28 finance Firm sees fourth successive year of growth
Leading business and financial adviser Grant Thornton UK LLP has recorded its fourth successive year of strong performance, with turnover up 13% to £471 million for the financial year ended June 30, 2013
The predominantly organic growth comes on the back of double digit performance in the previous year and puts Grant Thornton well in reach of achieving its ambition, 2015 revenue target of £500m, one year early.
Stephen Mills (pictured), practice leader for Grant Thornton’s Southampton office, said the firm’s results locally reflected the strong national picture. He added: “This has been evident through the expansion of our team over the past year, with our personal tax compliance unit in particular seeing stellar growth.“
Nationally, Grant Thornton’s growth was driven in large part by continued strengthening of the advisory practice, which grew by 21.2%. The firm also saw its audit practice improve by 9.2%.
Distributable profits rose 6% over the period, albeit the average profit per partner rose by 4.2% due to the continued investment in new partners in growing parts of the business. The firm’s total contribution to the Exchequer in respect of all taxes was £161.8m, with an average rate of tax paid per partner on this year’s profits estimated at 42.5%.
Mills commented: “During the past five years, we’ve pursued a very deliberate strategy of investing in those parts of our business where we could take market-leading positions – such as in the public sector audit and financial services space – along with reinforcing our strengths in our core mid-market segment.
“The investment we’ve made in our brand, and ensuring our people understand what it means and how they deliver its values, is now truly paying dividends. We’ve seen a step change in the way the market responds to us and importantly, how we react to opportunities – taking a more cohesive, joined-up approach utilising our in-depth sector and service line expertise.
“There are of course continued challenges in the marketplace, and our business model is clearly delivering. As economic confidence grows, our position as a standout brand within the marketplace means we look positively towards the long-term future.“
Details:
www.grant-thornton.co.uk
Grant Thornton’s ongoing focus on, and investment in, its people saw the firm promote 25 partners and directors in the year; while also taking on 280 new trainees.
Alton-based Jomoval on the move for international expansion
With the backing of a £289,000 funding package from Santander Corporate & Commercial, Hampshire-based gift and wall decoration business Jomoval is stepping up production and preparing for international expansion with the move to new, larger business premises on the Omega Park in Alton.
Jomoval was established in 2006 by husband and wife team Jonathan and Valerie Salomon and operates under two online retail brands: Dotty Frog Décor (which sells boutique wall stickers for the adult market), and Becky and Lolo (which provides unique merchandise for children).
Becky and Lolo kicked off in August 2006 after Valerie, a qualified dietician, was unable to find a lunchbox for her daughters which held compartments for healthy snacks and fruit. Valerie discovered Laptop Lunches, multi-compartmental lunchboxes specially manufactured by a Californian company, and in August 2006 became the exclusive distributor in the UK.
As the business grew Jonathan and Valerie diversified the business to include other fun and unique products aimed at children and began selling them via the Becky & Lolo website, named after their daughters.
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They spotted another gap in the market for re-positionable wall stickers – a cost- efficient way for parents to re-decorate their children’s rooms as they grow up and their interests change, and they are now the sole UK distributors of a range of stickers, including officially-licensed Disney images.
They have since diversified into the adult market, creating the Dotty Frog Décor website to provide boutique wall stickers aimed at adults.
Valerie Salomon said: “The new funding has enabled us to move into larger premises, giving us the capacity to hold more stock and making it possible for us to start exporting.“
Jacqui Gregory, relationship director for Santander Corporate & Commercial, said: “We are delighted to be supporting this exciting business. Jonathan and Valerie are great examples of entrepreneurs who have spotted a gap in the market, exploited it and have continued to diversify their business to reach new markets. I am looking forward to working them as they take this next step in their growth.“
Wilkins Kennedy ’brings outside in’
Top 25 chartered accountants and business advisers Wilkins Kennedy LLP has relocated its Winchester offices from Parmenter House on Tower Street to Athenia House on Andover Road, which is more contemporary and offers increased capacity, room for further expansion and 20 car parking spaces.
Joe Harvey of Charters Commercial, said: “Following its extensive refurbishment, Athenia House now represents one of the finest office buildings in Winchester, with considerable parking provision and superb access to the Winchester railway station. We wish Wilkins Kennedy all the best in their new home.“
Interior design firm Etre Creative was brought in to help plan and furnish the interior space. Creative director Emily Tyers said: “We’ve undertaken a fantastic project here, featuring colours to complement the Wilkins Kennedy brand, and we’ve added in large-scale, nature- themed wall art to bring the outside in.“
Ian Talbot, managing partner at the Wilkins Kennedy Winchester and Romsey offices, said: “We had been looking to move to a more modern, open-plan office while retaining our central location. With its close proximity to the station, easy access and parking, Athenia House provides the perfect solution.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – NOVEMBER 2013
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