst’s thoughts were featured by Finance Derivative, amongst many others.

Looking ahead to 2023, the year holds a great deal in store and we will continue to cement the brand for the future with a commitment to local business communities (including a new office in Trowbridge) and those further afield. As a business whose values lie in helping our clients achieve their ambitions, it is also our own aspiration to continually strive to be a better organisation for our people and the planet. That’s why we are part way through joining the B Corp movement. This is a globally recognised certification for businesses that have proven they are meeting high standards across a range of social and environmental benchmarks. Certification is a lengthy process that takes a detailed look at many different business areas and, with the aim of achieving certification early in 2023, this will further our commitment to being a people-focused firm that develops its colleagues personally and professionally.

Simon Tombs