Case Study: Oldfield Electrical Supplies
“By listening to our needs and getting to know the business, David and the team were able to steer us in the right direction to achieve our expansion goals and increase our number of operational branches within 3 years.”
Matthew Bell, Managing Director, Oldfield Electrical Supplies
Background
Oldfield Electrical Supplies Limited is a wholesaler and retailer of electrical and lighting equipment, operating from 3 geographical locations in the Skipton area. The directors of the company approached Armstrong Watson in the late summer of 2015 seeking assistance with:
- business development and growth strategy
- increasing the number of operational branches in the area
- internal reorganisation to push the business forward
Why they sought to work with us?
Whilst the company had an excellent relationship with their existing accountant, the company sought out Armstrong Watson for our wider network of professional services, and in particular our strategic business advice service - a unique service not offered by the company’s current accountants and advisers.
With the directors’ ambition for growth, the company will shortly be hitting the audit threshold so will require an audit in the future, a service that again the previous accountant would not currently be able to provide.
What did we do?
The first piece of work undertaken was to assist the client with a complex group restructuring, which enabled a divisionalised management reporting package to be provided. This allowed the directors to understand their business to enable them to make more efficient strategic decisions.
Bespoke business advice from our Strategic Advisory service has also provided the platform to enable strategic growth over the last two years and push the business forward.
How we did it?
We worked successfully with the directors by:
- understanding their needs
- setting goals and ambitions over agreed time periods
- monitoring these outcomes on a continuous basis
Results
Oldfields have successfully grown the turnover of the business to over £10m over the last few years.
This has been achieved by organic growth in their existing three branches, aided by Armstrong Watson in the form of key relationships with external parties, advice and facilitation.
The company has also opened already and will within the next few months open another new branch in key strategic geographical locations in the North of England which will provide key growth and future prosperity for the business.
“Armstrong Watson are guiding us through the next phase of our growth strategy and we’re confident that with their help and support we’re on track to achieve our desired goals within the next few years”
Richard Bell, Finance Director, Oldfield Electrical Supplies
