A Northumberland business which imports Chinese engineering components is planning to double turnover to £20m after a deal was struck for its founder to take full control of the business.
Global Manufacturing Supplies (GMS), based in Prudhoe, is set to create a new sales and marketing division within the business, which will see the company expanding significantly as a result.
New jobs will be added to its current 25-strong workforce, with its turnover of £10m expected to double as the company markets itself aggressively around the world.
The move by GMS – which specialises in sourcing engineering components from manufacturers in China and offers access to a network of approved suppliers for customers across Europe and the US – comes after its founder Owen Ingram took sole control of the business in an MBO, following his business partner’s re-location to the Far East.
The buyout of GMS – which has audited more than 800 companies in China over the past five years, to enable it to guarantee the quality and supply of its products – was backed by Barclays, with law firm Sintons and Baker Tilly also advising on the deal.
Managing director Mr Ingram said: “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.”
Sintons company and commercial partner Matt Collen said: “Owen has very ambitious plans for GMS and I have no doubt the business will progress from strength to strength under his leadership.
“GMS has achieved a huge amount in a short time, and we wish the business every success as it looks to build on its international progress further.”
Lesley Telford, relationship director at Barclays, said: “GMS is a business we have known for many years and we were delighted to be asked by Owen to assist in the MBO and provide support for the exciting growth plans he and his team have for the business.”
The news comes two years after GMS secured funding from Yorkshire Bank’s Newcastle Financial Solutions Centre (FSC) and bought a new 14,000 sq ft warehouse next to its existing 11,000 sq ft premises.
At that time, the firm launched a new assembly service to allow it to put together and deliver specialist components to its customers.
The firm, which has customers throughout the UK, and exports to Italy, France, Germany and the US, also employs staff in China at six offices, including its Asia headquarters in Shanghai.
The company also won a £150,000 investment from NEL Fund Managers in 2009 following a supply deal with engineering giant Caterpillar.
Last year, the company was a finalist in the newcomer category of The North East Exporters Awards which honoured top exporters.