Morris sets out Citation growth plan
CHRIS Morris, the new boss of small business advisory firm Citation plans to give larger North West rival Peninsula Business Services a “run for its money.”
Mr Morris left LateRooms.com after eight years two months ago to join the Wilmslow-based employment law and health & safety consultancy following its private equity sale to ECI – a firm he worked with in the early days at LateRooms before its £100m+ sale to international travel giant TUI.
He is now working on a strategy to accelerate Citation’s growth and challenging its North West rival Peninsula, which is owned by Fred and Peter Done.
Although making acquisitions is certainly possible, there’s nothing in the pipeline at such an early stage in the new era of ownership.
The immediate plan for growth will come from adding more products and services around “process and compliance” which will be offered to new and Citation’s existing 7,500 business clients.
He said: “There is a really solid platform to build on and I am excited by the new challenge. Citation is big enough that is structured and small enough that I can get around and get to know people and understand the operations and how I can have an impact. There are other services we can look to add – I see us being more of a business partner to our clients, and less about just being the answer to red tape issues.”
Although he admits he still “loves” LateRooms, the 41-year-old is pleased to be reunuited with ECI and running an entrepreneurial business again.
“There are not huge layers of decision making in Citation – we’re not part of a large enterprise, and if we want to do something ECI are just a phone call away. The message is that we have a good profitable, cash-generative business and we want to make it bigger and better. I like the private equity model and I like ECI – they are smart, cerebal and are all about adding value.”
Citation, which made profits of £4.4m on turnover of £15.4m in 2011, had “another good year” in 2012, Mr Morris said, despite founder and former chief executive Lindsay Hill being in “exit mode”.
Mr Morris believes the advisory market place will inevitably see more consolidation, with four big players – Peninsula, Citation, RBS Mentor and Croner, followed by three other providers, Bibby Consulting and Support, Ellis Whittam and Northgate, followed by a “long tail” of smaller practices.
“If an opportunity arose then we’d look at it of course. I know Peter Done, he was the landlord of the building we moved LateRooms into, and I’d like to think we’ll give Peninsula a run for its money.”
