IESA chief Timms sets £300m goal
IESA, the fast-growing Warrington company which focuses on saving money for its customers, plans to more than double revenues to more than £300m over the next five years.
The business, backed by the Manchester office of Gresham Private Equity, sees significant growth opportunities in Europe, and has just agreed its maiden deal in Germany, chief executive Glenn Timms told TheBusinessDesk.com.
Mr Timms, pictured, who invested in the business when he joined in April, said that while organic growth would be the main focus, his strategy also includes bolt-on acquisitions should the opportunity arise in the right territory.
In the year to the end of March IESA’s revenues surged from £84m to £118m and are on course to hit £150m this financial year.
Mr Timms, 52, an experienced business process outsourcing executive who previously ran Deloitte’s former BPO business Liberata, said: “There is a fantastic opportunity here with IESA to build a very significant business in this region.
“I have experience of helping lead a business from medium to large, putting in the structures that it needs without impacting on the growth agenda, and that is the plan here.
“We have a significant advantage in terms of our technology, which makes the challenge all the more compelling.
Working for major manufacturers such as Jaguar LandRover, Birds Eye,� 2Sisters Food Group, Kellogg’s, AstraZeneca. IESA co-ordinates the purchase, stocking and payment of dozens of tier suppliers of indirect goods and services.
Mr Timms explains: “We don’t deal with items that go into the product, but are important in the process of making it – this may be hairnets or uniforms in a food business, or fuses and sensors for robots in a car manufacturing plant.
“Instead of a customer having to negotiate, buy, process the paperwork and pay for and then store hundreds and in some cases thousands of transactions and suppliers, we do it all for them, allowing them to save money.”
The opportunity in Germany has come about through an existing client, and referrals of across market sectors account for much of IESA’s growth.
“Given the number of manufacturers in Germany, it makes sense to target new business there, in a sensible, sustained fashion. In time we’ll open an office with an operations, a local supply chain and business development team too.”
IESA currently employs around 300 people, including around 100 at head office in Birchwood. The remainder are based on site with customers running the stores operations for them.
Obviously with this rate of growth and ambition, IESA will be looking for additional investors in due course. Mr Timms said: “Gresham is a superb private equity partner for us as they really understand how to work with growth businesses and we would hope to identify the same characteristics in any additional investors in due course”.
