Vimpex Ltd
The Journey:
Established for 24 years, the business started life as a distributor of fire alarm system accessories and other specialist equipment.
The typical squeezed middle-man – under pressure of pricing from customers on one hand and experiencing cost increases on the other from suppliers. They identified that they needed to move into true manufacturing to ensure their future growth.
Support Provided
James contacted the Growth Hub. A meeting with Jacqui, Business Navigator, helped to identify that they would be able to access a number of different grants and business support.
- SEBB Grant to purchase the vital Pick and Place Machine for the manufacturing process.
- LEADER grant team to assist with the £115k project to set up a lean and efficient production facility.
- Manufacturing Growth Programme x 3 – consultancy support to develop a lean manufacturing processes in the factory, embed the learning with his team, help with documentation for product type approval and website development.
- Department of International Trade – who are now working with their new Export Manager to support their export strategy including funding for attending trade shows.
The support for Vimpex is still ongoing but so far they have received nearly £70k in grant funding – all of which never needs to be paid back.
Business Support Benefits:
The project and grant funding has been transformational for the business.
They have already seen:
- More control over their products and route to market.
- More control of input costs – an increase in profitability – with profit margins up by 20% already
- Critical IP on their own products, registered trademarks and designs
- Ability to be more competitive – competing for bigger corporate business contracts
- Increase in business – corporate businesses approaching them to sub contract manufacturing – particularly important in terms of their export strategy. Putting them clearly on the map.
- 20% increase in turnover this year and James is projecting at least a 15% increase year on year
- Creating new jobs locally with more planned.
- An increase in the value of the business
“The advice and guidance from Best Growth Hub and particularly Jacqui Stimpson has allowed us to access funding which we did not know was available. The advice has contributed to revolutionizing our business and giving us a fantastic platform for future growth through increased productivity and improved export sales performance.” James Jones, M.D.
Before and After photos:
