Engineering parts supplier hits £1.2m turnover in second year
An Oldbury based supplier of engineering products has achieved a £1.2m turnover milestone in its second full year of trading.
SOS Components was set up by directors Stuart Johnson, Oli Dilloway and Steve McBeth, who have extensive experience in the industry and secured £50,000 funding to get the business up and running in July 2019.
The company experienced a successful first year of trading despite the challenges posed in the early stages of the pandemic, and through diversifying their current product range, which included supporting the NHS and other essential industries, went on to record a 50% increase in turnover in year two.
Johnson said: “We are over the moon to have achieved £1.2m turnover in only our second year of trading, which is testament to the industry-leading knowledge and customer service delivered by our team and the quality of our products.”
SOS Components secured £50,000 in funding from the Midlands Engine Investment Fund (MEIF) and the Community Investment Enterprise Facility (CIEF), both of which are delivered to West Midlands based businesses by alternative lender BCRS Business Loans.
McBeth added: “This would not have been possible without the support and backing we received from BCRS Business Loans. MEIF and CIEF funding enabled us to purchase stock, IT equipment and to also move into larger premises, resulting in us winning over 50 customer accounts since being established.”
Dilloway said: “SOS Components prides itself on being a single-source solution for customers looking to purchase engineered products. Our ever-expanding stock range varies from bespoke options such as turned parts, machined parts, laser cutting, pressing and stampings and weld fabrications to name a few, along with our extensive range of standard products such as bearings, loctite, O rings, circlips and standard fasteners and fixings.”
The company was supported throughout the loan application process by Lynn Wyke, who is a senior business development manager at BCRS Business Loans.
She added: “I am delighted to have been able to support SOS Components with the funding they required and incredibly proud of the whole team for their brilliant achievement in reaching £1.2m turnover in such a short space of time. When the directors approached us with a business plan, it was obvious to us that their ideas, knowledge, and experience was going to be a successful combination. In addition, it’s really pleasing to see that SOS Components are continuing their success into year three with the acquisition of an additional unit next door and are on track to achieve their target of £2 million turnover in 2022.
“We are committed to supporting businesses right across the West Midlands region that are unable to tick all of the boxes at other lenders. As a non-profit lender, we are able to take a human approach to lenders, where we base our decisions on the business itself, not computerised credit scores.”
