Stonewall security
Beyond the numbers with Clare Randall
We have the privilege of working with Clare and the team at Stonewall Group, a company specialising in home security and safety deposit solutions. Stonewall has built a strong reputation for offering tailored security packages in a competitive market. As their accountants, we continue to support their business by providing financial expertise, helping them navigate challenges, and ensuring their operations run smoothly. This case study highlights our ongoing partnership and how we’ve worked together to strengthen their position in the industry.
“Switching to Cottons was one of the best decisions we made. Unlike our previous accountant, Cottons offers a proactive approach that has made all the difference.”
About the business
Stonewall Group, operating under Empress Investments, is a unique enterprise offering comprehensive security solutions through two distinct entities: Stonewall Security and Stonewall Vaults. The group provides both manned security services and a safety deposit centre, protecting clients’ physical safety and valuable belongings. With over 15 years of experience, Stonewall Group is one of the few security companies in the UK that also operates a safety deposit centre.
The challenge
Stonewall Group underwent a significant transition when its current co-owner acquired a partner’s share in the business. With a professional background as a domiciliary care director, stepping into the security industry presented unique challenges. However, this fresh perspective also brought new opportunities, including the development of a safety deposit centre and a focus on addressing modern threats such as cyber security.
Like many small businesses, the COVID-19 pandemic became a pivotal moment. Facing a 50% reduction in turnover due to site closures, the company had to rethink its business model and explore innovative avenues.
Our role
Stonewall Group turned to Cottons four years ago to support their ambitious plans for restructuring and growth. Previously working with a sole practitioner, the business required more comprehensive financial guidance to align with its long-term goals, including exit strategies and profitability improvements.
As their accountants we:
Supported the company’s restructuring efforts, enabling the launch of their safety deposit centre and diversification into cyber security solutions.
Provided financial planning and forecasting, ensuring the business remains sustainable and prepared for unexpected challenges.
Guided exit strategy development, helping the owners plan for long-term retirement goals while ensuring the company’s ongoing success.
Optimised tax strategies and handled compliance needs, offering peace of mind and saving valuable time for the leadership team.
Looking ahead
Stonewall Group continues to innovate and expand, focusing on providing tailored security solutions and fostering strong relationships within their local community. With Cottons’ ongoing support, the business is building a stable and profitable future while delivering exceptional service to its clients.
Full Q&A
What inspired you to start your business, and what were the initial challenges?
I personally didn’t initiate the security business. It was started by Paul, the brother of my husband, Martin, who happens to be an ex-police officer. Martin subsequently became a partner in the business, and when the opportunity presented itself, I acquired Paul’s share of the company. Coming from a background as a domiciliary care director, transitioning to running a security company presented its own set of challenges. However, I saw the potential and was motivated to take on this new venture.
How many people do you employ, and what is your elevator pitch?
We currently have around 11 dedicated employees working at Stonewall. Our elevator pitch revolves around our local roots. With nearly 15 years of experience, we are the country’s only security company that also operates a safety deposit centre. These two aspects go hand in hand, as you can trust a security company to safeguard your valuable possessions. Additionally, having a female co-running a security company with a partner is a unique selling point, given the industry’s scarcity of female representation. We are committed to providing exceptional service, supporting local businesses and offering tailored security packages beyond the traditional options. So, it’s about looking at the security aspect as a whole and proposing viable solutions for our customers – this could mean both physical but also cyber security threats. The latter is a very big thing we’re focusing on at the minute as it poses a big risk.
How did you navigate the challenges faced during the COVID-19 pandemic?
The pandemic posed significant challenges for our business. Contrary to what one might expect, larger security companies benefited more from the increased demand for security during the pandemic. As a smaller company, we experienced a 50% reduction in business due to site closures. However, we used this opportunity to re-evaluate our model and shift our focus to other aspects of the business. COVID was a big challenge but it pushed us to rethink and restructure.
Were you with Cottons from the start?
No, originally our accountant was a sole practitioner. Martin had a friend who was an accountant, and he handled our finances. We switched to Cottons about four years ago, maybe two or three years after I bought into the business. I wanted to restructure the company, and although our friend did a great job, he lacked the necessary skills for what we wanted to achieve. I had already started planning our exit strategy on the day I took over. I knew where I wanted to be and that I wanted to retire at 60. An accounting firm like Cottons can provide the advice and support needed for that. Unlike a sole practitioner who worked on our finances sporadically, Cottons could handle it more effectively. So yes, Mark Palmer gets the pleasure of my company once a year.
