central south mid market
Spotlight on BDO Central South Mid-Market award winners
There probably isn’t a business quite like Just Develop It, where youthful drive and hard-nosed business savvy combine to impressive effect, while multi-tasking Joe Jeffers’ diverse skillset really stood out for this year’s judges
Central South Mid Market Company of the Year Just Develop It
Just Develop It ticked all the boxes for this award: leadership, vision, innovation, its approach to new markets – all creating sustained and impressive growth.
Nevertheless, winning came as a surprise to founder, CEO and entrepreneur Chris Phillips.
He said: “We hadn’t expected to win, which made it even better. We’ve won other awards but this was the biggest for us. And it was nice to win a regional award as we try to support our community and local businesses.”
Diversified approach
The company’s activities divide more or less equally between its original technology solutions business, complemented by property, loans to business, and investments in a range of companies.
It’s not just the portfolio that has grown over the past decade. For the year to January 31 2019, Just Develop It recorded a net profit of £29 million and surpassed £100m in net equity.
Investments include £4.5m in the Xclusive private aviation firm based at Southampton Airport, a brewery, and backing the two- day South Central Festival in Portsmouth, headlined this year by Craig David and Boy George.
On the property side, the company has to date invested more than £54m in over 200 properties across Hampshire.
“As the tech side became successful we decided to use the funds for other things by investing in areas we consider less risky than the tech sector,” said Phillips.
“Property is long term and relatively low risk. In our business funding, we generally take at least 150% security by including both assets and personal guarantees from borrowers,” he said.
Excitement factor Phillips’ business philosophy is pretty 14
businessmag.co.uk JDI team with Chris Phillips centre, alongside Malcolm Thixton and Arbinder Chatwal from BDO
straightforward. “We invest in ventures that excite us. We look for flair in the person running the business and feel that if they are successful then the returns will follow. They usually do,” he said.
When the company started in 2008 it wasn’t all plain sailing. “It was tough when we set out offering online technology solutions. There were months when we couldn’t pay salaries,” he recounted. “That’s another reason why we like helping other companies so much.”
Hungry for growth
“I’ve always been hungry for growth, I like setting things up and seeing them develop – that’s my passion,” he said.
His youthfulness brings the frustration of not always being taken seriously as a business leader. But then, by his own admission he does sometimes turn up to meetings in shorts and flip-flops.
Another success factor behind this fast-growing and diverse company is having a consistent corporate vision and strong employee culture across all of its enterprises. The aim is for the Just Develop It brand to represent a commitment to quality and service.
“It doesn’t matter what we sell or do, our fundamental values are the same. We want to create products and run companies to the best of our ability, whether we’re creating anti-virus software or flying jets around the world,” said Phillips.
The company now employs over 300 staff, with about 100 people based at its head office in Fareham.
A people business
Phillips is happy with the current business mix at Just Develop It. “We’ll probably add another niche area at some stage. Our focus for now is to grow what we are doing, with double-digit growth the target in property and business loans,” he said.
At the core of its success is a team of tremendously talented individuals who consistently go above and beyond for the company. Having learned from his own mistakes Phillips encourages his staff to take a chance with their ideas. “It’s not the end of the world if they don’t always work out,” he said. “We invest in our people and make work enjoyable. Doing the fun stuff is what I really love.”
THE BUSINESS MAGAZINE – JULY/AUGUST 2019
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