GB Group chief sets out bold growth plans
THE boss of technology company GB Group has revealed a bold strategy of international acquisitions and organic growth.
Richard Law wants AIM-listed Chester-based GB, which provides online ID and verification services, to grow revenues five-fold to £300m by 2020.
He told TheBusinessDesk the group, which has already bought a business in Australia, is actively seeking acquisitions in North America, South America and Europe.
“It is an ambitious target, but there is nothing wrong in aiming high. We believe that around half of our growth will be delivered by acquisitions, and this of course means we have to find the right businesses to buy at the right price.
“We have growth pretty quickly recently, there is a very favourable market for the kinds of things we do – which essentially is enabling organisations to do business with their customers more safely online.”
Under Law’s stewardship GB Group, which is based at Chester Business Park, has grown its market valuationby nearly 40 times since 2002, from £5m to around £190m.
“We see this as just the start. We have made seven acquisitions on the last four years and the pipeline looks pretty healthy, both in the UK and and overseas.”
GB Group now has 460 staff. The majority, around 200 are in Chester, while the company also has UK offices in Nottingham, London, Glasgow and Edinburgh.
Law says the North West is a good location for technology businesses, and has no problem recruiting staff, due to the company’s proximity to Manchester and Liverpool and of course Chester.
He believes the arrival of the BBC has brought the tech-sector some critical mass, and believes the endeavours of the local authority leadership in Manchester has been helpful too.
“I have spent some time with Sir Howard Bernstein and Sir Richard Leese in Manchester on their project to make Manchester and the region a real hub for technology, and it’s good to see there are initiatives like this going on.
“MediaCity has helped too, and there are some great technology businesses here as well- NCC Group, Response Tap and RealityMine. I’m also on the board and an investor in Car Loan for 4u, which is based in Macclesfield and is growing reall well.”
Law says the company’s AIM listing has “worked well” as it has given it access to capital and the firepower to make seven acquisitions. The opportunity to offer staff and potential vendors shares has been a positive too.
