Tue, 09 Jul 2013 | MBO/MBI
Global Manufacturing Supplies (GMS) has its sights set on growth after a management buy-out deal.
Its founder Owen Ingram has taken control of the business after his business partner’s move to the Far East. The MBO deal was supported by Barclays, with Baker Tilly and law firm Sintons advising on the transaction. A new direction for GMS will see it take on additional staff members into its 25-strong workforce, with aims to increase its turnover from £10 million to £20 million.
The Northumberland-based business imports engineering components from Chinese manufacturers. It has audited over 800 companies in the last five years, and provides access to a network of approved components suppliers throughout Europe and the US.
GMS is pinning its hopes of doubling its £10 million turnover on a new sales and marketing division, which will focus on establishing its presence in areas across the globe.
Mr Ingram commented on the plans to Bdaily: “Through actively marketing the company for the first time, and taking on a dedicated sales team, we have big expansion plans, and expect the turnover of the business to double."
“We have grown very successfully without a sales aspect to the business through referrals and our existing client base, but through adding that extra dimension, we expect to significantly increase in size,” he added.
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