How do you foster relationships with other business in your community? What helped you grow?
I’m not a big networker, but I recognise the value of networking. When I entered the business, I joined the local BNI chapter to increase our visibility, even though it doesn’t directly bring in a lot of business. I follow up on any inquiries or requests we receive, as it helps spread our name even if it’s just providing advice. Within the local community, I attend events and networking groups and I refer work to reliable individuals or companies I’ve connected with. If someone mentions a need or if we have a client who requires a specific service like cleaning, I refer them to trusted contacts. That’s how I cultivate relationships and grow.
And you deliver what you say you’re going to deliver. Yeah, don’t over promise and under deliver. It’s much better to under promise and over deliver.
What do you enjoy most and least about running your business, and why?
The best thing about running my own business is the freedom to make decisions, learn new things every day, and become more comfortable with numbers. The worst thing is that I can never fully disconnect from it. Even when I go home, it’s always there, and I feel responsible for the well-being of my staff and our finances. Dealing with mistakes or complaints personally affects me. However, overall, I love running my own business and wouldn’t want to go back to being employed.
Tell us a bit about Stonewall as a company; how is it structured?
The security company, Stonewall Security, and the vault company, Stonewall Vaults, are separate entities. Our group, Empress Investments, operates under the trade name Stonewall Group. We understand the importance of protecting both the physical safety of our clients’ homes and their valuable belongings so we’re offering both services.
What would your typical client look like? One would expect you’re dealing with a lot of high profile individuals?
While we do have a few high-profile clients, our clientele is not primarily composed of them. Our focus is more on providing comprehensive security solutions for commercial establishments. However, we understand the unique security needs of high-profile individuals and have the expertise to cater to them when required.
How did you implement change and restructure the business?
We were fortunate to have cash reserves, which allowed us to invest in building a safety deposit centre. Recognising the need for change and seizing the opportunity, we leveraged our available resources to embark on this new venture. Additionally, my passion for business and the guidance I received from a business coach I’ve worked with for seven years were instrumental in navigating the changes and restructuring the company.
Also, I am much more of a risk taker than Martin is, and that’s why we worked together really well. So many people say to us, how do you cope with working together and living so essentially being together 24 hours a day, 7 seven days a week? And actually it works really well because we have very different responsibilities within the business. And you know, don’t get me wrong, we set the goals together but at the end of the day, he’ll say to me, “Well, that’s your side of the business. I trust you to deal with it.” and equally I trust him with operations. Occasionally, we have minor moments where we clash, like when I forget my phone and he cannot reach me! But overall, it works well.
How do you stay competitive in the industry?
I don’t believe in being a busy fool or offering lost leaders. I have set my prices and guarantee the service I provide. You either accept the price or you don’t, and there are no hard feelings if you choose not to. However, if things go wrong with a cheaper option, we’re still here to help. I believe in focusing on what I do well and avoiding excessive diversification. For example, in running the vault and security systems, we contract experts for specialised tasks like system installation and cyber security. Our focus is on manned security, and my role is to understand how all the components fit together for the client’s benefit. We aim to provide a one-stop security shop, which is unique in the industry. I haven’t fully launched the model yet due to ongoing improvements, such as setting up a bank of CCTV screens. While we already serve some existing clients with CCTV monitoring, I want to ensure I can offer comprehensive services before expanding. Stick to your niche and do what you do best.
Are there any steps that you have taken to ensure your business is prepared for any unexpected event? So if something like COVID hits again, what advice would you give businesses?
I mean, COVID was a significant learning curve for us. Luckily, we were large enough to sustain a 50% decrease in turnover. If I were to give advice to other businesses, which I’m not qualified to do, it would be to apply the Pareto principle. Ensure that 80% of your business doesn’t rely on just 20% of your clients. Avoid having a business dependent on one or two major contracts. We’re restructuring our model to make that side of the business more profitable and less reliant on individual clients. Future-proofing involves shifting towards a subscription-based model, like our vault business. Subscription businesses are more valuable and provide long-term stability. While our security business won’t become a subscription model, we prioritise recurring income over short-term contracts that require excessive admin and operational work. Assess your business model honestly through a proper SWOT analysis and make changes to align with your end goals.
What's your favourite way to unwind after a long day?
One of the things on my bucket list was to learn to ride a motorcycle. Last year, I fulfilled that dream, so now I enjoy unwinding by going on bike rides and participating in scooter rallies!
Ready to connect?
If you’re curious about how we can help you, please reach out: our team is very keen to hear from you.
