Bullitt – by name and nature
Company: Bullitt Group – CEO, Peter Stephens
Origin: Founded 2009 by David Floyd, Richard Wharton, Colin Batt
Southern Tech 100 position: 15 (last year 25)
Specialism: Independent provider of branded consumer technology products
Main business focus: B2C sales, B2B partnering with global brands
Turnover: £61 million Employees: 120
Locations: Reading (HQ), New York, Taipei, Shenzhen
From its foundation, Bullitt was profitable with revenue doubling annually and growing from zero to north of $100 million (£70m) in six short years.
The Reading-based electronic technology designer and manufacturer has been recognised by inclusion in The Sunday Times Tech Track 100 ‘Ones to Watch’ 2013, last year’s International Track 200, the London Stock Exchange ‘1,000 Companies To Inspire Britain 2014’, and our own The Business Magazine Thames Valley 250 ‘Fast Riser’ 2015 accolade.
At our interview, Bullitt also received the Southern Tech 100 ‘Fastest Growth’ 2015 award, sponsored by Moore Stephens.
Rapid business growth often requires step-change decision- making and at the start of this year, Peter Stephens was brought in by the three company founders to assist them on the board in taking Bullitt forward as CEO.
Stephens joined from Virgin Group where he headed up telecoms and media investments. His strategic, financial, brand and international development skills will help structure Bullitt for further consumer tech growth and global presence.
In January, Bullitt Group also
hired Lawrence Corbett, a Virgin Group investment director colleague of Stephens, as its chief of operations.
The appointments came about through long-standing sector relationships between Stephens and the Bullitt founders, rather than a Virgin Group investment within Bullitt.
“The founders have proved that they can run a successful business. It just got to a size where they wanted to bring in some different skillsets, add process and structure to the organisation, allowing them to concentrate on their own capabilities, the company’s strategies and next steps,” explained Stephens.
Those next steps include significant geographical and market growth. “The founders have done a great job in Europe, and Bullitt is now starting to expand globally,” added Stephens, whose work at Virgin included global growth projects in the Americas, Asia and South Africa. “I have a lot of mobile operator relationships around the world.
“Also, my mantra is: ‘We have to get closer to our customer’, so we will be focusing on that.”
So, how has Bullitt shot to fame and fortune?
Basically, self-funded* Bullitt is an international mobile phone and consumer electronics business – with an innovative difference. It designs, manufactures, markets and sells high-quality technology products that meet the needs of specific customer segments.
“We are not gearheads trying to create some new widget, but we are aware of the widgets out there and combine them for customers in a new and unique fashion.”
This means that Bullitt’s highly customised products tap into currently unserved niche consumer lifestyle and workstyle markets.
Innovative products
such as rugged phones that are dustproof, scratchproof,
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MARCH 2016
www.businessmag.co.uk
SOUTHERN TECH 100
TM
Bullitt Group may have discovered a ‘silver bullet’ for success in the consumer electronics sector, because, by name and nature, it is certainly hitting the target with its innovative technology products and shooting some stunning business growth figures, writes john Burbedge
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Peter Stephens (right) receives the Southern Tech 100 ‘Fastest Growth’ 2015 award from Neil Tustian of sponsors Moore Stephens
waterproof and drop-proof up to 1.8 metres – ideal for people who work in demanding jobs or enjoy outdoor sports.
It also means significant companies have chosen to link their brands to Bullitt’s attractive products that add value to everyday life – mutually enhancing each other’s business ambitions. Hence, Bullitt is now the worldwide licensee of Caterpillar ‘rugged’ mobile devices and accessories, Kodak for mobile devices and Ted Baker and Ministry of Sound for audio products including headphones and wireless speakers.
“We identify the areas we want to play in. Consumer demand comes first, not the brand marketing. We find broad consumer product niches in the market, develop the devices, and then we partner with top global brands.
“While we manufacture in China, distribute around the world, the fulcrum of our business is coming up with great ideas, having good creative and design people, thinking with the mind of the customer, and being technologically innovative.
“I think Bullitt and this country is
really strong at that. We’ve found a lot of great people within the Thames Valley and we are very happy to be in Reading which has good technology heritage and travel links. In addition, we are a virtual company and have good people and partners around the world.”
Bullitt covers the whole consumer process from market awareness and product development to PoS and post- sale customer experience, using outsourced specialist partners as required. Being niche and premium, Bullitt doesn’t face direct competition from sector mass marketers.
And future growth?
Bullitt has just launched a world- first smartphone with a thermal imaging camera, destined to be used worldwide, not least for emergency search-rescue. It is also developing work-related and connected-home apps, and consumer tech wearables.
“We expect a continuing double- digit growth going forward, but actually, we are only just getting going.”
*Bullitt secured a £3.5m Business Growth Fund investment in 2012.
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