THE new management team at a North East manufacturing business has outlined plans to more than treble turnover within five years.
Less than a year after leading a buyout of North Shields-based Quick Hydraulics, managing director Andrew Esson says he is confident the business has the potential to turnover £10m by 2016.
The former Northumberland and Tyneside Business Executive of the Year said the business had already undergone a step change in its performance since the takeover last September.
Turnover is expected to rise to £3.2m in 2012 from £2.5m this year, while staff numbers have already increased from 14 to 20. This could grow to as many as 60 by 2016.
The company is in the process of recruiting its first advanced apprentice, reflecting the managing director’s own commitment to addressing the skills gap challenge in the region.
Esson, who won The Journal award for his work turning around the fortunes of ConiTech Beattie, said the new management team had been working to improve every aspect of the business since the acquisition.
“When we came in we looked at the business and developed a strategy and communicated it to the team,” he said. “I think the importance of a good strategy is overlooked by some small businesses, who just do the same thing year after year.
“There were 30 discrete actions below that plan, from the introduction of lean manufacturing techniques to developing new job descriptions and investing in our website and marketing materials.
“This has helped to bring a new energy into the existing team because they can see what we are trying to achieve and they want to be a part of that.”
Esson has spent time visiting many of Quick Hydraulics’ key clients to better understand their requirements and to explain to them his vision for the business. He is also trying to grow awareness of the company in key potential markets such as Aberdeen, his home town.
Meanwhile, the firm has also employed Standing Stone productions to overhaul its image, with the creation of new marketing materials and a sophisticated website.
Quick Hydraulics has been established for 35 years, providing expertise across all key manufacturing sectors.