The length of the relationship builds trust, and that became absolutely essential when we moved towards employee ownership.
Tim Penny, MD - Penny Engineering
Case Study summary
For businesses that have worked together for many years, the relationship often evolves beyond that of client and adviser. It becomes a trusted partnership built on shared understanding, open conversations and a commitment to achieving the best possible outcomes.
That is certainly the case with Penny Engineering, the Clowne-based engineering business and Royal Warrant holder, whose relationship with Shorts spans decades and has supported the business through growth, acquisitions, succession planning and day-to-day decision making. Here, Tim Penny (Managing Director) and Ashley Holmes (Finance Director) talked to us about their experiences.
Read the full conversation below
More than just the annual Audit
At Penny Engineering, we're all about forging long-term relationships.
Whether it's with our customers, suppliers, employees or professional advisers, we place great value on working with people who understand our business and share our commitment to doing things the right way - which is why we've worked with Shorts for decades.
Shorts have supported us through audits, tax planning, acquisitions, remuneration planning, R&D tax relief claims, capital allowance reviews, succession planning, private client advice for the directors and, more recently, our transition to employee ownership. But if you ask me what makes the relationship different, it's not a particular piece of advice or a single project.
It's the trust that has been built over many years.
There's a lot of experience to plug into. We're very keen to be part of a business community, and working with Shorts very much cements that.
Never starting with the answer
One of the things I've always valued about Shorts is the way they approach conversations.
They don't arrive with a ready-made solution and tell us what to do. Instead, they take the time to understand the business, what we're trying to achieve and the realities we're dealing with on the ground. That might sound simple, but it's surprisingly rare.
As business leaders, we have to balance commercial decisions, family considerations, employees, customers and our long-term objectives. Technical advice is important, but it has to work in our real world too.
What Shorts does particularly well is bring a different perspective whilst still understanding what it's actually like to run a business.
You bring a different perspective, but one that's sympathetic to how we've got to run the business. That's quite a difficult balance to strike.
Supporting growth and change
Over the years, Shorts and Penny have worked together through a number of significant projects. One of those was our acquisition of Sidetracker, which involved a complex restructuring and had to be completed within a demanding timeframe.
What stood out wasn't necessarily the technical work, although that was obviously important. It was the way both teams worked together around the table to understand the challenges, consider the options and find the right solution.
That collaborative approach has always been a hallmark of the relationship.
It's our team and your team working together to understand the problem, explore the options and arrive at the right solution.
A trusted partner through employee ownership
Perhaps the biggest decision we've made as a business in recent years was transitioning to an Employee Ownership Trust (EOT). This wasn't a decision we took lightly. We spent two years exploring options and sought advice from a number of professional organisations before ultimately making our choice. In the end, we came back to Shorts.
Not because they told us what we wanted to hear, but because they understood the business, the family behind it and the sensitivities involved.
They were already on the journey with us.
I don't think we could have completed that transition as successfully with advisers who didn't know us as well as Shorts did.
Always a phone call away
Having talked a lot about a couple of significant transactions, our relationship isn't built solely around these types of major decisions.
Sometimes it's the smaller interactions that matter most. Ashley and our finance team work closely with Shorts when required throughout the year and know there is always someone available to help.
That accessibility gives us confidence and means we can discuss issues as they arise rather than waiting until year-end.
No matter how simple the question might seem, there's always someone there at the end of the phone.
Both business and personal advice
One of the advantages of working with a trusted adviser for many years is that the relationship extends beyond the business itself.
Both Ashley and I have worked with Shorts on personal financial matters and private client planning. Those conversations can often feel far more complex and emotional than business decisions, but the approach remains the same.
There's no pressure. No agenda. Just patient guidance and clear advice that helps you reach the right conclusion.
"You allow us to get to the end point ourselves. You never feel pushed into anything and you always feel in control."
Facing challenges together
No relationship lasts for decades without encountering occasional challenges. What matters is how those situations are handled.
What we've always found is that Shorts never hides from a difficult conversation. If there's a problem, we sit down together, work through it and find a solution.
That openness is one of the reasons the relationship continues to thrive today.
When there's a problem, we face into it together and deal with it together. It feels like a genuine partnership.
Understated and Excellent
Penny Engineering is proud to have been awarded a Royal Warrant and recognised for its commitment to sustainability and excellence.
Those achievements matter because they reflect the standards we set ourselves as a business. The organisations we choose to work with should reflect those same values.
And that's why, after all these years, our relationship with Shorts remains as strong as ever.
Your service is understated and excellent rather than overstated and showy.
About the Penny Engineering Group
Penny strive to bring the best in engineering, delivering lifting and handling solutions that guarantee efficiency, no matter how you define it. Their process is outlined into four simple steps, depending on client need. - Design | Manufacture | Installation | Aftercare
Delivering the best in lifting solutions - enabling you to work smarter and reach new heights.
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