Simon Midwood
TIMCO
Taking on a trade that used to be began by way of one in all your oldsters has its demanding situations, no longer least environment out bold plans for its expansion, whilst keeping up the values and requirements that they set out all the ones years in the past.
This used to be the case for Simon Midwood, managing director of TIMCO, which his father, Tim, based in 1972. Again then the Cheshire-based trade used to be run from a small unit and bought merchandise comprising a variety of nylon lock nuts and self-tapping screws from the A ways East. Unfortunately, in 1996 Tim died. Six years later his son stepped into the using seat and become a number one wholesale provider within the development and building business.
Within the remaining 20 years its turnover has grown from a £5.6 million in 2002 to £49.7 million in 2020, with a product vary of over 7,000 pieces, from screws and gear gear equipment to ironmongery and Non-public Protecting Apparatus (PPE).
Midwood says: “Becoming a member of a circle of relatives corporate isn’t simple, particularly when you find yourself entering into the footwear of your father. He created an excellent popularity for high quality and repair and it’s been a problem to make sure the ones top requirements are saved as the corporate grows. I additionally realized in no time that you’ll be able to’t run the corporate by yourself and you wish to have to enclose your self with a just right crew with the similar requirements and targets.”
Like many companies within the sector, TIMCO used to be impacted by way of difficult buying and selling stipulations created by way of Brexit and the pandemic. On the other hand, Midwood refused to batten down the hatches and as an alternative invested within the trade, fueling expansion and making ready for the following segment of building. This incorporated a £1.1 million funding in an additional 40,000 sq. toes of warehousing house, with a brand new purpose-built warehouse, taking the overall house to 140,000 sq. toes.
Six acres of land have been additionally secured to double garage capability, building up parking and develop the workplaces in years to come. All the TIMCO product vary used to be re-branded, with on-line gross sales now accounting for over 50% of all gross sales, up from 20% of gross sales a 12 months in the past.
The transfer has paid off, with a 14% building up in turnover to £49.7 million in 2020. Midwood has additionally directed capital and assets against our other folks, expanding the overall team of workers by way of 40% within the remaining 12 months, and to lend a hand power buyer acquisition and retention, seven new regional trade experts have been recruited, bringing the overall to twenty.
The trade assets its merchandise from the A ways East somewhat than the EU, and so wasn’t as badly suffering from Brexit as different corporations, on the other hand transport to Eire with the extra customs tests has no longer been with out its demanding situations. “Even so, our gross sales there are up 8% 12 months on 12 months,” says Midwood. “There were provide problems however we stay a considerable amount of inventory, in most cases 5 to seven months’ price, that have acted as a buffer. We recently have £34 million in orders with the A ways East.”
All over his pursuit of an bold expansion technique Midwood hasn’t ever forgotten his father’s founding trade values. His trade style displays this with top ranges of enhance for buyer companies that permit them to compete with nationwide operators, which incorporates the ‘TIMCO hug’, an umbrella of enhance programs which incorporates the availability of skilled recommendation in merchandise, gross sales, advertising and marketing, logistics, vending and technical enhance.
His crew additionally observes the corporate’s ‘Pricey Mum’ idea. To succeed in its function of keeping up a deferential running atmosphere and award-winning provider team of workers are requested to regard consumers, providers, and co-workers as though they have been their mom or their closest cherished one.
“Whether or not you’re resolving a buyer drawback, packing an order, or developing a work of written conversation, our ethos is just to consider that you’re doing it on your mum,” says Midwood.
TIMCO is on target to reach a £60 million turnover for 2021, and Midwood is upbeat concerning the corporate’s persisted enlargement in 2022. He says: “We’ll be launching new merchandise, together with hand gear and new workwear in Q1, with 1000 new product strains deliberate for 2022, in conjunction with extra partnerships. We’ve got sufficient capability and house to permit us to double in measurement, in what is going to be a landmark 50 years in trade.”
